Global pharma giants turn to Chinese biotech to tap innovation, valuation growth

Global pharmaceutical giants are doubling down on investing in China’s fast-growing biotech companies given the sector’s huge room for valuation growth, according to speakers at the Global Health Summit, which concluded in Hong Kong on Saturday. “Multinational pharmaceutical companies are shifting their business strategies in China away from asset-heavy operations,” said Xu Chenming, head of the healthcare group at Hong Kong-based Citic Securities. “They are moving towards investing in…