On June 3, Sino Biopharmaceutical fell 3.07% in regular trading, trading at 4.73 HKD/share with trading volume of approximately 70.08 million HKD. The decline was primarily triggered by Morgan Stanley's downgrade of the target price from 8.3 HKD to 7.8 HKD while maintaining an Overweight rating.

Morgan Stanley incorporated the newly licensed bepirovirsen (HBV ASO) into its model, expecting the product to begin contributing revenue from 2027. The bank also removed dividend income assumptions from Sinovac LS starting from 2026 per management guidance, resulting in EPS forecast cuts of 8%, 7%, and 7% for 2026 through 2028 respectively. Working capital and capital expenditure assumptions were also adjusted to better reflect recent operational trends.

The broader pharmaceuticals sector experienced significant selling pressure, with CSPC Pharma down 5.15%, Hengrui Pharma down 3.99%, Fosun Pharma down 3.04%, Hansoh Pharma down 2.77%, and Luye Pharma down 2.27%, amplifying the stock-specific weakness.

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