China Healthcare: Postcard from China Healthcare tour: innovation momentum remains robust

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China Healthcare: Postcard from China Healthcare tour: innovation momentum remains robust

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China Healthcare

Postcard from China Healthcare tour:

innovation momentum remains robust

Industry Overview

Pharma/biotech: solid pipeline and strong growth outlook 19 May 2026

During BofA China Healthcare Tour in Shanghai last week, we met with several China Equity

healthcare companies and an oncology expert. For pharma/biotech, we continue to see China

robust momentum in pipeline innovation. For Innovent, at the upcoming 2026 ASCO Healthcare

meeting, it will present two updates on IBI363 (PD-1/IL-2), including first-line PoC dose David Li >>

optimization data (IBI363 with chemotherapy) in NSCLC and updated Phase 1 data of Research Analyst

IBI363 as second-line treatment in IO-resistant NSCLC. IBI343 (CLDN18.2 ADC) has Merrill+852 3508Lynch4531(Hong Kong)

recently been granted NMPA priority review for 3L GC and was the first CLDN18.2 ADC davidbo.li@bofa.com

being accepted in priority review. For Hansoh, in 2026, mgmt. expects 5 MAA Ethan Cui >>

Research Analyst

filings/Phase 3 readouts, 20+ clinical data publications, and 9+ Phase 3/pivotal trial Merrill Lynch (Hong Kong)

initiations. On the commercial side, both companies continue to deliver solid growth. ethan.cui@bofa.com

Innovent noted that strong 1Q26 product revenue growth was mainly driven by Sandra Sun >>

Mazdutide, Tafolecimab, and SYCUME, alongside the sales ramp-up of five NRDL newly Merrill Lynch (Hong Kong)

included TKIs. And Hansoh’s mgmt. retains high expectations on Ameile’s future growth, sandra.sun@bofa.com

supported by near-term indication expansions and long-term lifecycle management. Both

names also see minimal impact from the new regulation on medical representatives.