Hong Kong pharma names have pulled back for several consecutive sessions; CSOP Hang Seng Biotech ETF (03174.HK) slipped 1.2%. The innovation theme is expected to stay on the radar in 2026.

NewTimeSpace — 22 Jan: Hong Kong pharma names extended their recent pullback, with heavyweights across the board lower: CSPC Pharma slid more than 2.5% and Innovent Biologics dropped over 1%. As of 14:41, CSOP Hang Seng Biotech ETF (03174.HK) was down 1.2%.

Listed on HKEX and managed by CSOP Asset Management, 03174.HK tracks the Hang Seng Biotechnology Index — a high-beta, concentrated play on Hong Kong-listed biotech champions covering innovators, CXOs, vaccines and gene-therapy names.

2025 was a landmark year for Chinese drug makers going global. According to PharmaCube, aggregate up-front and milestone proceeds from out-licensing hit a record US$135.7bn (US$7bn upfront) across 157 transactions — all-time highs by any metric.

The new year has started with a bang: two marquee BD deals in two weeks have reinforced the global competitiveness of China-derived assets and could give long-term investors added conviction.

9 Jan: Eutilex out-licensed its B7-H3 ADC candidate YL201 to Roche for an immediate US$570m upfront plus development, regulatory and sales milestones and tiered royalties; total deal value could top US$2bn.

12 Jan: RemeGen granted AbbVie ex-China rights to PD-1/VEGF bispecific RC148, pocketing US$650m upfront and up to US$4.95bn in milestones plus double-digit royalties — a record for a China-developed bispecific antibody.

Combined up-front proceeds exceed US$1.2bn, already close to half the 2025 annual tally, underscoring that Chinese innovation is shifting from “nice-to-have” to “must-have” for global pharma pipelines.

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