China's top regulator grants approvals to a record number of novel drugs, including multiple oncology products from domestic companies, which are increasingly shifting to innovation, supported by positive regulatory changes over the past few years. 

China's drug regulatory authority is taking aim at strengthening randomized, controlled clinical trials conducted domestically for cancer drugs, leaving biotech stocks reeling from the proposed stricter requirements.

Domestic companies have won most of the bids in China's latest government procurement round for 62 drugs, marking an end to the previous dominance of off-patent products from multinationals.

The Chinese biotech is set to extend the reach of its PD-1 candidate to the global market with a second major clinical win and following an earlier major deal with Novartis.