Chinese Biotech Stocks Outshine Tech Rally on Robust Earnings
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Chinese biotechnology stocks rallied on Tuesday, driven by better-than-expected earnings from key players and investors seeking defensive sectors ahead of the looming US tariffs.
Shares of Akeso Inc., which shocked the pharmaceutical world last year when a study of its lung cancer drug showed to be more effective than Merck & Co Inc.’s blockbuster Keytruda, jumped as much as 16.5% to a record in Hong Kong. CSPC Pharmaceutical Group and Hutchmed China Ltd. rose more than 10% each.