On January 12, 2026 local time, the 44th Annual J.P. Morgan Healthcare Conference kicked off in San Francisco, USA. Efung Capital's portfolio companies – Ascentage Pharma, HighLight Pharma, Andao Pharma, NewCo Scientific, and MedLinc – made a collective appearance at JPM, with Ascentage Pharma delivering a presentation at the main forum.
Efung Capital CEO Ben attended the conference, marking the firm's fourth participation in JPM. He engaged with global biotech leaders and seasoned investors to explore industry trends and partnership opportunities, while showcasing the "potential and value of Chinese healthcare investment" to the world.
Ascentage Pharma's Main Forum Presentation: Accelerating Multiple Pivotal Phase III Trials including GLORA, GLORA-4, POLARIS-1 and POLARIS-2
Dr. Yang Dajun, Chairman and CEO of Ascentage Pharma, was invited to speak at the conference. He comprehensively presented the company's 2025 milestones in product commercialization, global clinical development, innovative pipeline expansion, and capital markets, while sharing the outlook for 2026. Dr. Yang revealed the company's anticipated 2026 milestones, including:
Global Clinical Development: Accelerating multiple pivotal Phase III trials including GLORA, GLORA-4, POLARIS-1 and POLARIS-2.
Commercialization: Continued growth in core product commercial sales, further improved patient access, coverage of over 1,500 hospitals; Lishengto® successfully included in the National Reimbursement Drug List (NRDL).
Advanced Pipeline Advancement:
APG-3288 (BTK degrader): Obtaining pharmacokinetic, safety, tolerability, and preliminary efficacy data from Phase I trials in the US and China.
APG-5918 (EED inhibitor): Advancing clinical development in the US and China for oncology and anemia indications.
Chinese Biopharma Emerges as Most Active Participants at JPM
According to incomplete statistics, at least 30 Chinese companies participated in this year's JPM conference, with "global expansion" and "internationalization" as core themes. Company presentations and discussions centered around "License-out," "global multicenter clinical trials," and "FDA/EU marketing applications." Success in internationalization has become a key benchmark for valuing Chinese biotech.
The 44th JPM conference served as a critical window for the Chinese biopharmaceutical industry – after a period of deep adjustment – to showcase its innovation strength, internationalization commitment, and business resilience on the global stage. Technological breakthroughs represented by ADCs and successful out-licensing deals have become the most resonant "China calling cards," as the industry moves from "broad innovation" to a new phase of "high-quality global expansion."
Key Signals from the Conference
AI as the Hottest Topic: Nearly every presenting company discussed AI applications. From drug discovery (NVIDIA, Recursion) to clinical development and medical imaging (GE HealthCare), AI is no longer just a concept but a core tool for improving efficiency and success rates.
GLP-1 Drugs and Ripple Effects: Eli Lilly and Novo Nordisk delivered the most highly attended presentations. They showcased the significant potential of weight-loss drugs (Tirzepatide, Semaglutide) in NASH, cardiovascular disease, kidney disease, and other areas, while announcing massive capacity expansion plans. This trend benefited related sectors including CDMOs, drug delivery devices, and diagnostic companies.
Strong Expectations for M&A and Deal Recovery: Many small and mid-sized biotech companies face cash flow pressures, while large pharmaceutical companies hold substantial cash reserves. Market consensus suggests more M&A transactions will occur in 2026. Sanofi directly announced at the conference the suspension of internal R&D investments in certain areas to allocate more capital to external acquisitions – a notable signal.