On June 2, Innovent Biologics fell 3.15% in regular trading to HK$77.35 per share, with trading volume of HK$174 million. The decline marks the second consecutive session of pullback following the stock's 11%-plus surge on May 29 when the company announced a landmark $10.5 billion global strategic collaboration with Pfizer.

The Pfizer deal covers 12 early-stage oncology programs, with Innovent receiving $650 million upfront and up to $9.85 billion in milestone payments. Notably, Innovent's disclosure that the transaction requires regulatory approval has sparked market concern, particularly amid ongoing speculation about potential tightening of biomedical technology out-licensing (BD) regulations under the COINS Act framework.

The broader biotech sector experienced significant selling pressure, with Akeso down 6.21%, 3SBio down 8.32%, BeiGene down 3.56%, SKB Bio down 7.72%, and Remegen down 5.04%, creating systemic drag on Innovent.

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