HK Stock Market Move | KEYMED BIO-B (02162) rises over 5% as Kangyueda continues to ramp up within medical insurance coverage; clinical data for self-developed CDH17 ADC CM518D1 selected for ESMO

KEYMED BIO-B (02162) rose over 5%, up 5.12% as of press time to HK$83.15, with turnover of HK$149 million. On the news front, Keymed Biosciences recently disclosed its third-quarter operating data. CICC noted that Kangyueda achieved sales revenue of approximately RMB267 million in Q3 2026, with cumulative revenue of approximately RMB660 million in the first three quarters, up 227% year-on-year. 2026 is the first full sales year for Kangyueda after being included in the medical insurance coverage, with the essential drug list officially implemented from September. In addition, the new indication for moderate-to-severe AD in adolescents was recently approved. The bank believes that medical insurance and essential drug list access are expected to continue driving in-hospital penetration, and combined with indication expansion, will provide support for Kangyueda's subsequent sales growth. CICC continued, noting that the global Phase III study of CMG901 (CLDN18.2 ADC) for the treatment of second-line and above (2L+) CLDN18.2-positive gastric cancer was selected for the 2026 ESMO Late-Breaking Abstract (LBA7) and Presidential Symposium. The Phase I/II clinical data of the company's self-developed CDH17 ADC CM518D1 was also selected for ESMO, with a total of 84 patients enrolled as of May 8, 2026, including 71 cases of colorectal cancer. The bank believes that CDH17 ADC is expected to further enrich the company's oncology pipeline, and recommends paying attention to its clinical efficacy, safety, and potential BD value.