CLSA published a research report stating that China's healthcare sector has recently completed four major business development (BD) and collaboration deals in succession. The four deals involve HENGRUI PHARMA (01276.HK) -0.160 (-0.331%) Short selling $47.08M; Ratio 32.809% and Novo Nordisk A/S (NVO.US) , AKESO (09926.HK) +3.800 (+3.585%) Short selling $108.35M; Ratio 37.792% and AstraZeneca PLC Ordinary Shares (AZN.US) , Regeneron Pharmaceuticals, Inc. (REGN.US) and Sanofi (SNY.US) , as well as Aibo Bio and Novartis AG (NVS.US) . Three of the deals involved Chinese healthcare companies, reinforcing the broker's view that 4Q26 is the peak season for BD activities, while maintaining a positive outlook on the sector.

CLSA stated that historical records show that 4Q BD activities account for around 35% to 40% of the annual total, with December and January of the following year usually being the most active periods. In the near term, the clinical data presented at the ESMO Congress to be held in late October is expected to serve as a catalyst. SKB BIO (06990.HK) +7.400 (+1.575%) Short selling $15.19M; Ratio 24.203% , CSPC PHARMA (01093.HK) +0.165 (+1.674%) Short selling $87.43M; Ratio 40.429% , HANSOH PHARMA (03692.HK) +0.720 (+2.116%) Short selling $38.12M; Ratio 33.590% , HENGRUI PHARMA, INNOVENT BIO (01801.HK) +1.850 (+1.901%) Short selling $90.10M; Ratio 25.579% and others will release multiple sets of data.

The broker also noted that the "Measures for the Administration of Medical Representatives", jointly issued by departments including the National Medical Products Administration and set to formally take effect on August 1, 2026, has been implemented since August, driving monthly improvements in sample hospital sales. CLSA believes this could become a positive catalyst for third-quarter results of pharmaceutical and biotechnology companies.