Genetrix Biotech (Beijing) Co., Ltd. has secured clinical trial implicit approval from China’s Center for Drug Evaluation (CDE) for GA002 Injection, a Class 1 innovative gene therapy for focal refractory epilepsy. As the world’s first chemogenetics-based gene therapy, GA002 utilizes recombinant adeno-associated virus (rAAV) to deliver inhibitory DREADD receptors to targeted excitatory neurons in epileptic foci, enabling precise, controllable suppression of abnormal neuronal activity. With approximately 10 million epilepsy patients in China and 30% being drug-resistant, GA002 addresses a critical unmet need by offering a lesion-localized, cell-specific, and regulatable therapeutic approach. This milestone marks a significant advancement in precision gene therapy for neurological disorders.

Computed tomography (CT) has long remained one of the most technically sophisticated tracks in the medical imaging field. A complete CT system involves multiple core industrial links, including X-ray tubes, high-voltage generators, detectors, image reconstruction algorithms, motion control systems and post-processing software. Among these core components, detectors and X-ray tubes have historically been recognized as key technical bottlenecks restricting industrial development, while image reconstruction algorithms and low-dose imaging capabilities directly determine the clinical performance of CT devices.

Elpiscience Biopharmaceuticals, a clinical-stage biotech founded in 2017 and headquartered in Shanghai, has filed for a Chapter 18A listing on the Hong Kong Stock Exchange. The company focuses on transforming immune-resistant 'cold' tumors into 'hot' ones through innovative immuno-oncology approaches. Its lead asset, ES102—a hexavalent OX40 agonist—is in Phase 2 trials for NSCLC and HNSCC. Elpiscience also advances three other clinical candidates (ES014, ES104, ES009) and preclinical programs, including a SIRPα/CLDN18.2 bispecific antibody. Despite zero commercial revenue in 2025 and a net loss of RMB 154.8 million, the company holds RMB 186.1 million in cash as of March 2026. Proceeds from the IPO will primarily fund late-stage development of ES102 and other pipeline assets. The balance sheet shows significant net liabilities due to accounting treatment of convertible preferred shares, which will convert to equity upon listing.

Furthermore, there are no technologies available to assess indicators such as individualized true pharmacokinetic/pharmacodynamic (PK/PD) parameters for patients with different backgrounds. This "time gap" and "information gap" often force clinicians to rely on empirical medication in the initial tens of hours, which may not only lead to missed optimal treatment windows but also further exacerbate the emergence of multidrug-resistant organisms. Therefore, due to the significant limitations of existing methods, there remains a substantial unmet need for rapid, timely, and precise antibiotic administration to save lives.

On May 14, 2026, Intellizon closed its nearly 100 million-yuan Pre-A round financing. The round was led by Noyu Capital and Well Lead Medical, with participation from Chuchang Fund and Oak & Acorn Capital. Existing investors Proxima Capital and Suzhou Capital Group Angel FOF continued to increase their stakes, while Swap Capital acted as the exclusive financial advisor for this financing. Proceeds from the financing will be mainly used to advance the industrial application of the company’s full-stack technologies for implantable bidirectional brain-computer interfaces, accelerate mass production and clinical advancement of Brain-Spine Interface products, expand diverse application scenarios based on its proprietary BCI technology platform, and further boost the commercialization of its already approved and marketed products.

On May 30, 2026, at the ASCO Annual Meeting, Tongji University announced two landmark Phase III clinical trials led by Professor Zhou Caicun. The WU-KONG28 study, published in The New England Journal of Medicine, demonstrated that sunvozertinib monotherapy as first-line treatment for EGFR exon20ins-mutated NSCLC achieved a 58.9% ORR and 10.3-month median PFS, significantly outperforming platinum chemotherapy. The OPTITROP-LUNG05 trial, published in The Lancet, showed that sacituzumab tirumotecan combined with pembrolizumab in PD-L1-positive NSCLC yielded a 70.2% ORR and reduced disease progression or death risk by 65% versus pembrolizumab alone. These results mark transformative advances for two major NSCLC subtypes with high unmet need.

On May 28, 2026, Adagene Inc. (NASDAQ: ADAG) announced that China's National Medical Products Administration (NMPA) has accepted its New Drug Application (NDA) for ADG138 injection, a Class 1 therapeutic biological product, under acceptance number CXSL2600579. ADG138, a HER2×CD3 bispecific T-cell engager developed using Adagene’s proprietary SAFEbody® and POWERbody™ platforms, features dual-arm masking technology designed to minimize cytokine release syndrome and enhance tumor-targeted activation. The NDA acceptance marks a critical regulatory milestone toward potential commercialization in China’s oncology market. Concurrently, Adagene’s stock exhibited significant volatility, with a weekly price swing of 23.75% and a closing price of $3.94 on May 28, reflecting heightened investor interest. Despite near-term losses, the company reported a 7,348% year-over-year revenue surge in FY2025 and maintains strong institutional support, with an average target price of $9.40—implying 138.6% upside potential.

Updated results from the CHRYSALIS-2 study (Cohort C) presented at ASCO 2026 show that first-line treatment with RYBREVANT® (amivantamab-vmjw) plus LAZCLUZE® (lazertinib) in patients with atypical EGFR-mutated NSCLC (including G719X, S768I, and L861Q mutations) achieved a median overall survival of 41.0 months, with 55% and 46% of patients alive at 3 and 4 years, respectively. The objective response rate was 57%, and 41% of patients remained on RYBREVANT® for at least two years. The combination demonstrated a consistent safety profile with no new signals, offering a significant advance over current standard-of-care therapies that typically yield less than 2-year median survival in this difficult-to-treat population.

On May 29, ZhuZhou QianJin Pharmaceutical Co., Ltd. launched its first batch of 10mg Dydrogesterone Tablets, marking its official entry into the gynecological chemical drug market. This strategic move expands the company’s portfolio beyond traditional Chinese medicine, aligning with its 'Three New Navigations, Entering the Top 100' plan. Dydrogesterone, a blockbuster progestogen with RMB 2.57 billion in 2024 China sales, addresses strong clinical demand. Supported by a new 10,244-square-meter Women's Health Smart Workshop built to GMP standards and featuring advanced digital-intelligent manufacturing systems, QianJin is accelerating its transformation into a diversified women’s health leader. In 2025, the company allocated 12.8% of industrial revenue to R&D, with 138 active projects—including 102 chemical drug programs—spanning gynecology, chronic disease, and anti-infection therapeutic areas.

On May 28, 2026, Illumina, Inc. (NASDAQ: ILMN) announced the launch of its first commercial whole genome sequencing (WGS)-based molecular residual disease (MRD) research solution, designed to support both solid tumor MRD detection and hematologic tumor genomic analysis. The end-to-end workflow, compatible with NovaSeq platforms and powered by DRAGEN™ MRD bioinformatics, achieves 10 ppm sensitivity, 99.5% specificity, and a 5-day turnaround time. Currently in early access with select partners—including Mayo Clinic, which validated high concordance with clinical outcomes—the solution marks the debut of Illumina’s new WGS oncology research product series. A joint poster with Bristol Myers Squibb will present validation data at ASCO 2026. A global commercial launch is planned for next year.

EBV is the first human tumor-associated virus. Ninety-five percent of the global adult population is infected and carries the virus for life. Long-term infection can lead to various tumors, including nasopharyngeal carcinoma, lymphoma, and EBV-associated gastric cancer. The lead pipeline candidate of CR Therapeutics' TCR-T in vivo platform, CR101, has demonstrated excellent efficacy in clinical studies of patients with advanced EBV-associated tumors who have failed multiple lines of therapy, have multiple metastases throughout the body, and are resistant to PD-1 antibodies.

On May 27, 2026, WIRAXON announced the completion of its series angel financing totaling over 300 million yuan. The round was led by Cathay Capital, with SSCILF and Sherpa as co-lead investors, and HENGXU CAPITAL as a follower. Existing shareholder Innovation&Entrepreneurship also increased its stake. The raised funds will be mainly used for national multi-center registered clinical trials of the implanted spinal-cerebral interface technology, the construction of its headquarters in Waigaoqiao, Pudong, and global strategic layout, to accelerate the application of the technology and benefit some 20 million patients with spinal cord injuries across the globe.

In 2025, China’s domestic laparoscopic surgical robots saw explosive sales growth, with MedBot and Edge Medical reporting year-on-year revenue growth of 114% and 185% amid rapid large-scale adoption and deployment. While global leader Intuitive Surgicalgenerates steady recurring revenue through its integrated equipment, consumables, and services model—with its da Vinci system completing over 400 annual surgeries per unit in China—domestic devices are seeing fast-rising utilization rates. MicroPort’s Toumai system registers 230 annual surgeries per unit with over 140 commercial installations. Despite strong market potential, domestic players must further improve these utilization rates to drive sustainable long-term profitability.

According to data cited by both parties, China's advanced wound care market is growing at an annual rate of 6%-8%, far surpassing the 2%-3% growth in Europe and the United States. Within this, the market size for advanced wound dressings is approximately 3 billion RMB. Behind this high growth are multiple contributing factors: the world's largest population of diabetes patients has driven up the incidence of diabetic foot ulcers; an aging population has exacerbated pressure ulcer issues; and demand from surgeries and cosmetic procedures has fueled a surge in scar management.

2026 Future Healthcare and Medicine Conference · Panlin Capital Post-investment Empowerment Seminar centers on reassessing high-quality assets within China’s innovative medical sector. At the 2026 AACR Annual Meeting, 104 Chinese pharmaceutical enterprises showcased over 250 research achievements, breaking the dominance of multinational industry giants. In 2025, China granted approval to 76 innovative drugs and 76 innovative medical devices. As of 2026, the total value of BD transactions involving domestic innovative drugs has surpassed $49 billion. China’s medical innovation industry is evolving from a fast follower into a systematic innovator. Multinational corporations have fundamentally adjusted their evaluation criteria for Chinese medical innovative assets and shifted focus to strategic industrial layout. Li Yuhui, Founding Managing Partner of Panlin Capital, stated that revaluing premium innovative medical assets in China has become a core industry topic.

DVT most commonly occurs in the lower extremities, and its major adverse consequences are pulmonary thromboembolism (PE) and post-thrombotic syndrome (PTS). Acute PE has a mortality rate as high as 20%–30%, representing an extremely high risk of fatality. If acute DVT is not diagnosed and treated in a timely manner, it can progress to chronic DVT, with 30%–50% of patients developing PTS within two years。

The main forum on the first day of the 2026 Future Healthcare and Medicine Conference completed an in-depth scan of the entire chain of China's healthcare industry, ranging from macro trend analysis to the implementation paths of niche sectors. It not only clarified the global competitiveness coordinates of technology tracks such as brain-computer interfaces, synthetic biology, and medical AI, but also identified breakthrough directions for industry pain points including payment system reform, licensing globalization, and medical-engineering transformation.

20n Bio's platform enables rapid discovery of high-affinity, high-selectivity cyclic peptide binders against a wide range of disease-related targets from ultra-large cyclic peptide libraries. The Company has demonstrated de novo cyclic peptide discovery capabilities across multiple targets; several molecules discovered through the platform have generated in vivo data through out-licensed programs, further supporting the translational potential of the platform's discovered molecules.

Forlong Biotechnology has established a globally leading integrated synthetic immunology technology system, comprising four proprietary core technology platforms: the Fbody® long-acting platform, the Syntokine® novel synthetic cytokine platform, the Fc engineering platform, and the AI-powered macromolecule intelligent discovery platform. These four platforms enable multi-dimensional optimization of protein therapeutics, particularly cytokines, with the goal of overcoming the developability challenges of cytokines and developing novel biologics with high safety profiles and excellent efficacy.

At the recently held 2026 Future Healthcare and Medicine Conference in Shanghai, leading executives and investors from China and the global healthcare industry gathered to discuss the future of medical and pharmaceutical innovation. The agenda covered not only technology-driven trends such as AI-enabled innovation and end-to-end digitalization, but also a critical challenge facing Chinese healthcare companies as they expand globally: how to move beyond “product expansion” and achieve “true brand expansion”.

On May 27, 2026, GlaxoSmithKline (GSK) re-submitted its marketing application for bepirovirsen injection—a first-in-class antisense oligonucleotide (ASO) therapy—for the finite-duration treatment of chronic hepatitis B in China. This follows the rejection of its initial priority-reviewed application on May 25, 2026. The new filing (acceptance number JXHS2600056) targets adult patients on nucleos(t)ide analog therapy with HBsAg ≤3,000 IU/mL and no cirrhosis. Bepirovirsen, licensed from Ionis Pharmaceuticals in a $262M deal, demonstrated statistically significant functional cure rates in Phase III B-Well 1/2 trials involving over 1,800 patients across 29 countries. The drug employs a triple mechanism: degrading HBV RNA, suppressing viral replication and HBsAg, and activating immune response. If approved, it could become the first finite six-month treatment for chronic HBV, transforming the current lifelong therapy paradigm.

On May 19, 2026, five major therapeutic breakthroughs were reported: (1) Fractyl Health’s RJVA-001, the world’s first AAV gene therapy for Type 2 Diabetes, entered Phase I/II trials, enabling meal-responsive GLP-1 secretion via pancreatic delivery; (2) Hejia Biotech’s Lp(a)-targeting siRNA drug Kylo-11 completed China Phase II enrollment, showing 96.7% Lp(a) reduction at 24 weeks with potential once-yearly dosing; (3) Sun Yat-sen University’s Fifth Affiliated Hospital launched a new Cell Therapy Center in Zhuhai focusing on cell therapy, gene editing, and brain-computer interfaces; (4) CHIATAI TIANQING partnered with GSK to commercialize Bepirovirsen in China, a 6-month finite-course therapy for functional cure of chronic hepatitis B that met its Phase III primary endpoint; (5) BeOne Medicines’ BCL2 inhibitor Sonrotoclax (Beqalzi) received FDA accelerated approval for relapsed/refractory mantle cell lymphoma, achieving 52% ORR and 16% CR in heavily pretreated patients.

In the first quarter of 2026, innovative drug revenue accounted for 61.69% of Hengrui Pharma's total revenue, a year-on-year increase of 25.75%. Zanubrutinib of BeOne Medicines recorded quarterly sales close to 8 billion yuan. RemeGen registered a net profit attributable to shareholders of 328 million yuan, yet its non-deducted net profit remained negative. Chinese innovative drugs continue to gain greater influence across the global market. In 2025, China held 30% of the world’s investigational new drug pipelines, and the total value of overseas out-licensing transactions surpassed $130 billion. Driven by rising sales of its products covering oncology, metabolic and cardiovascular diseases, immunology and respiratory diseases, as well as growing BD income, Hengrui Pharma achieved steady growth in sales revenue from innovative drugs.

Affected by the licensing news, the share price of Hengrui Pharma surged in the afternoon. Its A-share once rose over 9%, with its market value breaking through the 380 billion RMB mark; its H-share once surged over 16%.

On May 11, 2025, Sino Biopharm announced that its subsidiary CHIATAI TIANQING has entered an exclusive strategic partnership with GlaxoSmithKline (GSK) to accelerate the commercialization of bepirovirsen, a first-in-class antisense oligonucleotide (ASO) therapy with triple mechanism of action, in mainland China. CHIATAI TIANQING will manage import, distribution, hospital access, and all promotional activities, recognizing 100% of sales revenue, while GSK remains the Marketing Authorization Holder responsible for regulatory, quality, and global medical strategy. The initial term is 5.5 years, extendable by mutual agreement. Bepirovirsen, submitted for Chinese marketing approval in March 2026 and granted priority review, demonstrated significant functional cure rates in Phase III B-Well trials and could become the first finite-duration therapy to achieve functional cure for chronic hepatitis B—a disease affecting 75 million people in China and causing over 450,000 annual deaths.

In October 2023, Alebund acquired the exclusive commercial rights in China for Roche's long-acting erythropoietin MIRCERA® (AP601). This global first-in-class long-acting erythropoietin (EPO), administered once monthly, is indicated for the treatment of CKD-related anemia. After being included in the National Reimbursement Drug List (NRDL) in 2024, it experienced rapid uptake, contributing RMB 30.556 million in revenue in 2025, accounting for 100% of total revenue.

For pharmaceutical companies, the significance of the CTP is even more direct: securing a spot provides the most authoritative endorsement for a pipeline asset, after which subsequent clinical advancement, out-licensing deals, and commercial rollout become much easier, sometimes even triggering a surge in stock price. As a result, many companies make it their primary goal to get their assets into the CTP. Historically, CTP slots have been locked down by MNCs.

As an investigational human monoclonal antibody targeting CD38, felzartamab possesses significant clinical potential due to its unique mechanism of action. It selectively depletes CD38-positive plasma cells, blocking the generation of pathogenic antibodies at the source.

However, these synergistic integration efforts have not reached the ideal state. Trividia and PTS have often experienced performance losses and goodwill impairment, affecting Sinocare's profits. For example, in 2019, the business operations of PTS were impacted, resulting in goodwill impairment of 25 to 50 million RMB; Trividia's operating loss impacted Sinocare's investment income by approximately -60 to -75 million RMB. In 2020, both PTS and Trividia were in a state of operating loss. In 2021, Trividia continued to incur losses; in 2023, Trividia faced operating losses and goodwill impairment.

Multinational pharmaceutical companies are now capturing high ground in the radiopharmaceutical space through a dual strategy of deep collaboration plus capacity pre-positioning — securing both cutting-edge technologies and project pipelines while also establishing localized production of scarce radionuclides ahead of time. The global radiopharmaceutical competition has formally entered a stage of value-chain positioning battles.