On June 4, Hengrui Medicine (01276.HK) declined 3.11% in regular trading, trading at HK$52.95/share, with trading volume of HK$122 million. The stock continues to face selling pressure amid unresolved dual policy overhang from both Chinese and U.S. regulatory fronts.

The decline extends a multi-week downturn triggered by a circulating draft revision to China's prohibited/restricted technology export list, which proposes classifying core platform technologies in bispecific antibodies, ADCs, PROTAC, and siRNA as restricted or prohibited for outbound transfer. Simultaneously, the U.S. House China Select Committee has pushed to include biotechnology in the COINS Act, explicitly targeting BD licensing deals and naming Hengrui's collaboration with BMS. While Hengrui's Co-Co model with BMS does not involve platform ownership transfer and the company has stated operations remain normal, the persistent policy uncertainty continues to weigh on sentiment across the innovative pharma sector. Within the Pharmaceuticals sector, LUYE PHARMA fell 11.98%, CMS declined 0.84%, CSPC PHARMA dropped 0.83%, SBP GROUP lost 1.68%, and HANSOH PHARMA dipped 0.33%.

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