Zai Lab Ltd (HK:9688)
:9688
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Zai Lab Ltd
(9688)
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Rating:47Neutral
Price Target:
HK$15.00
â–¼(-17.90% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily held down by weak financial performance (continued losses, cash burn, and a sharp TTM revenue contraction). Technicals add modest pressure with the stock trading below key moving averages and subdued momentum indicators. Valuation contributes only limited support because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Strategic collaborations & pipeline progress
Partnerships with Amgen and Boehringer Ingelheim plus AACR data on zoci represent durable de-risking and acceleration of development. Large-partner trials and credible clinical readouts increase probability of regulatory success and global commercialization potential over the next 2–6 months and beyond.
Negative Factors
Persistent negative operating and free cash flow
Chronic negative operating and free cash flow implies ongoing cash burn that will require financing or dilution to sustain operations. Over the next 2–6 months this constrains flexibility to fund trials, launches, or manufacturing scale-up and increases refinancing and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic collaborations & pipeline progress
Partnerships with Amgen and Boehringer Ingelheim plus AACR data on zoci represent durable de-risking and acceleration of development. Large-partner trials and credible clinical readouts increase probability of regulatory success and global commercialization potential over the next 2–6 months and beyond.
Read all positive factors
Zai Lab Ltd (9688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$16.24B
Dividend YieldN/A
Average Volume (3M)10.12M
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth8.50%
EPS Growth35.24%
CountryHK
Employees1,869
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.16
Shares Outstanding1,134,128,000
10 Day Avg. Volume10,854,931
30 Day Avg. Volume10,116,373
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)2.68
Price to Sales (P/S)4.17
P/FCF Ratio-12.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$27.93Price Target Upside52.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-1.56
Revenue Forecast (FY)HK$3.61B
Zai Lab Ltd Business Overview & Revenue Model
Company Description
Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience primarily in Mainland China and Hong Kong. The company's commercial products include Zejula, a once-daily small-mo...
How the Company Makes Money
Zai Lab primarily generates revenue by commercializing prescription medicines and related products, where earnings are recognized from product sales (net of returns, allowances, and distribution-related adjustments). A significant portion of its p...
Zai Lab Ltd Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 452.87M | 460.84M | 398.99M | 266.72M | 215.04M | 144.31M |
| Gross Profit | 262.27M | 269.47M | 251.13M | 170.90M | 141.02M | 92.07M |
| EBITDA | -193.72M | -205.89M | -242.99M | -365.11M | -384.66M | -689.46M |
| Net Income | -177.92M | -175.80M | -257.10M | -334.62M | -481.99M | -692.44M |
Balance Sheet | ||||||
| Total Assets | 1.10B | 1.17B | 1.19B | 1.04B | 1.22B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 761.63M | 789.47M | 779.67M | 806.45M | 1.01B | 1.41B |
| Total Debt | 232.00M | 237.61M | 153.47M | 15.15M | 20.39M | 15.54M |
| Total Liabilities | 433.93M | 456.82M | 344.86M | 240.18M | 174.54M | 230.00M |
| Stockholders Equity | 662.25M | 715.41M | 840.90M | 796.12M | 1.05B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | -105.08M | -159.13M | -276.39M | -206.67M | -392.63M | -568.18M |
| Operating Cash Flow | -94.95M | -151.01M | -214.87M | -198.18M | -367.64M | -549.23M |
| Investing Cash Flow | -40.87M | 308.32M | -375.19M | -10.78M | 420.02M | 249.96M |
| Financing Cash Flow | 28.45M | 72.46M | 349.89M | -6.43M | -1.73M | 820.20M |
Zai Lab Ltd Technical Analysis
Negative
18.27
Price Trends
15.77
Negative
15.01
Negative
18.87
Negative
Market Momentum
-0.33
Positive
38.16
Neutral
33.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9688, the sentiment is Negative. The current price of 18.27 is above the 20-day moving average (MA) of 16.43, above the 50-day MA of 15.77, and below the 200-day MA of 18.87, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 38.16 is Neutral, neither overbought nor oversold. The STOCH value of 33.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9688.
Zai Lab Ltd Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | HK$17.83B | 50.10 | 10.12% | ― | 110.05% | ― | |
53 Neutral | HK$11.20B | -37.32 | -10.55% | ― | 142.64% | 72.20% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$12.15B | -15.04 | -64.19% | ― | -33.37% | -344.90% | |
49 Neutral | HK$10.20B | -75.25 | -11.81% | ― | 219.26% | 87.63% | |
47 Neutral | HK$16.24B | -9.51 | -24.29% | ― | 8.50% | 35.24% | |
44 Neutral | HK$14.37B | -6.78 | -123.74% | ― | -41.32% | -159.81% |
* Healthcare Sector Average
HK:9688
Zai Lab Ltd
14.35
-10.95
-43.28%
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11.93
0.95
8.65%
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31.66
-13.94
-30.57%
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17.63
-3.97
-18.38%
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CStone Pharmaceuticals
7.70
4.04
110.38%
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Ascentage Pharma Group International
38.80
-10.40
-21.14%
Zai Lab Ltd Corporate Events
Zai Lab Files Latest Quarterly Report With U.S. Regulator
May 7, 2026
Zai Lab Limited announced that it has filed its Quarterly Report on Form 10-Q for the period ended March 31, 2026 with the U.S. Securities and Exchange Commission, in line with its obligations as a dual-listed company. The filing underscores the c...
Zai Lab Q1 2026 Results Highlight Pipeline Momentum and Upcoming China Launches
May 7, 2026
Zai Lab reported first-quarter 2026 revenues of $99.6 million, reflecting expected seasonal dynamics and competitive pressure on key drugs ZEJULA and VYVGART, while underscoring that its commercially profitable regional business continues to provi...
Zai Lab Sets 2026 AGM to Reaffirm Board, Auditor and Capital Mandates
Apr 28, 2026
Zai Lab has called its 2026 annual general meeting for June 17, 2026, in Shanghai with a concurrent virtual option, setting April 16, 2026, as the record date for shareholders eligible to vote. The hybrid format is designed to increase accessibili...
Zai Lab Files Preliminary Proxy for 2026 AGM and Seeks New Share Mandates
Apr 17, 2026
Zai Lab Limited has filed preliminary proxy materials with the U.S. Securities and Exchange Commission for its 2026 annual general meeting of shareholders. The documents, which also serve as a circular for Hong Kong shareholders, outline proposals...
Zai Lab Expands Employee Equity Awards Under 2024 Incentive Plan
Apr 2, 2026
Zai Lab has granted a new round of share options, restricted share units, and performance share units to employees under its 2024 Equity Incentive Plan, covering 45 option grantees and 471 RSU grantees. The options, totaling 268,500 ADSs with a 10...
Zai Lab Narrows Annual Loss as Product Revenue Climbs 15%
Mar 26, 2026
Zai Lab reported a 15% increase in net product revenue to $457.2 million for 2025, driven by strong demand and broader hospital adoption for XACDURO and higher sales of NUZYRA, despite some supply constraints. The company’s net loss narrowed...
Zai Lab Sets Date to Approve Hong Kong-Compliant 2025 Annual Results
Mar 16, 2026
Zai Lab has scheduled a board meeting for March 26–27, 2026, to consider and approve its annual results for the year ended December 31, 2025, prepared in accordance with Hong Kong listing rules. The board will also approve the publication of...
Zai Lab Awards Equity Incentives to CEO Under 2024 Plan
Mar 13, 2026
Zai Lab has granted share options, restricted share units and performance share units to its chairperson and chief executive officer, Dr. Samantha Du, under its 2024 Equity Incentive Plan. The package includes 353,430 American depositary share opt...
Zai Lab Grants New Equity Awards Under 2024 Incentive Plan
Mar 9, 2026
Zai Lab Limited has granted share options, restricted share units and performance share units to four employee participants under its 2024 Equity Incentive Plan, reinforcing its long-term incentive structure. The grants cover 374,220 American depo...
Zai Lab Details Board Composition and Committee Roles in Governance Update
Mar 5, 2026
Zai Lab Limited has outlined the current composition of its board of directors, led by Chairperson and Chief Executive Officer Dr. Samantha Du, and including a slate of independent directors with extensive industry and governance experience. The a...
Zai Lab Grants New Share Options and RSUs Under 2024 Equity Plan
Mar 5, 2026
Zai Lab has granted new equity awards under its 2024 Equity Incentive Plan, issuing 8,000 share options representing 80,000 underlying shares to four employee participants and 12,344 restricted share units representing 123,440 underlying shares to...
Zai Lab Redesignates Leon Moulder as Director in Board Governance Update
Mar 5, 2026
Zai Lab Limited has redesignated Leon O. Moulder, Jr. from independent director to director, effective immediately, while he continues to serve on its Research and Development and Commercial Committees. The move underscores the company’s rel...
Zai Lab Details Board Composition and Committee Roles
Feb 27, 2026
Zai Lab Limited has disclosed the current composition of its board of directors and the roles and functions of each member across five key board committees. The announcement details committee chair and member assignments for audit, compensation, n...
Zai Lab Posts Double-Digit 2025 Revenue Growth as Pipeline Advances Toward Global Launches
Feb 26, 2026
Zai Lab reported fourth-quarter 2025 revenue of $127.6 million, up 17% year on year, and full-year 2025 revenue of $460.2 million, a 15% increase, while confirming its audited results were prepared under U.S. GAAP and that reconciled Hong Kong-com...
Zai Lab Files 2025 Annual Report With U.S. SEC
Feb 26, 2026
Zai Lab Limited announced that it has filed its annual report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The filing, accessible via the SEC’s website and the company’s own...
Zai Lab Outlines Board Composition and Committee Roles
Feb 24, 2026
Zai Lab Limited has disclosed the current composition of its board of directors, led by Chairperson and Chief Executive Officer Dr. Samantha Du and supported by a group of independent directors. The announcement details the directors’ specif...
Zai Lab Sets February 26 Board Meeting to Approve and Release 2025 Annual Results
Feb 11, 2026
Zai Lab Limited has scheduled a board meeting for February 26, 2026 to consider and approve its audited financial results for the year ended December 31, 2025, prepared under U.S. GAAP and U.S. SEC requirements. If approved, the company will publi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.