Has the Hong Kong Healthcare Sector valuation changed over the past few years?

Investors are relatively neutral on the Hong Kong Healthcare industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 57.9x. The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.

Which industries have driven the changes within the Hong Kong Healthcare sector?

Investors are most optimistic about the Life Sciences industry which is trading above its 3-year average PE ratio of 34.6x. Analysts are expecting annual earnings growth of 37.9%, which is lower than the prior year's growth of 46.3% per year.

Hong Kong (HSI) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 17 Aug 2026	HK$2.5t	HK$1.5t	HK$41.3b	14.6x	59.3x	1.6x
Wed, 15 Jul 2026	HK$2.3t	HK$1.5t	HK$40.8b	14.3x	57x	1.5x
Fri, 12 Jun 2026	HK$2.1t	HK$1.5t	HK$41.6b	14.5x	50x	1.4x
Sun, 10 May 2026	HK$2.5t	HK$1.5t	HK$40.9b	16x	61.6x	1.7x
Tue, 07 Apr 2026	HK$2.8t	HK$1.5t	HK$40.2b	16.8x	68.4x	1.8x
Thu, 05 Mar 2026	HK$2.3t	HK$1.4t	HK$35.8b	15.3x	65.5x	1.6x
Sat, 31 Jan 2026	HK$2.6t	HK$1.4t	HK$33.8b	17.1x	76.4x	1.8x
Mon, 29 Dec 2025	HK$2.4t	HK$1.4t	HK$34.0b	17x	71.8x	1.7x
Wed, 26 Nov 2025	HK$2.6t	HK$1.4t	HK$35.4b	17.8x	72.1x	1.8x
Fri, 24 Oct 2025	HK$2.5t	HK$1.4t	HK$34.5b	17.9x	73.4x	1.8x
Sun, 21 Sep 2025	HK$2.7t	HK$1.5t	HK$37.6b	19.2x	73.1x	1.9x
Tue, 19 Aug 2025	HK$2.7t	HK$1.5t	HK$36.0b	19.3x	76x	1.9x
Thu, 17 Jul 2025	HK$2.2t	HK$1.5t	HK$35.8b	15.7x	62.5x	1.5x
Sat, 14 Jun 2025	HK$2.1t	HK$1.5t	HK$33.4b	14.8x	62.9x	1.4x
Mon, 12 May 2025	HK$1.7t	HK$1.4t	HK$33.0b	14.1x	50.6x	1.2x
Wed, 09 Apr 2025	HK$1.4t	HK$1.4t	HK$33.5b	12.8x	42.7x	1x
Fri, 07 Mar 2025	HK$1.5t	HK$1.4t	HK$29.5b	12.5x	51.9x	1.1x
Sun, 02 Feb 2025	HK$1.3t	HK$1.4t	HK$29.1b	11.4x	44.5x	0.9x
Tue, 31 Dec 2024	HK$1.4t	HK$1.4t	HK$28.9b	11.8x	47.1x	1x
Thu, 28 Nov 2024	HK$1.4t	HK$1.4t	HK$28.8b	11.5x	47.3x	1x
Sat, 26 Oct 2024	HK$1.4t	HK$1.4t	HK$30.3b	12.5x	47.3x	1x
Mon, 23 Sep 2024	HK$1.3t	HK$1.5t	HK$31.0b	11x	41.6x	0.9x
Wed, 21 Aug 2024	HK$1.2t	HK$1.4t	HK$28.4b	10.6x	43.3x	0.9x
Fri, 19 Jul 2024	HK$1.2t	HK$1.4t	HK$27.5b	10.7x	45.2x	0.9x
Sun, 16 Jun 2024	HK$1.3t	HK$1.4t	HK$28.7b	11.2x	45.7x	0.9x
Tue, 14 May 2024	HK$1.4t	HK$1.4t	HK$28.8b	12.5x	49.1x	1x
Thu, 11 Apr 2024	HK$1.3t	HK$1.4t	HK$28.6b	11.3x	45.4x	0.9x
Sat, 09 Mar 2024	HK$1.3t	HK$1.4t	HK$26.6b	11.4x	49.5x	0.9x
Mon, 05 Feb 2024	HK$1.2t	HK$1.4t	HK$25.9b	11.2x	46.4x	0.8x
Wed, 03 Jan 2024	HK$1.5t	HK$1.4t	HK$26.5b	13x	58.6x	1.1x
Fri, 01 Dec 2023	HK$1.7t	HK$1.4t	HK$26.1b	12.9x	65.3x	1.2x
Sun, 29 Oct 2023	HK$1.6t	HK$1.4t	HK$24.6b	12.3x	65.1x	1.1x
Tue, 26 Sep 2023	HK$1.6t	HK$1.4t	HK$25.2b	12.4x	62.9x	1.1x
Thu, 24 Aug 2023	HK$1.5t	HK$1.3t	HK$16.9b	12.7x	90.6x	1.1x


HK Market	-1.30%
Healthcare	-0.32%
Medical Equipment	2.24%
Life Sciences	0.62%
Biotech	-0.26%
Healthcare Services	-1.24%
Healthtech	-1.40%
Pharma	-1.62%

Company	Last Price	7D	1Y	Valuation
1548 Genscript Biotech	HK$24.88	8.3% +HK$4.2b	40.4%	PS7.2x
2697 Guangdong True Health Medical Technology Development	HK$810.00	16.8% +HK$4.2b	n/a	PS2037.4x
2315 Biocytogen Pharmaceuticals (Beijing)	HK$69.00	11.7% +HK$3.2b	180.0%	PE91.2x
2252 Shanghai MicroPort MedBot (Group)	HK$25.48	9.7% +HK$2.3b	12.1%	PS41x
3692 Hansoh Pharmaceutical Group	HK$33.30	1.2% +HK$2.3b	-10.7%	PE31.2x

Announcement • Aug 06

Nanjing Leads Biolabs Co., Ltd. Advances Opamtistomig (Pd-L1/4-1Bb Bispecific Antibody) to Expansion Phase in First-Line Hepatocellular Carcinoma Clinical Study

Nanjing Leads Biolabs Co., Ltd. announced that its Phase II clinical study evaluating Opamtistomig (LBL-024), a proprietary PD-L1/4-1BB bispecific antibody, in combination with bevacizumab for the treatment of first-line hepatocellular carcinoma (HCC) has successfully completed the safety run-in phase assessment following expert review and has advanced into the expansion phase. Preliminary clinical data demonstrated that Opamtistomig in combination with bevacizumab has shown encouraging anti-tumor activity and a favorable safety profile in patients with HCC, supporting further clinical evaluation in the expansion phase. HCC represents a significant global health burden and is the fourth most common malignant tumor and the second leading cause of cancer-related mortality in China, with approximately 368,000 new cases and 317,000 deaths recorded annually. Due to its often insidious onset, fewer than 30% of patients are eligible for potentially curative treatment at diagnosis, making systemic anti-tumor therapies essential for patients with intermediate-to-advanced disease. Currently, PD-1/PD-L1 inhibitors in combination with bevacizumab have become one of the first-line standard treatments for advanced HCC both in China and globally; however, median overall survival is only approximately 19 to 20 months, median progression-free survival is less than 7 months, and the objective response rate does not exceed 30%. These limitations highlight the urgent need for more effective and durable treatment strategies. Opamtistomig has demonstrated promising efficacy signals and broad therapeutic potential across multiple tumor types, including extrapulmonary neuroendocrine carcinoma (EP-NEC), non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC) and biliary tract cancer (BTC). Powered by the proprietary X-body™ platform, which enables tumor-localized activation of 4-1BB signaling, Opamtistomig has maintained a favorable safety profile across nearly 800 treated patients, further supporting its potential as a next-generation IO 2.0 pan-tumor immunotherapy platform. The encouraging clinical findings in HCC further strengthen the clinical validation of Opamtistomig’s differentiated mechanism and therapeutic potential. According to data published by the World Health Organization, the global annual number of new HCC cases reached 865,000 in 2022, ranking sixth among malignant tumors, with 758,000 deaths, ranking third among malignant tumors. HCC is particularly prevalent in China, where it is the fourth most common malignant tumor and the second leading cause of cancer-related deaths. Although China’s population accounts for only 18.4% of the global population, the country accounts for 368,000 new HCC cases and 317,000 deaths annually, representing 42.5% and 41.8% of the global totals, respectively. HCC is the predominant type of primary liver cancer, accounting for approximately 85% to 90% of cases. It has an insidious onset and is highly aggressive, with most patients diagnosed at an intermediate to advanced stage and a correspondingly poor prognosis. The five-year survival rate is 15% to 19% in North America, compared with only 12.1% in China, posing a serious threat to the health and lives of the Chinese population and making the reduction of the HCC disease burden a major public health issue requiring urgent attention in China. Opamtistomig (LBL-024) is emerging as a next-generation pan-cancer backbone therapy with potential overall survival (OS) benefit that simultaneously targets PD-L1 and the co-stimulatory receptor 4-1BB. Developed using Leads Biolabs’ proprietary X-Body bispecific platform, Opamtistomig is designed to simultaneously block PD-1/L1 immune suppression and conditionally activate 4-1BB, an agonist pathway, resulting in a potent and synergistic anti-tumor immune response. It has a safety profile comparable to PD-1/PD-L1 inhibitors and demonstrates broader-spectrum anti-cancer potential. To date, Opamtistomig has demonstrated first- or best-in-class potential in Phase II or registrational clinical trials across four indications: non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), biliary tract cancer (BTC), and extrapulmonary neuroendocrine carcinoma (EP-NEC). As the first 4-1BB–targeting bispecific antibody globally to advance to a single-arm pivotal trial as monotherapy, Opamtistomig has been evaluated in 13 solid tumor indications in China, including 1 pivotal registration trial and 8 proof-of-concept studies. These cover EP-NEC, NSCLC, SCLC, BTC, ovarian cancer (OC), esophageal squamous cell carcinoma (ESCC), hepatocellular carcinoma (HCC), gastric cancer (GC), triple-negative breast cancer (TNBC), malignant melanoma, and other areas with high unmet medical needs. Mechanistically, 4-1BB agonism can reactivate exhausted T cells and promote robust T-cell proliferation, offering significant promise for PD-1/PD-L1–resistant or immunologically “cold” tumors. Recognizing its clinical potential, Opamtistomig received Breakthrough Therapy Designation (BTD) from China’s National Medical Products Administration (NMPA) in October 2024, and Orphan Drug Designation (ODD) from the U.S. Food and Drug Administration (FDA) for the treatment of neuroendocrine carcinoma in November 2024. Additionally, in January 2026, Opamtistomig was granted Fast Track Designation (FTD) by the FDA and ODD by the European Commission for the treatment of EP-NEC, further underscoring its potential to address unmet medical needs in this patient population.

Announcement • Jul 24

Shanghai Microport Medbot (Group) Co., Ltd. Provides Preliminary Consolidated Earnings Guidance for the Six Months Ended 30 June 2026

Shanghai Microport Medbot (Group) Co., Ltd. provided preliminary consolidated earnings guidance for the six months ended 30 June 2026. For the period, the Board expects that the Company will turn from a net loss to recording a net profit during the Reporting Period, and the net profit is expected to be approximately RMB 28 million to RMB 40 million, as compared with a net loss of the Company of RMB 115 million for the six months ended 30 June 2025. This marks the first time the Company has achieved semi-annual profitability. The Company's turnaround from net loss to net profit during the Reporting Period was mainly due to the following factors: Substantial Growth in Revenue -- During the Reporting Period, the Group recorded a year-on-year revenue increase of approximately 200% to 230%. Toumai Laparoscopic Surgical Robot delivered robust growth in both domestic and overseas markets with a notable expansion in sales volume. In particular, Toumai's revenue from overseas markets grew by more than 450% year-on-year. Such growth was driven by widespread recognition of the product's technical competitiveness and clinical performance, coupled with the Group's effective synergy with MicroPort's overseas sales channels and resources, and both the depth and breadth of market coverage were expanded simultaneously. Significant Improvement of Gross Profit Margin -- During the Reporting Period, the Company's overall gross profit margin improved by more than 15 percentage points compared to the same period last year. This improvement was driven, on the one hand, by the dilution effect of fixed costs resulting from the expansion of production scale; on the other hand, the continuous optimisation of production processes led to an effective reduction in direct labour costs, while the phased implementation of cost-saving processes also contributed to a gradual reduction in material costs. Meanwhile, the continuous optimisation of product portfolio, particularly the rapid increase of revenue from high-margin consumables, has also driven the gross profit margin to steadily increase. Continuous Optimisation of Expense Control -- During the Reporting Period, the Company continued to achieve positive results in expense control and resource allocation. The ratio of operating expenses to revenue decreased significantly, further improving the overall operational efficiency.

Hong Kong (HSI) Healthcare Sector Analysis

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Industry Trends

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