The anticipated business rebound for China after its post-COVID reopening of markets in 2023 has not materialized and structural market issues continue to affect EU firms' China sentiment.

China's deepening economic downturn is impacting foreign business confidence in China, while recent high-profile events have created uncertainties around the go-global push by Chinese pharma firms, at a time when this has become critical to their very survival.

In the latest venture capital and private equity funding deals in China, SanegeneBio, Argo Biopharma and Ausper Biopharma raised a combined $136m on the back of their early-stage small interfering RNA and antisense oligonucleotide assets.

Roughly $130m was raised in eight biopharma financings in China over the past months that were backed by venture capital investors.