Decoding the Dynamic Pricing Equation of Innovative Drug Assets: China Innovation Healthcare Asset Salon | Episode 1

In 2025, innovative asset transactions in the healthcare sector witnessed robust growth.

At the policy level, strong state support has been evident: the National Medical Products Administration approved nearly 60% more innovative drugs in the first half of the year compared to the same period last year, and the Hong Kong Special Administrative Region Government has allocated HK$120 billion to establish a dedicated biomedical fund.

In the trading market, license-out transactions for China’s innovative drugs remained active, with 72 deals recorded in the first half of 2025 and a total transaction value exceeding $60 billion, far surpassing the full-year total of 2024. Multinational pharmaceutical companies are actively strategizing, accelerating pipeline integration, and proactively introducing Chinese innovative assets. Their focus has expanded from oncology to other specialized segments such as inflammation and immunology, while investment stages have shifted earlier, reflecting strong interest in early-stage projects.

From a geographic perspective, Chinese innovative drugs are not only highly favored by capital in the domestic market but have also attracted global attention on the international stage, becoming the focal point of transaction markets, thanks to their cost-effectiveness and innovation advantages.

Currently, the fervor for innovative asset transactions in the healthcare sector continues to rise. Niche segments such as industrial fund M&A, business development (BD) deals for innovative drugs, and the commercialization of scientific and technological achievements are reshaping the industry landscape with unprecedented vitality. From the implementation of cutting-edge technologies to cross-sector capital allocation, every transaction dynamic and every innovative breakthrough has become a key engine driving industry development, drawing the focused attention of the entire sector.

VCBeat provides in-depth insights into this trend, focusing on hot-button issues and core topics in innovative asset transactions, and catering to key buyer groups—including strategic, financial, and industrial investors—to createOnline Series: “China’s Innovative Medical Assets Lounge” Live Broadcasts, providing in-depth analysis of the underlying logic of transactions, deconstructing real-world case studies, and sharing cutting-edge market insights and practical experience, to build an efficient platform for knowledge exchange, target selection, and resource sharing for buy-side participants.

On August 19 at 15:00, the first session of the “China Innovative Healthcare Asset Living Room” Transaction Roundtable, co-hosted by VCBeat, Niukou Capital, and GTJA Investment, invitedLi Rui, Partner at Button Capital; Deng Liang, Partner at Huagai Medical Early-Stage Fund; Liu Dan, Managing Partner of Pivotal bioVenture China (Biowoo Capital); Liu Tingting, Partner at AllBright Law Offices; Yu Qingzhen, Partner at GTJA Investment; and Zhang Hong, Chairman of EstrellaFive Guests"Money, Goods, Rules: Decoding the Dynamic Pricing Equation for Innovative Drug Assets"Facilitate open discussions to provide buyers with actionable trading logic and insights into frontier sector allocation, establishing a “strategic think tank” for healthcare innovation asset transactions. This initiative empowers buyers to efficiently capture high-quality asset deals, bridging China’s healthcare innovation assets with global investors.

(Scan the QR code on the poster to reserve your spot for the live stream)

Li Rui

Button Capital | Partner

Graduated from Shanghai Jiao Tong University, with over 15 years of experience in the healthcare industry, consulting, and investment banking; formerly Managing Director and Sector Head at China Renaissance Capital (iCapital); Board Secretary of 111.com, successfully facilitating its NASDAQ listing in 2018 with a market capitalization of USD 1 billion; General Manager of the Health Insurance Division at Ping An Group, overseeing business lines including health management, PBM, and supply chain management; former Capital Markets Analyst at Deutsche Bank.

Deng Liang

Huagai Medical | Early-Stage Fund Partner

B.S. in Chemistry from Peking University, M.S. in Medicinal Chemistry from the State University of New York, and MBA from INSEAD (France). Possesses over 15 years of experience in R&D, strategy, and investment within the healthcare industry. Previously served as Executive Director at Starr Capital, Managing Director at Sinopharm Capital, and Director of Strategic Partnerships at Bristol-Myers Squibb.

Liu Dan

Pivotal bioVenture China (Biwo Capital) | Managing Partner

Dan Liu possesses approximately 20 years of comprehensive, end-to-end experience spanning life sciences research, industry, consulting, and investment management. From earning a Ph.D. in Biology at Yale University and completing a postdoctoral fellowship in clinical surgery, to serving as the lead for major projects at Bain & Company—one of the top three global consulting firms—for numerous multinational pharmaceutical and medical device companies, and later becoming a Managing Partner at a leading Chinese multi-asset management platform, Dan has led over 30 domestic healthcare and wellness investment projects in the past decade. Approximately ten of these projects have successfully achieved exits through initial public offerings (IPOs) or mergers and acquisitions (M&A), delivering multiple-fold returns on investment and rapidly establishing him as a renowned and successful investor in China’s healthcare and wellness investment sector.

Liu Tingting

AllBright Law Offices | Partner

Partner at AllBright Law Offices, Mr. Liu serves as Deputy Director of the Business Development Committee under the China Biopharmaceutical Industry Innovation and Transformation Alliance (CBIITA Alliance). He has been successively recognized as one of the “U45 Influential Young Leaders” on the China Biopharmaceutical Industry Innovation Power List, listed among LEGALBAND’s 2023 Top 30 Rising Stars in China, and recommended as a Key Lawyer in Life Sciences and Healthcare in Mainland China by The Legal 500, an internationally authoritative legal ranking agency. Since commencing his practice, Mr. Liu has focused on providing specialized legal services to multinational pharmaceutical and medical device companies, biotech firms, and investment institutions, particularly in cross-border technology licensing and transactions, domestic and overseas investments and M&A, and regulatory compliance.

Yu Qingzhen

GTJA Investment Group | Partner

Postdoctoral Fellow at Harvard Medical School, Ph.D. from the School of Pharmaceutical Science and Technology at Tianjin University, and Mini-MBA graduate of Harvard Business School. Dr. Yu possesses extensive experience in new drug development and biomedical venture capital. He has published more than 30 SCI-indexed papers, served as a judge for the KPMG Global Innovation Challenge, and had his entrepreneurial project selected for incubation at Harvard University. Dr. Yu has been honored with numerous titles, including Forbes China’s “100 Leading Young Chinese Returnees,” Mother Fund Research Center’s “40 Under 40 Outstanding Young Investors,” and E-Pian Manager’s “Top 30 Young Elite Investors.” He is frequently invited to serve as a guest speaker at biomedical conferences and as a media commentator.

Zhang Hong

Estrella | Chairman

With over 25 years of experience in private equity, mergers and acquisitions, risk control, and corporate strategic planning, he has served as Chairman of Beijing Ocean Cornerstone Venture Capital Management Co., Ltd., Managing Director of Shenzhen Cornerstone Asset Management Company, and Vice President of UOB Investment (China) Ltd. In the early stages of his career, Zhang Hong participated in numerous major asset restructuring and initial public offering (IPO) projects as a legal advisor and lawyer.

“China’s Innovative Healthcare Asset Lounge” is an online live-streaming program by VCBeat, positioned at its core to “connect China’s innovative healthcare assets with global buyers.” It focuses on high-quality asset transactions in fields such as innovative drugs, high-end medical devices, and digital health, aiming to build a professional platform for “presentation, communication, and matchmaking” tailored to strategic, financial, and industrial buyers. With the goal of “unlocking the value of China’s innovative assets and facilitating efficient transactions,” the program helps buyer groups capture opportunities in high-quality assets through precise supply-demand matching, analysis of transaction logic, and sharing of practical experience. Meanwhile, it promotes the translation and retention of local innovative assets, serving the ecosystem building of the Global Life and Health Innovative Asset Buyers Alliance.

“Deal Roundtable,” a sub-column of *China’s Innovation Healthcare Asset Lounge*, focuses on the strategies, trends, and regulations governing transactions in innovative healthcare assets. Adopting a “buyer-centric perspective,” it invites members of the Buyer Alliance, seasoned investors, and experts from law firms and investment banks to engage in dialogues around hot-button issues and pain points in deal-making. By combining “benchmark case studies” with “strategic insights,” the column provides actionable transaction logic and references for frontier sector layout to the buyer community, establishing itself as a “strategic think tank” for innovative healthcare asset transactions and empowering buyers to efficiently capture high-quality deal opportunities.

Scan the QR code to reserve a spot for the live stream