Hong Kong stocks plunge. More tariffs loom

Biopharma stocks listed in Hong Kong fell Monday, following the trendsetting of the U.S. markets on Friday. Of 24 companies with drugs on the market and valuations over US$1 billion at Friday’s close, 17 performed worse than the 13% drop by the Hang Seng Index (HSI). The smallest loss in the group was 8%.

The Stock Exchange of Hong Kong had been a bright spot in the global markets in 2025. The top performer among the handful of biopharma IPOs in 1Q25 was on the Hong Kong biotech board; Brainaurora Medical Technology Ltd. (HKEX:6681) rose 126% from IPO to the end of the quarter. Through April 4, the Hang Seng had been up 14% for the year...