Li Chen

Li Chen requested further information on the growth opportunities and stronger synergies in the wealth management business following the privatization of Hang Seng Bank, and asked about the outlook for wealth balances and wealth management margins.

Answer

Group CFO Georges Elhedery reiterated that Hang Seng Bank will retain its brand, independent customer proposition, and branch network. He stated that privatization enables better efficiencies in cross-selling and aligning back-office capabilities, not related to customer proposition. Group Chief Risk and Compliance Officer Pam Kaur added that post-privatization, the arm's-length restriction is removed, allowing broader product offerings, cross-referrals, and seamless investment across both brands to lean into Hong Kong's growth and macro opportunities, including cross-border wealth.

Asked about the development strategy for AFM28, including potential acceleration and positioning (frontline vs. later-line), and the rationale for choosing between unengineered NK cells versus CAR-NK cells for a combination therapy.

Answer

The company's preferred strategy for AFM28 is to first consolidate the monotherapy signal for a potential accelerated approval path in later-line AML, which is faster than a frontline trial. For combinations, they prefer using an allogeneic NK cell product over CAR-NKs, citing lower cost, simpler manufacturing, and the ability to recruit the patient's own NK cells for a dual attack.