Leading the group were Trinomab Biotech, which develops antibodies for infectious diseases, and cell and gene developers BRL Medicine and XellSmart.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

Biotech stock indices have seen a recent recovery but remain well below their 2021 peaks raising questions about the likelihood of raising money for R&D. The number of companies announcing leadership changes, shifting pipeline priorities and job cuts is rising as a result.