Hang Seng Pharmaceutical ETF Huaxia(159892): intraday trading exceeds 700 million. Institutions: domestic innovative drugs are accelerating their overseas expansion; Q2 visibility is expected to increase.

As of 10:42 on April 8, 2026, the Hang Seng Biotech Index (HSBIO) fell by 0.75%. In terms of component stocks, gains and losses were mixed: JD Health led the rise, up 6.41%, MicroPort Robotics-B rose 5.82%, and Zai Lab rose 4.75%; Inno Biologics-B led the declines, down 5.01%, Sihuan Pharmaceutical fell 4.49%, and Kelun-Biotech fell 3.67%. The Hang Seng Healthcare ETF Huaxia (159892) rose 0.25%, with the latest price at 0.81 yuan.

In terms of liquidity, the Hang Seng Healthcare ETF Huaxia recorded an intraday turnover rate of 11.74% and trading volume of 751 million yuan, with active trading in the market. Looking over a longer period, as of April 7, the Hang Seng Healthcare ETF Huaxia’s average daily trading volume over the past nearly one month was 1.152 billion yuan.

On the news front, the overall market sentiment in the CXO industry continues to improve. In 2025, most leading companies showed a trend of accelerated Q4 revenue, rising gross margins, and strong order growth. Emerging technology platforms have become core growth engines. WuXi AppTec’s WuXi TIDES platform, Ke Yi Ying’s chemical large-molecule business, and Kanglong Chemical’s cell and gene therapy services all achieved rapid growth, reflecting that the global drug R&D frontier is accelerating its shift toward fields such as peptides, oligonucleotides, ADCs, and CGT. Among them, ADC CDMO and peptide CDMO in the weight-loss drug industry chain have been listed by multiple brokerages as major high-growth lines for 2026.

CITIC Securities pointed out that the domestic innovative drug industry is developing in a practical and fast manner, and that overseas expansion is accelerating. In the first 1–3 months of this year, the total amount of China’s innovative drug external licensing exceeded 60 billion yuan, approaching half of 2025. As of 2026 to date, 10 innovative drugs have been approved (8 domestically produced), achieving historic breakthroughs. In the recent disclosure of annual reports by Hong Kong-listed pharmaceutical companies, Pharma+Biotech performance has broadly come through: BD activities and overseas revenue-sharing are gradually reflected in company statements, supporting the cycle of innovation by high-quality enterprises. With the adjusted medical/pharmaceutical sector funding environment not being crowded, it is believed that in Q2, attention to and allocation for the medical/pharmaceutical sector may increase across the market.

Data shows that as of April 2, 2026, the top ten weighted stocks of the Hang Seng Biotech Index (HSBIO) are, respectively, Innovent Biologics, BeiGene, Kangfang Biotech, WuXi Biologics, CSPC Pharmaceutical Group, China Biologic Products, WuXi AppTec, Hansoh Pharmaceutical, Sihuan Pharmaceutical, and Jintai Holdings, with the combined weight of the top ten stocks accounting for 69.83%.