The efforts add up to a new trend after Chinese pharma firms embarked on a quest to launch pivotal Phase II or III trials worldwide, especially in the US and Europe, over the past decade. Meanwhile, BeiGene, Hengrui and others are advancing late-stage programs in the US.

Biotech IPOs on the Chinese mainland have dried up since June 2023 due to regulatory tightening, but Hong Kong is still open to listings of pre-revenue ventures and has seen its first offering of this year.

China's top regulator grants approvals to a record number of novel drugs, including multiple oncology products from domestic companies, which are increasingly shifting to innovation, supported by positive regulatory changes over the past few years.