Today (August 5), Kelun Biotech's market capitalization exceeded HK$100 billion for the first time, becoming a highly anticipated company in the innovative pharmaceutical sector. This is not only a milestone for the company itself, but also a significant milestone in the development of innovative pharmaceutical companies in China.

The rise in Kelun Botai's stock price can be described as an inspirational story of ups and downs.

Since its listing on the Hong Kong Stock Exchange in July 2023, its share price and market capitalization have experienced a turbulent journey. Initially, despite the promise of a robust pipeline of innovative drugs, the company suffered a significant blow when two early-stage ADC programs in collaboration with Merck were terminated from clinical development, sending its share price into a brief downturn.

However, the uncertainties surrounding innovative drug development haven't hindered Kelun Biotech's progress. In June 2024, the company, like a rising star, announced Phase II data for SKB264 in 1L EGFRwt NSCLC and Phase III data for 3L+TNBC at the ASCO meeting. Furthermore, at the AACR meeting, the company presented Phase II clinical data for SKB264 in NSCLC and GC/GJEC. This series of positive clinical developments acted as a shot in the arm, igniting investor enthusiasm and driving a steady rise in its stock price and market capitalization.

In June 2025, Kelun Biotech carried out a Hong Kong stock placement at a price of HK$331.8 per share, and the transaction size was increased from US$200 million to US$250 million, with a net fundraising of approximately HK$1.943 billion. The injection of this capital is like installing a more powerful power engine for the company's development, enabling it to accelerate its sprint on the road of innovative drug research and development, and finally ushered in the highlight moment today when its market value exceeded HK$100 billion.

Kelun Biotech's market capitalization exceeding 100 billion yuan is no accident; it's a testament to its strength and potential. Leveraging its robust R&D capabilities and innovative platforms, the company has built a solid competitive advantage. Its three unique innovation platforms, including the GS-certified discovery platform and the integrated ADC drug development platform, provide a continuous source of innovative drug development tools.
With the strong support of these three platforms, Kelun Biotech's innovative drug R&D pipeline is rich and diverse, covering multiple cutting-edge fields such as ADC, bispecific antibodies, cell therapy, etc., and more than 10 drugs under development have successfully entered the human clinical trial stage, demonstrating strong R&D execution and innovation capabilities.

Among them, the core product TROP2 ADC Lukang Satuzumab is particularly remarkable. Since its launch in June 2024, it has shined in the Chinese TROP2 ADC market with its excellent efficacy and safety, becoming one of the most competitive products, contributing considerable revenue and profits to the company, and strongly promoting the increase in market value.

In addition to Kelun Biotech's inherent strength, its deep collaboration with Merck & Co. (Merck) has fueled its market capitalization breakthrough. Starting in 2022, the two parties have reached a grand collaboration blueprint, under which Kelun Biotech will grant Merck exclusive global licenses or options for exclusive licenses to nine ADC drug candidates. Merck also invested approximately $100 million in the company's Series B financing, becoming a strategic investor.

This strong alliance cooperation model not only brought generous financial support to Kelun Biotech, but also accelerated Kelun Biotech's internationalization process by leveraging Merck's profound influence and abundant resources in the global pharmaceutical market.

Conclusion : Kelun Biotech’s market value has exceeded HK$100 billion, which is the result of its years of deep cultivation in the field of innovative drugs. It is also a reflection of the combined effect of its strength, potential and opportunities.