Di Yi Cai Jing Zi Xun·2025-09-11 03:32Core Viewpoint - The article discusses the significant decline in Chinese pharmaceutical stocks following reports of potential U.S. government restrictions on experimental drugs and clinical data from China, which could impact the growth of Chinese biotech firms in the U.S. market [2][3]. Group 1: Market Reaction - After the news, over 80% of innovative drug concept stocks in A-shares and around 50 stocks in the Hong Kong healthcare sector fell by more than 4% [2]. - Leading companies such as BeiGene and HengRui Medicine experienced stock price declines exceeding 4% in both A-shares and Hong Kong markets [2]. Group 2: U.S. Policy Implications - The U.S. government is reportedly considering an executive order to impose strict limits on experimental drugs and clinical data from China, which includes mandatory reviews of U.S. acquisitions of Chinese new drugs by the Committee on Foreign Investment in the United States (CFIUS) [2][3]. - The proposed measures aim to raise the FDA review thresholds for Chinese clinical trial data and encourage domestic drug production and procurement in the U.S. [2]. Group 3: Impact on Chinese Pharmaceutical Companies - If the rumored restrictions are implemented, it would negatively affect both Chinese and U.S. pharmaceutical sectors, as Chinese companies rely on expanding into larger markets like the U.S. [3][4]. - The current trend of multinational pharmaceutical companies acquiring innovative drug pipelines from China may be hindered, potentially reducing competition between U.S. and European firms [4]. Group 4: Future Outlook - Experts suggest that the potential U.S. policy changes could pose challenges for Chinese innovative drug companies aiming to enter the U.S. market, emphasizing the need for these companies to strengthen their domestic market presence [5]. - The article highlights that while the U.S. remains the largest pharmaceutical market, the increasing complexity of international regulations may lead to a reduced dependency of Chinese companies on the U.S. market over time [5].