China Healthcare | Asia Pacific Weekly Rx Express 2026.07.31

Research evidence excerpt

China Healthcare | Asia Pacific Weekly Rx Express 2026.07.31

Update

July 31, 2026 11:50 AM GMT

Morgan Stanley Asia Limited+MChina Healthcare | Asia Pacific Laurence Tam

Equity Analyst

Weekly Rx Express 2026.07.31 Laurence.Tam@morganstanley.comAlexis Yan, CFA +852 2239-1753

Alexis.Yan@morganstanley.com +852 2239-7953

Key Takeaways Jack Lin

Healthcare ended the week relatively muted, +1.6% WoW (+3.7% for HSI), with Jack.Lin@morganstanley.com +852 3963-3746

some day-to-day volatility driven by tech/memory flows. Marco Wong

Research Associate

China's drug regulator has proposed New Approach Methodologies, e.g., organ- Marco.Wong@morganstanley.com +852 3963-2021

Vanessa Liao

on-chip, to replace animal studies, following in the footsteps of the US FDA.

Hansoh's ADC drug (partnered with GSK) for bone cancer hit its primary endpoint Vanessa.Liao@morganstanley.com +852 3963-0115

in the ARTEMIS-011 Phase III trial. It targets the B7-H3 protein on tumor cells.

Kelun Biotech (subsidiary of Kelun Pharma) announced that SKB264 is under

review by the Chinese regulator for metastatic triple-negative breast cancer.

CR Pharma subsidiary Double Crane acquired 23.5% of Lier Chemical with

China Healthcare

Rmb5.7bn, entering pesticide ingredients and formulations. Asia Pacific

Industry View Attractive

Official earnings season kicks off next week. WuXi AppTec should be one of the first

to report. Given its exposure to a broad swath of the biopharma industry and

importance as a base for outsourced R&D and manufacturing, its results and leading

indicators should set the tone for the rest of the season. Peer Asymchem has raised

Rmb1.24bn of capital with several investors for its biologics subsidiary AsymBio

(2025 revenue Rmb469mn and net loss of Rmb44mn). API maker Apeloa has struck