Rally in Chinese healthcare signals a structural shift, not a fleeting rebound
Three factors are driving the industry’s market outperformance in Asia
CHINESE healthcare is leading Asia’s capital markets in 2025, transforming from a domestic growth story into a global force in innovation and investment. This rally has been anchored by blockbuster initial public offerings (IPOs) in Hong Kong, including Hengrui Pharma’s US$1.5 billion listing and DualityBio’s oversubscribed debut, which together highlight the depth of institutional demand and the sector’s growing role as a cornerstone of regional equity markets.
Both the Hang Seng Biotech and Healthcare Index have soared this year, rising 83 per cent and 74 per cent year-to-date, respectively – dwarfing the broader Hang Seng Index’s 27 per cent gain.
More than a cyclical rebound, this momentum signals the start of a structural shift. The healthcare sector is emerging as the frontrunner in driving innovation, attracting investment, and shaping market leadership, not just in Asia but globally.
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