Group 1 - The current trend of Chinese innovative drugs "going global" is positive, with many companies leveraging their R&D capabilities to explore international markets, leading to a significant increase in BD transactions, which have surpassed $100 billion by October 2023, exceeding the total for 2024 [1] - The capital market plays a crucial role in supporting the globalization of Chinese innovative drug companies, with 12 biotech IPOs completed in Hong Kong this year, raising a total of $1.3 billion, and refinancing activities reaching $4.1 billion [1] - The listing of the antibody-drug conjugate (ADC) company, InnoCare Pharma, on the Hong Kong Stock Exchange marks a significant milestone, with over $6 billion in business development results, focusing on cancer and autoimmune diseases [1] Group 2 - Several A-share innovative drug companies are seeking listings in Hong Kong, indicating a sustained trend of "A+H" listings, with InnoCare Pharma announcing plans for an A-share listing on the Shanghai Stock Exchange [2] - The founder and CEO of InnoCare Pharma, Zhu Zhongyuan, emphasizes that the biotech industry is accelerating, with the gap between China and the U.S. in biotechnology significantly narrowing, leading to the emergence of excellent biotech companies in China [2] - Innovative technologies such as Payload, Platform, CAR-T, and next-generation TCE are expected to gradually materialize, attracting more investment as Chinese biotech companies are well-positioned for future developments [2]