This is the peer reviewed version of the following article: Zhao, Y., Wang, J., Liu, W. N., Fong, S. Y., Shuen, T. W. H., Liu, M., … Chen, Q. (2021). Analysis and validation of human targets and treatments using a hepatocellular carcinoma‐immune humanized mouse model. Hepatology. doi:10.1002/hep.31812, which has been published in final form at http://dx.doi.org/10.1002/hep.31812. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.