China seeking recovery from year of the bear

After Chinese biotechs endured their first bear market in the young sector’s history, there’s hope that the IPO market will reopen in 2023. But questions remain about whether the market can provide additional capital via a yet largely unproven follow-on mechanism.

2022 wasn’t just a bad year for U.S. and European biotechs. It was similarly painful for China’s biotech sector, which hit lows that paralleled those of biotech indexes on NASDAQ...