The shockwave of WuXi's withdrawal from BIO is ripping through the Chinese contract services sector. While some remain hopeful, others are preparing Plan B.

Evopoint, I-Mab Biopharma (Hangzhou) and MAXVAX extended their funding with series E and C rounds, respectively, in February, amid signs that biotech investor sentiment in China may be recovering.

Several Chinese biotech developments during the Lunar New Year break have put investors on high alert, namely the continued share price slide of Chinese biotech bellwether WuXi Apptec, Lianbio ceasing operations and I-Mab divesting its China business to become a fully US-focused company.

Survey shows long-term optimism but fears that 2024 will be another hard slog for those biotechs with dwindling cash resources.