Biotech is booming in China, and that’s no accident.
While the most closely tracked U.S. index of biotech stocks is up more than 20% this year, Chinese biotech stocks are doing even better, staging a dazzling market rebound. The Hang Seng Biotech Index, which tracks the 30 largest biotech firms in Hong Kong, has climbed more than 80% so far, outpacing both tech and artificial intelligence stocks. Dozens of biotech firms are reviving IPO plans in Hong Kong and Shanghai.
Behind the rally lies more than investor optimism. Beijing and provincial governments are channeling resources toward companies that can demonstrate both technological depth and global competitiveness. Last year, the State Council, effectively the country’s cabinet, outlined the first national policy framework to connect every stage of drug development, from basic research and clinical trials to regulatory review, reimbursement, and commercialization, to accelerate domestic innovation.
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