Chinese biotechs listed in the US have a watershed day, with many shares nosediving by over 10% amid leadership changes in China, where the retirement of several economic pragmatists appears to be adding to souring investment sentiment amid views on rising uncertainties and risks.

A clutch of Chinese biopharma firms, including I-Mab, Lepu and Clover, are having second thoughts on some of their clinical development programs to conserve cash amid a funding squeeze.

After five state-owned US-listed Chinese firms announce plans to delist from the US stock market, private firms such as Alibaba follow the lead.

AbbVie is to terminate the clinical development of lemzoparlimab for myelodysplastic syndrome and acute myeloid leukemia and will also reduce the size of its 2020 deal with originator I-Mab by $445m, in the latest blow to the Chinese firm.