As US-China pharma rivalry heats up, can Hong Kong’s US$8b fund be the global bridge?

Hong Kong is stepping up its efforts to invest in a cluster of biotech companies, positioning itself as a linchpin in Beijing’s push to reach new levels of innovation and challenge the United States for dominance in the global pharmaceutical market. Hong Kong Investment Corporation (HKIC), which manages about US$8 billion in assets and is wholly owned by the Hong Kong government, has built a biotech and healthcare technology investment portfolio covering both traditional Chinese and Western...