The Hong Kong stock market is once again swinging lower, with healthcare shares leading the decline; CSOP Hang Seng Biotech ETF (03174.HK) has dropped more than 2.3%.

NewTimeSpace – Wind data show that Hong Kong stocks swung lower again on 26 January, with healthcare leading the decline; the Hang Seng Biotechnology Index dropped more than 2%. As of 14:38, CSOP Hang Seng Biotech ETF (03174.HK) was down more than 2.3%.

Listed on HKEX and issued by CSOP Asset Management, 03174.HK tracks the Hang Seng Biotechnology Index. The fund provides high-beta exposure to Hong Kong-listed biotech leaders—covering innovative drugs, CXOs, vaccines and gene-therapy names—and suits investors who want a single-ticket ride to the sector’s growth spurts.

An overseas-policy-cum-liquidity pincer is weighing on sentiment. In mid-December Trump renewed his pledge to introduce a “most-favoured-nation” drug-pricing rule, raising fears that U.S. list prices could be anchored to the world’s lowest levels. Hong-Kong-domiciled innovators with heavy export exposure were the first to be marked down.

Back home, the NBS’s latest snapshot shows China’s demographic headwind intensifying. In 2025 the 60-and-over cohort reached 323 million—23.0% of the population—while the 65-plus share hit 15.9%, up from 14.9% a year earlier, underscoring long-term demand for advanced therapies.

China Post Securities remains constructive on the sector’s trajectory. After more than a decade of rapid development, China’s innovative-drug industry now competes globally. Although outbound BD deals paused briefly last summer, activity resumed in Q4, including several transactions with Big Pharma partners—validation, China Post argues, of domestic R&D prowess.

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