中国医药与生物技术：对外授权趋势结构性强劲；IPO排队企业增加但上市节奏保持

China Pharma & Biotech: out-licensing trend structurally strong;IPO pipeline swells but listing pace remains The strong momentum in out-licensing shows no sign of slowing:total deal valueover $60 Bn in first 4 months of 2026, 40% of 2025 total; Upfront payment $3.4 Bn,50% of 2025 total.This fits with our sector thesis that growth in outbound dealsis structural as global companies habitually shore up assets from China, not one-off opportunistic buys.This year AI thematic is a clear driver of deals: c. 1/3 of deals todo with AI platforms. Besides that, siRNA, bispecific antibodies, ADCs are still the mostsought-after asset types. Three mega deals over $5 Bn so far: CSPC’s AI-enabled long-acting peptide platform to AZ ($18.5Bn total /1.2Bn cash), Innovent’s unnamed assets toLilly ($8.8Bn total / 350Mn cash), and Remegen’s PD-1/VEGF bispecific to Abbvie ($5.6Bntotal / 650Mn cash). Rebecca Liang, Ph.D.+852 2123 2656rebecca.liang@bernsteinsg.com Ellie Li+852 2123 2621ellie.li@bernsteinsg.com As a licensor, China’s wallet share continues to rise vs. developed markets.Totaldeal value 2026 YTD 68%, up from 55% in 2025. In upfront payments, the gap is alsoshinking: China out-licensing raked in $6.8 Bn in cash in 2025 and $3.4 Bn in 2026 YTD,from 44% to 48% of global total. However, Chinese assets still have a relative discount inupfront payment % of total value, averaging 5% vs. 12%+ of Western assets. Top licensingcompany in China by deal count is Hengrui, and AstraZeneca tops the list of MNC buyersthat frequent Chinese companies. IPO market: a growing pipeline of biotechs.Biotech and pharma IPO in Hong Konghad a major recovery in 2025 –18 companies listed, back to the level of first biotechboom in 2020–2021. We see the queue growing further in 2026 with 48 companieshaving submitted applications YTD, already reaching half of 2025’s pipeline. Along with 26pending applications rolled over from 2025, there are now 70+ companies waiting - a highpoint in the past 5 years. It seems backlog won’t be cleared soon as there have only beentwo listings YTD2026, a similar pace vs. 2025. By quarter, 26Q1 IPO and FO seems on parwith 25Q1 levels, with yoy growth flat and 22%, respectively. BERNSTEIN TICKER TABLE DETAILS CHINA OUT-LICENSING CONTINUING THE STREAK EXHIBIT 1:Out-licensing momentum strong - total deal value over $60 Bn in first 4 months of 2026, 40% of 2025total; Upfront payment $3.4 Bn, 50% of 2025 total US/EU/JP licensing activity*: deal count, total deal value, and total upfrontpayment (for total deal value ≥US$500 Mn deals) EXHIBIT 5:…While upfront payment from China out-licensing deals is also catching up EXHIBIT 4:Licensing deals in the US/EU/Japan,historically more than twice the level of China out-licensing, have trailed behind the latter since 2025 intotal deal value… Date cutoff: 4/29/2026; Only included TDV>$500 Mn; AstraZeneca, GSK,Novartis, Roche, and Sanofi are covered by Justin Smith, Merck, Eli Lilly andAbbVie are covered by Courtney Breen, Takeda is covered by Miki SogiSource: Pharmcube, Bernstein analysis EXHIBIT 11:The continuation rate of China out-licensing deals has shown a marked improvement from 2020 to2024, closing the historical gap with development markets, but could also be that newer deals by default havereached less termination GLOBAL CONTEXT EXHIBIT 17:In 2026YTD, both license total and M&A total have largely increased, +21% and +137% yoy, respectively EXHIBIT 19:In 2026YTD, IPO total offer size in the US hasagain exceeded China EXHIBIT 18:In 2025, offer size of China pharma andbiotech was almost on par with the peak in 2021 EXHIBIT 20:Offer size per deal seems generallyconsistent with biotechs but affected by outliers forpharma EXHIBIT 21:During China IPO peaks China deals seem tohave per deal premium vs the US, and other times viceversa I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY This research publication covers six or more companies. For valuation methodology and other company discl