Episode Details

The Hang Seng Biotech Index has outperformed the broader market this year, fuelled by a wave of out-licensing deals with Western drugmakers, stronger R&D capabilities and attractive valuations. Eight years after the first biotech listing in Hong Kong, a growing number of these companies are turning profitable and moving from clinical-stage developers into commercial drugmakers. But profitability remains uneven across the sector, and a new round of Fed tightening could weigh on valuations. Herald van der Linde, Head of Equity Strategy for Asia Pacific at HSBC, discusses how to value the sector, which healthcare sub-sectors he prefers, and the key catalysts and risks ahead.

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