Legend Healthcare Portfolio Update | Issue 8, 2026

Legend Healthcare Portfolio Update | Issue 8, 2026

Three Legend Capital portfolio companies—Harbour BioMed, Ribo Life Science, and Star Sports Medicine—have earned inclusion in the Hang Seng Composite Index, a milestone that opens the door to Stock Connect eligibility and access to mainland Chinese investors. The triple recognition underscores the growing capital-market appeal of China's next-generation biotech and medtech innovators.

On August 21, 2026, Hang Seng Index Company announced its semi-annual review results as of June 30, 2026. Harbour BioMed (02142.HK), Suzhou Ribo Life Science (06938.HK), and Star Sports Medicine (01609) were all selected for inclusion in the Hang Seng Composite Index, with changes taking effect on September 7, 2026. Following formal announcements from the Shanghai and Shenzhen Stock Exchanges, these companies will become eligible for Stock Connect trading, enabling qualified mainland investors to trade their shares directly.

For Harbour BioMed, a global biopharmaceutical company focused on innovative antibody therapies for immune diseases and oncology, the index inclusion arrives during a period of significant pipeline momentum. The company announced that China's National Medical Products Administration (NMPA) has approved an Investigational New Drug (IND) application for HBM7004, a novel B7H4xCD3 bispecific antibody developed from its HBICE® (bispecific immune cell engager) platform, for the treatment of advanced solid tumors. In preclinical studies, HBM7004 demonstrated B7H4-dependent T-cell activation within tumors, potent anti-tumor efficacy across multiple animal models, excellent in vivo stability, and low systemic toxicity. When combined with a B7H4x4-1BB bispecific antibody at low effector-to-target cell ratios, HBM7004 showed strong synergistic effects, suggesting a compelling therapeutic window.

Ribo Life Science, specializing in small nucleic acid therapeutics, gains Stock Connect access as the company continues to advance its RNA-based drug pipeline. Star Sports Medicine, focused on sports medicine product innovation and global expansion, described the index inclusion as an important step in its post-IPO capital market development, expected to enhance the company's visibility and investability in Hong Kong.

Innovent Biologics Advances Novel Bispecific Antibody Into Third Pivotal Trial

Innovent Biologics (01801.HK) announced on August 6, 2026 that the first patient has been dosed in the third pivotal registrational clinical trial for IBI363/TAK-928, a first-in-class PD-1/IL-2α-biased bispecific antibody fusion protein co-developed with Takeda Pharmaceutical. The Phase III study evaluates IBI363 combined with bevacizumab versus investigator's choice treatment in patients with advanced colorectal cancer (CRC) who have failed or are intolerant to prior standard therapy. CRC is widely regarded as an "immunologically cold" tumor, making this trial a critical step toward expanding the reach of next-generation immuno-oncology therapies.

Under their global collaboration agreement, Innovent and Takeda are co-developing IBI363/TAK-928 and co-commercializing it in the United States, with Takeda leading under a joint governance structure. Takeda holds commercialization rights outside Greater China and the U.S. IBI363 is also being evaluated in a Phase II pivotal study in China for immuno-treatment-naïve acral and mucosal melanoma (NCT07217301) and a global multi-center Phase III trial for immuno-resistant squamous non-small cell lung cancer (NCT06797297).

Antibody-Drug Conjugates and Nucleic Acid Therapeutics: Pipeline Milestones

Suzhou Yilian Biopharm announced on July 31, 2026 that YL413, the company's first dual-payload antibody-drug conjugate (ADC), has received IND approval from the U.S. Food and Drug Administration. YL413 is the company's 15th ADC to enter clinical development. The molecule simultaneously delivers a topoisomerase I inhibitor and a microtubule inhibitor, designed to address resistance that can emerge from single-agent therapy through dual-mechanism synergy and optimized drug ratio design. In vitro studies showed strong binding and internalization in HER2-positive cells with cytotoxicity superior to single-payload ADCs. In CDX and Enhertu-resistant models, YL413 demonstrated superior anti-tumor activity. Cynomolgus monkey studies confirmed good in vivo stability, low circulating free payload levels, and favorable pharmacokinetics.

Chengdu lncTAC Biotech announced that its first-in-class small nucleic acid drug LT-010, a topical formulation for androgenetic alopecia (AGA), has received a 1.1 class new drug clinical trial approval from China's NMPA. This follows FDA clinical trial clearance in June 2026, making LT-010 one of the few transdermal small nucleic acid drugs approved for clinical research in both the United States and China. The achievement marks lncTAC's entry into global clinical validation based on its extrahepatic nucleic acid drug delivery platform technology.

Molecular Glue Degraders and Artificial Hearts: Regulatory Breakthroughs

Gebo Bio announced on August 31, 2026 that GLB-005, a wide zinc finger protein (WIZ) molecular glue degrader for transfusion-dependent β-thalassemia, has been included in the CDE's Rare Disease Innovative Drug R&D Incentive Pilot Program ("Care Program-Extension"). GLB-005 is China's first WIZ molecular glue degrader and earlier in 2026 received a strategic equity investment from Sanofi, reflecting market confidence in its development prospects. The product is currently in the IND-enabling stage and preparing to file for first-in-human clinical trials.

Shenzhen Core Medical Technology announced that its implantable left ventricular assist system Corheart 6 has received EU Medical Device Regulation (MDR) CE certification—the world's first artificial heart product to achieve CE certification under the new EU MDR framework, and China's first and only CE-certified artificial heart. Corheart 6 employs an internationally original "time-sharing, zone-segmented dynamic axial full magnetic levitation control technology," pioneering the miniaturization of artificial hearts. The company holds a leading domestic market share and has achieved approvals in multiple countries, setting records for Chinese artificial heart companies' overseas market entry.

Multi-Ion Therapy Device Achieves Beam Performance Breakthrough

Guokelion, through its wholly-owned subsidiary Lanzhou Taiji, announced that the first domestically produced multi-ion therapy device HiTS 400, installed at Shandong Provincial Tumor Hospital, has completed successful commissioning. After one week of joint debugging, all beam parameters met or exceeded contractual requirements, reaching internationally leading performance levels.

On August 14, 2026, the device received an expanded radiation safety license from the Ministry of Ecology and Environment. On August 20, stable carbon ion beam acceleration and precise extraction were achieved. Measured performance data: synchronous ring accelerated particle count reached 3.26×10⁹ particles per pulse, terminal particle count reached 3.02×10⁹ particles per pulse, extraction efficiency hit 92%, and beam stability reached ≥95%—all four core indicators breaking historical records. The HiTS 400, with fully independent intellectual property, can stably output four ion types (C⁶⁺, H⁺, He²⁺, O⁸⁺), equipped with multi-angle fixed treatment heads and a lightweight superconducting heavy ion rotating gantry, achieving the transition from single-ion to multi-ion combined therapy.

Diagnostics: World's First mNGS Kit Approved and Alzheimer's Biomarker Platform Tops Global Rankings

GenePlus Technology announced on August 31, 2026 that its bloodstream infection pathogen nucleic acid detection kit (reversible terminal sequencing method), registration number 20263401810, has received NMPA approval for market—becoming the world's first approved metagenomic next-generation sequencing (mNGS)-based infectious pathogen nucleic acid detection kit. This milestone aligns with the National Healthcare Security Administration's August 14 establishment of unified pricing codes for mNGS and tNGS testing, completing China's full compliance pathway for clinical metagenomic sequencing and enabling the transition from laboratory-developed tests (LDT) to standardized in vitro diagnostic (IVD) models.

In a separate diagnostic development, Lychix's single-molecule detection platform achieved global first-place rankings across all three key metrics in a multi-center clinical study published in Science Bulletin. The study enrolled 431 subjects from 10 memory clinics across China and conducted a head-to-head comparison of nine commercial p-tau217 detection systems across three technology routes under unified clinical samples and amyloid PET reference standards. Lychix achieved: overall population diagnostic accuracy of 88.8%, dementia group accuracy of 91.8%, and dementia plus mild cognitive impairment (MCI) group accuracy of 88.5%—all the highest globally, outperforming platforms from Quanterix, Fujirebio, Beckman, iomicsBio, Vazyme, and CellGene.

HepaStar, in collaboration with Beijing Friendship Hospital of Capital Medical University, announced that the new-generation handheld liver elastography device PockeTouch has received national medical device registration certificate (registration number 20263071460) in 2026. The device represents an evolution from cart-mounted to portable to handheld liver elastography, making liver disease screening more accessible. HepaStar's technology originates from Tsinghua University, and the company holds certifications from the U.S. FDA, EU CE, Japan PMDA, Australia TGA, Korea KFDA, and Russia RZN, with products sold to over 80 countries.

AI-Driven Drug Discovery: BioMap and Biogend Forge NewCo Deal

BioMap, a global leader in life science foundation models, announced a NewCo technology collaboration with Biogend Therapeutics, a newly formed AI-driven innovative biotherapeutics company incubated and led by Legend Capital with follow-on investment from Temasek Life Sciences Accelerator. Under the agreement, BioMap will receive up to tens of millions of U.S. dollars in cash and acquire a high double-digit equity stake in the NewCo. Unlike traditional NewCo models centered on single-pipeline asset licensing, Biogend aims to leverage BioMap's AI discovery system for continuous, batch development of innovative bispecific and multispecific antibody pipelines in autoimmune therapy areas—representing an evolution from single-molecule development to systematic pipeline incubation.

Strategic Partnerships and Collaborations

Baiyang Pharma (301015.SZ) signed an agreement with Peking University Sixth Hospital and ZAP Surgical to establish the "ZAP-X Precision Radiotherapy Neuromodulation Joint Laboratory," integrating resources across clinical research, technology innovation, and industrialization to expand precision radiosurgery applications in psychiatric and neurological diseases. Since its strategic investment in ZAP-X in 2024, Baiyang has built a full industry chain covering R&D, manufacturing, clinical application, and research transformation, with multiple ZAP-X third-party treatment centers established and a global production center operational.

GenePlus Technology and Beijing Boao Jingdian Biotechnology signed an infection business strategic cooperation agreement on August 21, 2026. The partnership leverages mNGS and tNGS technologies to achieve deep collaboration across detection platforms, service systems, and market expansion, building a comprehensive pathogen detection system from screening to diagnosis for medical institutions at all levels.

Recognition and Industry Standing

Nineteen Legend Capital healthcare portfolio companies were named to the "GEI China Potential Unicorn Enterprises 2025" list, published by Changcheng Strategic Consulting at the 2026 Potential Unicorn Enterprise Development Conference. The report identified 796 companies nationwide across 37 tracks in emerging and future industries. The recognized companies include: ZhiXiang Bio, DMBi, TubePie Medical, HaiLai XinChuang, ShenXin Bio, DiLuo Medical, HeMei Pharma, AnJiSheng, Star Sports Medicine, Core Medical, Gebo Bio, SaiFu Pharma, ZhongSheng SuYuan, ShengYin Bio, RuiZheng Gene, ZhiRan Medical, LingFu Bio, ChangDe Medical, and AnLingKe Bio.

TubePie Medical, an ophthalmic high-end equipment manufacturer founded in 2017 with core technology from Tsinghua University, was selected for the national "Key Little Giant" project following public notice ending August 14, 2026. This represents the highest-level recognition in China's specialized and innovative cultivation system, following its 2024 designation as a national "Specialized, Refined, Differential, and Innovative Little Giant." The company's product portfolio includes swept-source OCT, surgical microscopes, ultra-wide-field fundus cameras, optical biometers, phaco-vitrectomy machines, femtosecond laser cataract systems, and ophthalmic AI diagnosis systems, with sales to dozens of countries.

Shenzhen StarSea Medical Technology received a science and technology achievement registration certificate from the Ministry of Industry and Information Technology for its "domestic multi-modal high-definition disposable electronic endoscope for respiratory critical care," marking an important breakthrough in domestic disposable bronchoscope imaging core technology for ICU and respiratory departments.

Note: This article is based on publicly available announcements and press releases from the featured companies. All financial data is denominated in the respective currencies stated in original sources (RMB for Chinese domestic transactions, USD for international deals). Stock codes refer to Hong Kong Stock Exchange listings unless otherwise noted.