私募机构： 优质创新药资产成“非卖品”

Core Viewpoint - The innovative drug sector in China's stock markets has shown significant growth, with private equity firms expressing optimism and adopting long-term bullish strategies, viewing quality innovative drug assets as "non-saleable" for at least this year [1][4]. Group 1: Market Dynamics - The Chinese innovative drug industry has become attractive post-adjustment, with a key turning point marked by the bottoming out of industry fundamentals and valuations, leading to a surge in licensing deals with multinational pharmaceutical companies [2][3]. - In 2024, approximately 31% of innovative drug candidates introduced by multinational companies are expected to come from Chinese firms, with 30% of large prepayment transactions involving Chinese R&D assets, a significant increase from nearly zero five years ago [2]. Group 2: Investment Strategies - The dual-driven business model of Chinese innovative drug companies is now established, benefiting from both "product sales" and "overseas licensing," creating a growth loop that enhances their global market share [3]. - Private equity firms are focusing on increasing their holdings in innovative drug companies, particularly leaders in various segments and those with potential licensing deals [4][7]. Group 3: Future Outlook - The market is currently in a phase of "re-evaluating market value," with the potential for significant capital inflow as institutions adjust their allocations to align with the recovery of quality innovative drug assets [4][7]. - Despite recent rapid increases in the Hang Seng Biotechnology Index, the long-term outlook remains positive, with expectations for continued valuation growth among leading companies as their products are launched and licensed overseas [7][8].