The trend of Chinese biotech companies licensing their products overseas has driven strong share price performance in 1H25, Goldman Sachs published a research report saying. Recently, discussions emerged regarding the sustainability of transactions and valuations. The broker believed that, after an in-depth analysis of licensing deals and China's innovative drug pipeline in a global context, this is a structural shift rather than a temporary rebound.Related NewsBOCOMI Bullish on Innovative Pharma Sector, Expects CN Commercial Insurance Innovative Drug List to Drive 10x+ Growth in Related Payments in LTGoldman Sachs was long-term bullish on leading biotech companies (BEIGENE (06160.HK) +1.300 (+0.791%) Short selling $181.12M; Ratio 22.022% , INNOVENT BIO (01801.HK) +0.300 (+0.349%) Short selling $155.95M; Ratio 13.067% and SKB BIO-B (06990.HK) -2.200 (-0.615%) Short selling $6.06M; Ratio 3.512% ), and emphasized the significant potential upside for 3 companies in 2H25, naming INNOVENT BIO, ZAI LAB (09688.HK) +0.350 (+1.277%) Short selling $44.52M; Ratio 16.050% and Legend Biotech Corporation (LEGN.US) .Goldman Sachs adjusted its target prices for Chinese pharmas, and kept ratings at Buy for SINO BIOPHARM (01177.HK) +0.070 (+1.099%) Short selling $341.40M; Ratio 16.824% / HANSOH PHARMA (03692.HK) -0.350 (-1.048%) Short selling $59.99M; Ratio 23.535% / INNOVENT BIO, with target prices raised from $3.92/ $22.71/ $74.95 to $6.19/ $34.83/ $96.22. The broker upgraded CSTONE PHARMA-B (02616.HK) -0.170 (-3.041%) from Neutral to Buy, and elevated its target price from $2.77 to $6.25.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-16 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)