$REMEGEN(09995.HK) has fallen another seven-plus points, and the BD deal has been fermenting for the third day. The $4.1 billion "cap" with Vor Bio looks huge, but the upfront payment is only $45 million in cash + $80 million in stock (unlocking takes over six months). The counterparty is a small biotech company, not the international pharmaceutical giant the market previously anticipated. The overall structure leans towards NewCo risk-sharing, and the cash certainty of the licensing consideration is far less than traditional license-outs.

The A-share side's single-day -18% on 6/26 has already largely realized the short-term expectation gap. The Hong Kong stock market has seen a further drop of over ten points in two trading sessions. The key to future pricing is not the BD amount, but whether Telitacicept's overseas clinical trials can produce data at the academic conference in September.