Facing an unprecedented downturn, Chinese biopharma companies cannot be self-reliant to go global, investors say during a Hong Kong Biotech Summit.

12 biotechs in China are preparing to compete for domestic market share for their home-grown HER2-targeted antibody-drug conjugates amid Enhertu’s in-roads in the country.

InventisBio and Akeso seek to gross a combined $384.3m in an initial public share sale in Shanghai and a private placement in Hong Kong respectively, while Chipscreen completed raising $74.4m by selling convertible bonds in Shanghai.

To date this year, not a single innovative drug-focused biotech has filed for an initial public offering on the Science and Technology Innovation Board of the Shanghai Stock Exchange. Apart from a suspected tightening of listing rules, IPO disclosures and the plummeting share prices of public companies seem to be looming large over bioventures aiming considering floating on the bourse.