Citi raised Hengrui Medicine (01276.HK) H‑share PT to HK$120 (from HK$119) and A‑share PT to 111 yuan (from 109 yuan), increases of 0.8% and 1.8%, and kept the stock as a top pick. Citi flagged a licensing deal with Novo Nordisk (NVO.N) for HRS‑1596 that could be worth up to $2.6 billion, with an expected $300 million upfront in Q4 2026 and revenue to be recognized in Q4 2026 or Q1 2027; the bank noted the structure allows Hengrui to monetize ex‑China via Novo’s global metabolic platform while r

Citi raised Hengrui Medicine (01276.HK) H‑share PT to HK$120 (from HK$119) and A‑share PT to 111 yuan (from 109 yuan), increases of 0.8% and 1.8%, and kept the stock as a top pick. Citi flagged a licensing deal with Novo Nordisk (NVO.N) for HRS‑1596 that could be worth up to $2.6 billion, with an expected $300 million upfront in Q4 2026 and revenue to be recognized in Q4 2026 or Q1 2027; the bank noted the structure allows Hengrui to monetize ex‑China via Novo’s global metabolic platform while retaining full China commercialization rights.