Preliminary read on ASCO’26 China healthcare abstracts: ADC and multispecific antibody data are generally solid, while safety and commercial translation are the key dividing lines

Overview

This report is JPMorgan’s initial commentary on China healthcare following the regular release of ASCO’26 abstracts. It covers multiple Chinese biotech and pharmaceutical companies, with a focus on the implications of oncology innovation drugs in terms of efficacy, safety, regulatory pathways, and commercial competition. The overall tone is positive: ADCs, multispecific antibodies, PD-1/VEGF-related mechanisms, and targeted therapies continue to be the main showcase areas for Chinese companies at global oncology conferences.

Core views

The core views are: first, Chinese innovative drug companies delivered generally solid abstract data at ASCO’26, with multiple programs achieving clinically meaningful ORR, PFS, pCR, or disease control rates. Second, ADCs and multispecific antibodies remain the most concentrated and differentiated technology routes among Chinese pharma companies. Third, commercialization will still depend on OS maturity, Phase 3 validation, NMPA filing timing, global peer competition, and the manageability of safety. Fourth, some early-stage data are very impressive, but because of small sample sizes, short follow-up, or favorable patient composition, over-extrapolation should be avoided.

Analysis framework

The report uses a conference-abstract rapid-read framework, evaluating each program based on indication, clinical stage, efficacy metrics, safety metrics, cross-trial comparison, and potential catalysts. Key metrics include ORR, DCR, PFS, OS, pCR, grade ≥3 TRAEs, discontinuation rate, dose selection, and filing feasibility.

Methodology notes

• Clinical data interpretationThree-dimensional efficacy-safety-commercialization assessment

  Assess clinical efficacy, safety burden, and commercial translatability together

  The report not only focuses on efficacy data such as ORR, PFS, and pCR, but also continuously emphasizes the impact of grade ≥3 TRAEs, discontinuation, death, OS maturity, patient selection, and competitive landscape on final commercial value.

• Cross-trial comparisonCross-trial benchmark comparison

  Cross-trial metric comparison

  The report repeatedly compares Chinese programs with T-DXd, EV+pembrolizumab, tarlatamab, lurbinectedin, KEYNOTE-B61, nivolumab+cabozantinib, selpercatinib, pralsetinib, and other peers or standards of care, while also noting that differences in follow-up duration, line of therapy, and patient composition limit comparability.

• Regulatory and catalyst trackingRegulatory catalyst monitoring

  Tracking filing and approval events

  The report focuses on NMPA NDA submissions, priority review, Phase 3 expansion, final OS readouts, and oral/poster updates at conferences as important indicators of investment catalysts.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Hengrui - H (1276.HK)

  The report discusses several company programs, including camrelizumab+rivoceranib+TACE, trastuzumab rezetecan, fuzuloparib, SHR-A2102, and others

  Strengths

  Multiple oncology pipelines are entering key readout stages, covering HCC, HER2-positive CRC, mCRPC, and MIBC; some results have filing readiness or commercial significance.

  Weaknesses

  Some data are not blockbuster in magnitude, OS is still immature, and some regimens have relatively high grade ≥3 TRAE rates.

  Comparison

  trastuzumab rezetecan faces the first-mover advantage of T-DXd; SHR-A2102+adebrelimab has a potential comparison with EV+pembrolizumab.

  Risks

  Physician acceptance of safety, final OS results, the pace of domestic and overseas competition, and commercialization execution.

• Akeso

  ivonescimab- and cadonilimab-related data are a key focus of the report

  Strengths

  ivonescimab showed strong efficacy in LA-HNSCC and 2L SCLC; cadonilimab+axitinib in nccRCC delivered ORR and PFS that were comparable to or slightly better than comparable regimens.

  Weaknesses

  Some studies are Phase 2 or early-stage trials, and safety details are limited.

  Comparison

  The 2L SCLC data are better than lurbinectedin and form an indirect comparison with tarlatamab, though the lines of therapy differ.

  Risks

  Bias in cross-trial comparison, follow-up randomized validation, commercial space in the indication, and the regulatory pathway.

• Innovent Biologics (1801.HK)

  IBI363 in 1L NSCLC and fruquintinib+sintilimab in 2L+ RCC are discussed prominently

  Strengths

  The 3-1.5 mg/kg IBI363 regimen delivered high ORR and DCR; FRUSICA-2 produced strong data with mPFS of 22.2 months and ORR of 60.5%.

  Weaknesses

  IBI363 has a heavy AE burden; FRUSICA-2 OS is still immature, and the weak control arm limits global competitiveness.

  Comparison

  IBI363’s ORR is above the roughly 70% reference level for PD-1xVEGF bispecifics plus chemotherapy; the RCC regimen still needs to be compared cautiously with global data such as cabozantinib+nivolumab.

  Risks

  Global regulatory acceptability, OS maturity, control-arm selection, and safety management.

• Kelun Biotech (6990.HK)

  SKB500 B7-H3 ADC and sac-TMT-related programs are mentioned

  Strengths

  SKB500 showed high ORR in SCLC and ESCC, while grade ≥3 TRAE rates were relatively low.

  Weaknesses

  It is still at the FIH Phase 1 stage and needs longer follow-up and confirmatory studies.

  Comparison

  It shows a strong early signal in the SCLC ADC competition.

  Risks

  Sample size, durability of efficacy, ADC-class risks such as ILD/pneumonitis, and subsequent dose optimization.

• CStone

  CS2009 tri-specific antibody data were disclosed in NSCLC

  Strengths

  In ≥2L NSCLC, ORR was 20%, and the 30 mg/kg group achieved ORR of 25%; the report considers this better than standard treatment with manageable safety.

  Weaknesses

  The sample size is currently limited, and the updated 1L cohort of about 50 patients is still pending conference disclosure.

  Comparison

  Mechanistically combines PD-1, VEGF, and CTLA-4 in an attempt to differentiate within multi-target immunotherapy.

  Risks

  Safety in a larger sample, immune-related AEs, whether the 1L data can hold up, and peer competition.

• CSPC

  Two ADC data sets, SYS6002/CRB-701 and SYS6043, are discussed

  Strengths

  SYS6043 showed broad anti-tumor activity across multiple cancer types; CRB-701 showed potential efficacy and good safety in cervical cancer.

  Weaknesses

  For CRB-701, many patients are still awaiting confirmatory scans, so confirmed ORR is relatively low.

  Comparison

  When compared with Tivdak, the unconfirmed ORR of CRB-701 appears broadly comparable.

  Risks

  A downside surprise in confirmed ORR, DOR, and subsequent PFS updates, as well as intensifying ADC competition.

• Mabwell

  9MW2821 nectin-4 ADC + toripalimab for urothelial carcinoma

  Strengths

  ORR of 83% and an 18-month OS rate of 68% are strong enough to support the ongoing Phase 3 study.

  Weaknesses

  The sample is mainly composed of treatment-naive patients with better prognoses, so direct comparison with EV+pembrolizumab should be made cautiously.

  Comparison

  The apparent ORR is above the 1L benchmark for EV+pembrolizumab, but the patient mix is not fully aligned.

  Risks

  Replicability in Phase 3, the speed of domestic label approval, competition from EV domestically and globally, and long-term safety.

Key data

• ASCO’26 meeting dates2026-05-29 to 2026-06-02Regular abstracts were released on the morning of 2026-05-25 HKT.
• Akeso HARMONi-6Interim OS readout to be presented on 2026-05-31The report says this is one of the most important data presentations by a Chinese company at ASCO’26.
• Innovent IBI363 1L NSCLC3-1.5 mg/kg cohort ORR 86.4%, cORR 81.8%, DCR 100%grade ≥3 TEAEs were 65.2%, while IBI363-related discontinuation and death rates were 6.3% and 1.3%, respectively.
• Akeso ivonescimab neoadjuvant LA-HNSCCRadiographic ORR 100%, overall pCR 50%, R0 resection rate 100%pCR was more pronounced in patients with higher CPS, suggesting a PD-L1-enriched signal.
• Kelun Biotech SKB500At 12 mg/kg, among patients with at least 6 weeks of follow-up, overall cORR was 54.5% and DCR was 92.7%SCLC ORR was 71.4%, ESCC ORR was 55.6%, and grade ≥3 TRAEs were 16.5%.
• Lunbotinib RET fusion-positive NSCLCORR was 87.1% in previously treated patients and 81.3% in treatment-naive patients; mPFS in previously treated patients was 27.5 monthsIntracranial activity stood out, with grade ≥3 TRAEs at 40.5% and a discontinuation rate of 1.2%.
• CSPC SYS6043 B7-H3 ADCSCLC ORR 75%, breast cancer ORR 83.8%, nsq-NSCLC ORR 57.1%FIH Ph1/2 enrolled 502 patients, and grade ≥3 TRAEs were 28.5%.
• Biokin iza-bren 2L ESCCmOS 9.8 months vs chemotherapy 7.2 months, HR 0.64; mPFS 4.2 months vs 2.0 months, HR 0.50ORR was 35.3% vs 13.1% for chemotherapy, but grade ≥3 TRAEs reached 85.1%.
• Mabwell 9MW2821 + toripalimab UCORR 83%, 18-month OS rate 68%The population included 40 treatment-naive and 7 previously treated patients, so direct comparison with EV+pembrolizumab should be interpreted cautiously.
• 3SBio SSGJ-707 1L NSCLCIn the 10 mg/kg Q3W cohort, cORR was 67.6% and mPFS was 12.4 monthsThe efficacy nominally exceeded some PD-1/VEGF bispecific comparator readouts, but the overall grade ≥3 TRAE rate of 42.2% was relatively heavy.

Impact & implications

The implications for China’s innovative drug sector are positive overall: many programs show that Chinese companies are deepening their R&D capabilities in ADCs, multispecific antibodies, PD-1/VEGF bispecifics, RET inhibitors, and personalized vaccines. In the near term, the focus will be on additional ASCO disclosures, NMPA filings/approvals, Phase 3 initiation or expansion, OS maturity readouts, and whether first-in-China or globally differentiated competition can be established. At the same time, investors need to distinguish between ‘eye-catching efficacy in an abstract’ and ‘ability to become a commercial standard of care,’ especially with regard to safety, comparator strength, sample size, follow-up time, and global competition.

Risks

• Many data sets come from Phase 1/2 or small cohorts, so efficacy may fade in larger samples or in Phase 3.
• OS is still immature for many programs, and short-term ORR/PFS advantages may not translate into survival benefit.
• ADC and combination regimens may bring relatively high grade ≥3 TRAEs, hematologic toxicity, ILD/pneumonitis, or discontinuation risk.
• Cross-trial comparisons are affected by lines of therapy, baseline risk, follow-up time, and differences in control arms, so they cannot be treated as direct head-to-head superiority.
• China approval pathways and global registration pathways may differ, and the global commercial competitiveness of some China-first programs still needs validation.
• Peer competition is intense; if there is no clear differentiation in efficacy, safety, or price, commercial space may be compressed.

What to watch

• 2026-05-31 Akeso HARMONi-6 interim OS readout.
• Updated 1L NSCLC data for CS2009 with about 50 patients during ASCO’26.
• Timing of Hengrui’s NDA submission for trastuzumab rezetecan.
• Hutchmed’s H2 2026 NMPA approval decision for the China gastric cancer indication of savolitinib.
• Subgroup results of Hutchmed/Innovent FRUSICA-2 by IMDC risk and PD-L1 status, as well as subsequent OS maturity data.
• Whether Mabwell’s ongoing Phase 3 for 9MW2821 + toripalimab can replicate the early high ORR.
• Safety management and subsequent randomized validation of SSGJ-707 in NSCLC and endometrial cancer.
• Follow-up updates on DOR, PFS, ILD/pneumonitis, and discontinuation rates for each ADC program.