During the morning session on February 26, the innovative drug sector in Hong Kong stocks experienced a volatile downturn. The Hong Kong Stock Connect Innovative Drug ETF (520880), which focuses entirely on innovative drug R&D, saw its on-market price fall by more than 1%, trading at a wide premium, suggesting active bargain-hunting activity.
Among the constituent stocks, Immunotech-B led the gainers, rising over 5%, while Federal Pharmaceutical and Akeso Biopharma increased by more than 1%. On the downside, BeiGene dropped sharply by 3%, and China Medical System, Sihuan Pharmaceutical, and CSPC Pharmaceutical Group declined by over 2%.
Industry news indicates continued activity in out-licensing deals. Innovent Biologics and Eli Lilly entered a global strategic collaboration focused on oncology and immunology, adopting a new co-development model. Meanwhile, progress has been made overseas for several key pipelines: CSPC Pharmaceutical Group initiated Phase III clinical trials overseas for two innovative drugs and received FDA IND approval, while Hansoh Pharmaceutical's Ameilex (Aumolertinib Mesylate) gained marketing authorization in the European Union.
Jianghai Securities pointed out that by 2026, pharmaceutical business development transactions will center on "unmet clinical needs," "technological differentiation," and "global value." The oncology field will focus on iterations of combination therapies such as bispecific antibodies, ADCs, and TCEs. The metabolic disease track will emphasize long-acting GLP-1 therapies and precision small nucleic acids. Non-oncology areas are favored due to clear clinical endpoints and lower policy risks. Chinese innovative drug companies are strategically transitioning from "product licensing" to "technology output," with firms possessing relevant advantages expected to continue attracting attention from multinational pharmaceutical companies.
Huachuang Securities noted that the innovative drug industry is witnessing a shift in China from a quantity-driven to a quality-driven logic, entering a phase where products are paramount. By 2025, it is advised to place greater emphasis on pipelines with domestic differentiation and international potential overseas, favoring products and companies that can ultimately deliver profits.
The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index. The top ten weighted stocks in the index are CSPC Pharmaceutical Group, BeiGene, Akeso Biopharma, Sino Biopharmaceutical, Innovent Biologics, Hansoh Pharmaceutical, 3SBio, Kelun-B, China Medical System, and RemeGen.
Data is sourced from the Shanghai and Shenzhen stock exchanges and publicly available information.
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