Has the Hong Kong Biotech Industry valuation changed over the past few years?

Investors are optimistic on the Hong Kong Biotechs industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 152x which is higher than its 3-year average PE of -69.2x. The 3-year average PS ratio of 9.9x is higher than the industry's current PS ratio of 8.8x.

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

There are no additional sub-industries under this industry.

Hong Kong (HSI) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 02 Sep 2026	HK$939.8b	HK$107.3b	HK$6.2b	19.5x	152.5x	8.8x
Fri, 31 Jul 2026	HK$863.5b	HK$95.0b	-HK$4,021,356,079.57	24.9x	-214.7x	9.1x
Sun, 28 Jun 2026	HK$786.4b	HK$94.4b	-HK$4,622,102,861.47	17.1x	-170.1x	8.3x
Tue, 26 May 2026	HK$938.5b	HK$94.4b	-HK$3,918,668,368.61	20.4x	-239.5x	9.9x
Thu, 23 Apr 2026	HK$1.1t	HK$93.0b	-HK$4,551,048,433.55	28.6x	-244.8x	12x
Sat, 21 Mar 2026	HK$947.8b	HK$72.2b	-HK$12,141,868,444.54	37.2x	-78.1x	13.1x
Mon, 16 Feb 2026	HK$997.5b	HK$71.0b	-HK$14,335,023,709.20	37x	-69.6x	14.1x
Wed, 14 Jan 2026	HK$1.1t	HK$70.3b	-HK$13,890,973,041.51	40.5x	-75.8x	15x
Fri, 12 Dec 2025	HK$980.8b	HK$69.4b	-HK$13,364,960,151.89	40x	-73.4x	14.1x
Sun, 09 Nov 2025	HK$971.9b	HK$68.7b	-HK$12,798,493,019.85	36.9x	-75.9x	14.2x
Tue, 07 Oct 2025	HK$1.1t	HK$68.4b	-HK$12,905,606,196.03	58.5x	-88.8x	16.7x
Thu, 04 Sep 2025	HK$1.1t	HK$68.1b	-HK$13,718,405,695.19	48.8x	-82x	16.5x
Sat, 02 Aug 2025	HK$942.2b	HK$63.4b	-HK$12,452,977,984.59	40.2x	-75.7x	14.9x
Mon, 30 Jun 2025	HK$723.0b	HK$63.7b	-HK$11,738,000,029.52	30.4x	-61.6x	11.4x
Wed, 28 May 2025	HK$614.7b	HK$62.1b	-HK$11,728,537,749.57	31.4x	-52.4x	9.9x
Fri, 25 Apr 2025	HK$592.6b	HK$60.3b	-HK$12,142,775,488.57	31x	-48.8x	9.8x
Sun, 23 Mar 2025	HK$462.3b	HK$52.9b	-HK$16,611,212,337.88	22.3x	-27.8x	8.7x
Tue, 18 Feb 2025	HK$387.6b	HK$52.1b	-HK$17,339,275,607.70	14.2x	-22.4x	7.4x
Thu, 16 Jan 2025	HK$345.4b	HK$51.8b	-HK$17,187,867,166.23	12x	-20.1x	6.7x
Sat, 14 Dec 2024	HK$396.2b	HK$52.0b	-HK$17,296,920,183.53	11.2x	-22.9x	7.6x
Mon, 11 Nov 2024	HK$403.2b	HK$52.5b	-HK$17,637,137,036.48	11.6x	-22.9x	7.7x
Wed, 09 Oct 2024	HK$429.0b	HK$52.8b	-HK$18,074,318,821.05	12.6x	-23.7x	8.1x
Fri, 06 Sep 2024	HK$338.4b	HK$52.6b	-HK$19,559,560,948.74	11.2x	-17.3x	6.4x
Sun, 04 Aug 2024	HK$322.2b	HK$50.2b	-HK$19,725,019,237.43	11.5x	-16.3x	6.4x
Tue, 02 Jul 2024	HK$327.6b	HK$49.6b	-HK$19,444,681,872.35	12.1x	-16.9x	6.6x
Thu, 30 May 2024	HK$327.6b	HK$49.8b	-HK$19,496,944,310.65	10.7x	-16.8x	6.6x
Sat, 27 Apr 2024	HK$356.8b	HK$49.5b	-HK$19,466,746,223.62	11.9x	-18.3x	7.2x
Mon, 25 Mar 2024	HK$345.6b	HK$49.7b	-HK$19,699,938,439.12	14.1x	-17.5x	7x
Wed, 21 Feb 2024	HK$334.9b	HK$46.8b	-HK$20,169,434,820.59	16.7x	-16.6x	7.2x
Fri, 19 Jan 2024	HK$356.0b	HK$46.8b	-HK$20,179,533,390.00	17.3x	-17.6x	7.6x
Sun, 17 Dec 2023	HK$406.1b	HK$47.1b	-HK$20,339,000,495.00	17.9x	-20x	8.6x
Tue, 14 Nov 2023	HK$409.2b	HK$45.2b	-HK$18,917,442,048.00	13.6x	-21.6x	9.1x
Thu, 12 Oct 2023	HK$392.6b	HK$44.9b	-HK$19,102,915,645.00	13.9x	-20.6x	8.7x
Sat, 09 Sep 2023	HK$402.2b	HK$44.8b	-HK$18,854,481,037.00	15.4x	-21.3x	9x


HK Market	0.95%
Healthcare	-3.12%
Biotech	-3.62%
Biotech	-3.62%

Company	Last Price	7D	1Y	Valuation
2315 Biocytogen Pharmaceuticals (Beijing)	HK$63.90	3.1% +HK$849.1m	149.8%	PE66.8x
6915 Jiangxi Institute of Biological Products	HK$17.84	16.6% +HK$783.3m	n/a	PE49.7x
2157 Lepu Biopharma	HK$4.40	10.7% +HK$766.9m	-49.2%	PE27.6x
2616 CStone Pharmaceuticals	HK$6.18	4.2% +HK$398.5m	-48.9%	PS19.9x
2659 Shanghai Bao Pharmaceuticals	HK$16.66	4.8% +HK$246.2m	n/a	PS273.1x

Announcement • Sep 01

Cstone Pharmaceuticals Provides Updates on Cs2009 and Pipeline 2.0 Clinical Trials and Product Portfolio

CStone Pharmaceuticals announced its 2026 interim results and recent business highlights. As of August 2026, updated data further confirmed the favorable safety profile of CS2009 and demonstrated strengthened efficacy across multiple key cohorts compared with the data presented at ASCO in May 2026. With expanded patient enrollment and longer follow-up, improvements were observed in both the objective response rate (ORR) and duration of response (DOR). At the 30 mg/kg dose level, CS2009 achieved an ORR of 100% and a disease control rate (DCR) of 100% in patients with PD-L1 TPS =50%. In the broader PD-L1 TPS =1% population, the ORR was 70.8% and DCR was 91.7%. In second-line NSCLC patients (all previously treated with IO plus chemotherapy), CS2009 monotherapy (30 mg/kg dose level) yielded an ORR of 38.5% and a DCR of 84.6%. In patients with heavily pretreated metastatic colorectal cancer (mCRC), CS2009 monotherapy (30 mg/kg dose level) achieved an ORR of 20% and a DCR of 93.3%. In patients with heavily pretreated soft tissue sarcoma (STS) and non-clear cell renal cell carcinoma (nccRCC), CS2009 monotherapy delivered ORR of 38.5% and 42.9%, respectively. CStone will present additional more mature Phase I/II clinical data for CS2009 in patients with advanced NSCLC and mCRC via two rapid oral presentations at ESMO 2026 in October. The Company also expects to reach consensus with global regulatory authorities including the U.S. Food and Drug Administration (FDA) and the Center for Drug Evaluation (CDE) of China National Medical Products Administration (NMPA), on the global Phase III registrational trial protocol in the Fourth Quarter of 2026. Following its effective inclusion in the National Reimbursement Drug List (NRDL) on January 1, 2026, pralsetinib's in-market sales volume increased by almost 500% year-over-year in the seven-month period ending July 2026. As of June 30, 2026, cash and cash equivalents and time deposits totaled RMB 1,560.2 million. CS2009 continues to advance rapidly through global clinical development. To date, clinical data from more than 300 patients have been accumulated, consistently demonstrating three key clinical validations: proof of safety; multidimensional confirmation of CTLA-4 target activity and efficacy, evidenced by pharmacodynamic biomarkers and clinical activity in 'cold tumors' and IO-pretreated NSCLC; and broad-spectrum and highly competitive antitumor efficacy across multiple tumor types. The most recent data show that CS2009's antitumor activity continues to deepen and strengthen with longer follow-up, exhibiting particularly competitive efficacy and a well-tolerated safety profile in key patient populations, including NSCLC and mCRC. These robust data provide strong support for the upcoming global Phase III registrational trials. Other Pipeline 2.0 candidates are also progressing steadily toward clinical stage. CS5007, built on the proprietary ADC platform, has initiated a global Phase I clinical trial in both China and Australia. In addition, more than ten early-stage programs spanning next-generation ADCs, immunology & inflammation and other areas are advancing smoothly. The successive entry of these differentiated innovative assets into clinical development will serve as a critical driver for the Company's sustained growth and global expansion. The three key products, sugemalimab, pralsetinib, and avapritinib, continued to achieve breakthroughs across domestic and international markets, contributing significant momentum to revenue growth. Notably, following pralsetinib's first-time inclusion in the NRDL earlier this year, its in-market sales volume increased by almost 500% year-over-year during the first seven months of 2026, making it the primary driver of the Company's revenue growth in the first half of 2026. CS2009, PD-1/VEGF/CTLA-4 trispecific antibody, is accelerating global clinical development toward Phase III registrational trials by year end. The ongoing global Phase I/II trial has enrolled more than 300 patients across China and Australia, with U.S. Investigational New Drug (IND) clearance obtained in February 2026. CStone plans to initiate the first wave of global Phase III multi-regional clinical trials (MRCTs) for CS2009 by the end of 2026. Planned registrational studies include first-line non-small cell lung cancer (NSCLC) in combination with chemotherapy (versus pembrolizumab plus chemotherapy), and first-line mCRC in combination with chemotherapy (versus bevacizumab plus chemotherapy), with additional registrational studies planned for 2027 and following years. At the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, CStone presented comprehensive Phase I/II data from the ongoing global multicenter trial.

Announcement • Aug 24

AIM Vaccine Co., Ltd. Submits Application For Marketing Registration Of Iterative Process High-Potency Human Diploid Cell Rabies Vaccine

AIM Vaccine Co., Ltd. has submitted the application for marketing registration of the iterative process high-potency human diploid cell rabies vaccine independently developed by the Company to the National Medical Products Administration. According to the results of the Phase III clinical trial, for which unblinding has been completed, the vaccine has good safety, immunogenicity and immune persistence. Its immunogenicity and immune persistence are superior to those of a comparator vaccine of the same type, and all indicators have fully met the pre-defined evaluation criteria of the clinical trial. This product, as an iterative upgraded human diploid cell rabies vaccine, is characterized by its ultra-high potency, and also marks a major iterative upgrade in the global field of rabies vaccine technology. Rabies is the disease with the highest fatality rate in the world; once the disease occurs, the fatality rate is nearly 100%. Currently, there is a lack of effective treatment for rabies in clinical practice, therefore, post-exposure prophylaxis is crucial, and the main preventive measure is vaccination with rabies vaccines for human use. Compared with traditional Vero cell rabies vaccines, human diploid cell rabies vaccines use human diploid cells, which are homologous to humans, instead of Vero cells, thereby offering inherent safety advantages. The human diploid cell rabies vaccine currently available in the market is 3 to 5 times more expensive than the Vero cell rabies vaccine, with higher product added value. Compared with the traditional human diploid cell rabies vaccines of the first generation, the iterative process high-potency human diploid cell rabies vaccine developed by the Group has taken the lead in breaking through the technical bottlenecks of low virus titer and low yield in the traditional process, with optimization and innovation in the purification process, resulting in significant improvements in both product quality and safety. China is the rabies vaccine market globally. According to China Insights Consultancy, driven by product upgrades and iterations and the increasing penetration of rabies vaccines, the market is projected to reach RMB 14,800 million in 2030. Compared with traditional rabies vaccination regimens, this product developed by the Group can be administered using either the “five-needle approach”, the “simple four-needle approach” or the “2-1-1 four-needle approach”, which is more flexible and convenient. In accordance with the Rabies Exposure Prophylaxis Standard (2023 Edition) issued by the National Disease Control and Prevention Administration and the National Health Commission, rabies vaccination clinics are required to be equipped with at least two different types of rabies vaccines. The Group has completed the construction of an iterative process high-potency human diploid cell rabies vaccine workshop that fully meets international standards, and has completed commercial-scale validation production, and possesses the capability for large-scale production of the product. Human diploid cell rabies vaccine is recommended by the WHO as the gold standard for rabies vaccines, and has been widely applied in many developed countries.

Hong Kong (HSI) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

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Latest News

Cstone Pharmaceuticals Provides Updates on Cs2009 and Pipeline 2.0 Clinical Trials and Product Portfolio

Consensus revenue estimates increase by 29%

Consensus EPS estimates increase by 11%

First half 2026 earnings released: EPS: US$0.078 (vs US$0.093 in 1H 2025)

Investor sentiment improves as stock rises 16%

First half 2026 earnings released: CN¥0.47 loss per share (vs CN¥0.64 loss in 1H 2025)

Akeso, Inc. (HKG:9926) Analysts Are Cutting Their Estimates: Here's What You Need To Know

First half 2026 earnings released: CN¥0.033 loss per share (vs CN¥0.23 profit in 1H 2025)

Consensus EPS estimates fall by 10%

Duality Biotherapeutics Secures Genentech Pact for Next-Generation Antibody-Drug Conjugates With $45 Million Upfront

First half 2026 earnings released

Second quarter 2026 earnings released: EPS: CN¥0.31 (vs CN¥0.17 in 2Q 2025)

AIM Vaccine Co., Ltd. Submits Application For Marketing Registration Of Iterative Process High-Potency Human Diploid Cell Rabies Vaccine

Investor sentiment improves as stock rises 24%

Consensus EPS estimates increase from loss to CN¥0.188 profit, revenue downgraded

Everest Medicines Limited (HKG:1952) Interim Results Just Came Out: Here's What Analysts Are Forecasting For This Year