8 December 2025 | 9:51PM HKT Equity Research CHINA HEALTHCARE CDMOS Biosecure Act included in FY26 NDAA final text: in line with our base case, with positive definition refinement Provisions from the US Biosecure Act included within the 2026 NDAA (released on Dec 7th, ET) were in line with our and market expectations, despite recent news flow volatility. We see the final text featuring a more precise definition (see content comparison in Exhibit 1 and Exhibit 2), notably requiring a 'biotech company of conc ...