Hong Kong Daily Briefing

Hong Kong-listed Akeso Inc (9926.HK) announced that the first patient has been dosed in a Phase II study of its IO2.0 + ADC2.0 combination strategy, advancing two of the most watched immuno-oncology platform technologies in the Asia-Pacific biotech pipeline. Akeso's ivonescimab (IO2.0, a PD-1/VEGF bispecific antibody) has already demonstrated Phase III efficacy in lung cancer, making its combination with the ADC2.0 (antibody-drug conjugate) approach a potentially differentiated clinical strategy. For HKEX-listed biotech investors, Akeso is one of the few HK biotech names with a clear regulatory path to global commercialization through its Summit Therapeutics licensing partnership ($5bn+ deal in 2023). The Phase II initiation is a near-term de-risking event — clinical hold risk is reduced once patients are enrolled. This is the kind of specific biotech catalyst that the HK biotech index (HKBN) tends to front-run; watch HKBN and Akeso's HK share price Tuesday.

FinanceAsia HK published an interview with Coller Capital's Zhang Yu, who argues that Asian secondaries (LP stake sales, GP-led restructurings) are in the early stages of structural growth, poised for faster expansion as geopolitical uncertainties push LPs to rebalance portfolios. The significance for Hong Kong specifically: HKEX positions itself as the primary venue for Asia alternatives and secondary PE listings, and a growing secondaries market means increased deal flow through Hong Kong's legal and financial infrastructure. Coller's view — that geopolitical fragmentation is a driver rather than inhibitor of Asian secondaries — is a nuanced institutional take that cuts against the narrative of capital flight from Asia. For Mubadala, GIC, and other sovereign wealth players active in Asia PE, secondaries provide a liquidity exit that preserves relationship capital with GPs better than open-market secondary sales.

Mongolia's Bogd Bank successfully increased its debut international notes to $100 million, while the Development Bank of Mongolia also returned to global bond markets, per FinanceAsia HK — a signal that frontier and emerging market borrowers are finding receptive capital market conditions. For Hong Kong, which structures the majority of Asia EM bond issuances, this is a deal-flow read: if frontier EM names can print in current conditions, it confirms the investment-grade EM credit window remains open. The timing is notable: Hormuz tension, US CPI uncertainty, and Japan BoJ normalization are all running simultaneously — yet frontier EM bonds are getting done. This also indirectly validates HKMA's peg stability: if USD/HKD were under pressure, EM issuers would be pricing Hong Kong as a credit risk rather than a reliable issuance hub. USD/HKD remained within the convertibility band Monday, confirming peg integrity.