China's new economic frontiers
The metropolis is already a rail-powered gateway to foreign markets – now, it wants to go one step further.
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South China Morning Post
32 minutes ago
- South China Morning Post
GSK signs US$12.5 billion licence deal with Hengrui as China rises in global pharmaceuticals
GlaxoSmithKline (GSK) will pay a Chinese company US$12.5 billion for exclusive global rights to develop a dozen drugs, in a landmark deal that underscores how China's research labs are snapping up market share in the global pharmaceutical and biomedical industries. Advertisement The deal would give GSK the rights to develop a drug for treating chronic obstructive pulmonary disease (COPD) called HRD-9821, as well as 11 of the preclinical programmes owned by Jiangsu Hengrui Pharmaceuticals. The global rights exclude mainland China, Taiwan, Hong Kong and Macau, according to a statement to the Hong Kong stock exchange on Monday. The deal is the latest in a string of transactions between multinational firms and Chinese drug developers, which have bolstered China's share of global licensing deal value to 28 per cent in 2024 from 1 per cent in 2019. Pfizer agreed in May to pay US$1.25 billion to Shenyang-based 3SBio for the exclusive right to develop the Chinese company's drug for treating solid tumours. China's pharmaceutical out-licensing value soared to almost US$66 billion in the first six months of 2025, more than the whole of last year, according to a July 14 report from China Post Securities. For multinational companies, the deals gave them exclusive products to expand their product portfolio and pipelines, while the Chinese developers saw them as opportunities to cash in on prior work and fund new projects. The corporate flag of GlaxoSmithKline (GSK) next to a Chinese national flag outside a GlaxoSmithKline office building in Shanghai on July 12, 2013. Photo: Reuters Hengrui, established in the Jiangsu provincial city of Lianyungang in 1997, would receive a US$500 million upfront payment and charge US$12 billion to GSK upon the achievement of development, regulatory approval and sales milestones. Advertisement 'The signing of the agreement will help expand the international market for HRS-9821 and multiple innovative medicines in various therapeutic areas, including oncology, respiratory, immunology and inflammation, providing high-quality treatment options for patients worldwide,' Hengrui said in a statement.
HKFP
an hour ago
- HKFP
CK Hutchison eyes inviting Chinese ‘major strategic investor' to Panama ports deal
Hong Kong conglomerate CK Hutchison said Monday it was eyeing inviting a Chinese 'major strategic investor' to join a US-led consortium negotiating the sale of its global ports business outside China, including operations at the Panama Canal. The firm said in March it was offloading the firms — including operations in the vital Central American waterway — to a group led by asset manager BlackRock for US$19 billion in cash. The sale was seen as a political victory for US President Donald Trump, who had vowed to 'take back' the Panama Canal from alleged Chinese control, prompting Beijing's ire. China's market regulator said in March it was reviewing the deal. '(CK Hutchison) remains in discussions with members of the consortium with a view to inviting (a) major strategic investor from (China) to join as a significant member of the consortium,' the group said in a stock exchange filing. The firm added that changes to the consortium's membership and deal structure will be needed for the deal 'to be capable of being approved by all relevant authorities'. CK Hutchison announced in March it was offloading its global ports business outside China — including operations in the vital Central American waterway — to a group led by asset manager BlackRock for $19 billion in cash. The sale was seen as a political victory for US President Donald Trump, who had vowed to 'take back' the Panama Canal from alleged Chinese control, drawing Beijing's ire. China's market regulator said in March it was reviewing the deal. CK Hutchison said Monday that the 'period for exclusive negotiations' mentioned in the March announcement had expired, but that discussions will continue. It did not name the major Chinese investor. China's biggest shipping company Cosco was set to join the consortium and was requesting veto rights or equivalent powers, Bloomberg News reported. Bloomberg Intelligence analyst Denise Wong told the outlet that 'ongoing negotiations and the reported inclusion of Cosco Shipping in the consortium have likely eased concerns over Chinese regulatory hurdles, strengthening investor confidence in the deal's viability'. CK Hutchison said it 'intends to allow such time as is required for such discussions to achieve' a workable arrangement. It said it had stated on several occasions that it 'will not proceed with any transaction that does not have the approval of all relevant authorities'. Its Hong Kong-listed shares climbed nearly one percent Monday, while Cosco rose 0.5 percent. The consortium's original structure was designed to pass control of CK Hutchison's two Panama ports to BlackRock's Global Infrastructure Partners unit, while the remaining ports will go to Italian billionaire Gianluigi Aponte's Terminal Investment Limited. AFP has contacted Cosco for comment. The Panama Ports Company, a CK Hutchison subsidiary, has managed the port of Cristobal on the canal's Atlantic side and Balboa on the Pacific side since 1997, via a concession from the Panama government.
South China Morning Post
2 hours ago
- South China Morning Post
InvestHK at 25: powering growth for global firms in Hong Kong and beyond
When InvestHK was established in July 2000, its mission was clear: attract overseas and mainland Chinese companies to establish or expand in Hong Kong, reinforcing its position as 'Asia's world city'. Twenty-five years on, that mission remains unchanged, but the tools and the scale of support have evolved significantly. Advertisement This year, both InvestHK and Hong Kong Exchanges and Clearing (HKEX) marked their silver jubilees with notable results. In 2024, InvestHK assisted a record 539 mainland Chinese and overseas companies in setting up operations in Hong Kong. Since its establishment in 2000, 145 of InvestHK's clients have listed on HKEX. Between January 2023 and June 2025, InvestHK helped more than 1,300 companies set up or expand in Hong Kong, bringing in over HK$160 billion (US$20 billion) in foreign direct investment. These companies created more than 19,000 jobs in their first year of operation, exceeding the government's 2022 Policy Address targets ahead of schedule. Hong Kong's initial public offering (IPO) market has maintained steady momentum in 2025, with HKEX recording more than 50 listings between January and mid-July, a year-on-year increase of 30 per cent. The exchange ranked first globally in IPO fundraising during the period, with more than 200 companies actively preparing for a public offering in the second half of the year. Support from InvestHK for overseas and mainland Chinese companies and institutions includes planning, setting up and expanding their operations in Hong Kong. The agency provides strategic advice on market entry, practical guidance during the establishment and launch phases, and continued support as businesses grow and scale across international markets via Hong Kong. When an IPO is on the horizon, InvestHK offers pre-listing workshops covering disclosure, environmental, social and governance (ESG), and investor-relations requirements, enabling founders to scale up without needing to shift jurisdictions, a stability that is increasingly valued in an era of geopolitical uncertainty. Advertisement Beyond projects: building ecosystems
