China is knocking on the door of the world’s top 10 most innovative economies, helped by sustained investment.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

From founding to the approval and commercial launch of its first innovative drug took Beijing-based biotech InnoCare just seven years. After a listing in Hong Kong, the firm is now heading to Shanghai after obtaining the green light for a second listing from the STAR board.

November negotiations in China over the prices of 67 new drugs have resulted in record price cuts, averaging around 62% overall and 65% for anti-tumor products. But the sting is alleviated by the prospect of substantial volume increases.