Biotech IPOs on the Chinese mainland have dried up since June 2023 due to regulatory tightening, but Hong Kong is still open to listings of pre-revenue ventures and has seen its first offering of this year.

The Hamburg, Germany-based firm defied economic and political headwinds and China troubles in the fiscal 2022 first half to book organic net sales growth of 10.5% to €4.5bn worldwide. Despite optimism about China recovery, sun care, and its recent Chantecaille acquisition, Beiersdorf is projecting a slowdown in the second half in what remains a volatile operating environment.

Beiersdorf extends Eucerin line combining skin treatment with sun care and moves the brand into post-acne category using Thiamidol ingredient. Eucerin and Aquaphor brand sales grew 18.2% in its latest quarter.

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.