Innovative drug stocks experienced broad declines in Hong Kong trading. At the time of writing, 3SBIO (01530) fell 12.73% to HK$21.38. REMEGEN (09995) dropped 6.86% to HK$105.9. INNOVENT BIO (01801) decreased by 4.93% to HK$83.85. HANSOH PHARMA (03692) declined 1.92% to HK$38.86.

Persistent geopolitical uncertainties and rising oil prices are boosting inflation expectations, thereby limiting the potential for interest rate cuts. A report from China Merchants Bank Research Institute indicated that global innovative drug financing declined by 7.1% year-on-year in 2025, influenced by global geopolitical pressures and the pace of U.S. Federal Reserve rate cuts. However, financing volume showed a recovery with 8% positive growth in the third quarter. The report suggested that if the impact of a U.S.-Iran conflict gradually subsides in 2026 and the Fed continues to cut rates, investment and financing for innovative drugs are expected to sustain a recovery.

Concurrently, Zhongtai Securities noted that abstracts selected for the AACR conference from April 17-22 are entering the disclosure window. Furthermore, titles for ASCO 2026 are scheduled for release on April 22 (Beijing time). This reinforces the strengthening narrative of domestic innovative drugs transitioning from following global trends to taking a leading role in overseas markets, with key data readouts anticipated for several major drug candidates at ASCO.