分析人士表示，在中国企业全球扩张面临药物授权协议目前暂未受到触及之际，华盛顿拟议的对外投资限制却威胁到交易结构，使中国生物技术公司面临新的逆风。
Chinese biotech firms face fresh headwinds in their global expansion as Washington’s proposed outbound investment restrictions threaten to disrupt deal structures, even though drug licensing agreements remain untouched for now, analysts say.
政策研究公司Trivium China分析师张大卫（David Zhang）表示，美国财政部上周发布的草案规则将“使中国生物技术公司极难吸引美国直接投资或建立合资企业”。
The US Treasury Department’s draft rules released last week would “make it much harder for Chinese biotech firms to attract direct US investment or enter joint ventures”, according to David Zhang, an analyst at policy research firm Trivium China.
美国财政部长斯科特·贝森特（Scott Bessent）将生物技术纳入对外投资审查计划，对涉及包括中国在内的“受关注国家”的广泛交易进行更严格的审查。根据财政部的说法，受限制的交易包括收购股权和组建合资企业。
US Treasury Secretary Scott Bessent added biotechnology to an outbound investment screening programme, placing a broad range of transactions involving “countries of concern”, including China, under greater scrutiny. Restricted transactions included the acquisition of equity stakes and the formation of joint ventures, according to the Treasury Department.
贝森特上周表示，在华盛顿对中国生物技术产业崛起日益担忧之际，这些提案出台，其旨在“防止我们的对手使用美国投资来开发威胁美国国家安全的关键技术”。
The proposals come as Washington grows increasingly concerned about the rise of China’s biotech industry, with the measures intended to “prevent our adversaries from using US investment to develop critical technologies that threaten US national security”, Bessent said last week.
近年来，中国企业在全球生物制药行业中的作用日益重要。中国国家发展和改革委员会的数据显示，今年涉及中国开发创新药的对外授权交易额已达到1300亿美元，接近2025年全年的总额。
Chinese firms have assumed a growing role in the global biopharmaceutical industry in recent years. The value of out-licensing deals involving China-developed innovative drugs had reached US$130 billion this year, approaching the full-year total for 2025, according to China’s National Development and Reform Commission.
正如普遍预期那样，财政部没有限制常规药物授权交易。张大卫表示，这类交易一直是“近年中国生物技术扩张的主要驱动力”。
The Treasury Department, as widely anticipated, stopped short of restricting conventional drug licensing deals, which Zhang said had been “a major driver of China’s biotech expansion in recent years”.
他补充说，随着“美国制药商依赖中国公司寻找有前景的新药候选者的商业激励依然强劲”，新规则不太可能导致“全面撤出中国生物技术”。
With “commercial incentives remaining strong for US drug makers to rely on Chinese companies for promising new drug candidates”, the new rules were unlikely to lead to a “wholesale retreat from Chinese biotech”, he added.
张大卫称，相反，企业可能会投入更多精力来设计跨境交易结构，以避免直接股权投资。
Instead, companies were likely to devote more effort to structuring cross-border deals in ways that avoided direct equity investment, Zhang said.
杰富瑞（Jefferies）亚洲医疗健康研究主管崔翠（Cui Cui）在上个月的一份报告中表示，随着中国企业资源和雄心的扩大，跨境生物技术交易正日益转向共同开发安排和更广泛的平台伙伴关系。这些公司还面临北京方面提出的一项新的生物技术出口管制措施。
Cross-border biotech deals had increasingly moved towards co-development arrangements and broader platform partnerships as Chinese firms’ resources and ambitions expanded, said Cui Cui, head of Asia healthcare research at Jefferies, in a note last month. Companies also face new biotech export control measures proposed by Beijing.
本月早些时候，中国商务部和科学技术部提出了涵盖人工智能、生物技术和光伏等领域的14项技术的出口禁令草案。这些限制将禁止出口某些细胞和基因治疗平台以及小干扰RNA技术平台。
Earlier this month, China’s Ministry of Commerce and the Ministry of Science and Technology proposed export bans covering 14 technologies across sectors including artificial intelligence, biotechnology and photovoltaics. The restrictions would prohibit exports of certain cell and gene therapy platforms as well as small interfering RNA technology platforms.
崔翠在周五的一份独立报告中表示，虽然中国和美国的措施都“比担心的要窄”，但它们可能会促使两国的公司“重新校准”并“保护”资本和核心知识产权的流动。
While both Chinese and US measures were “narrower than feared”, they would likely prompt companies in both countries to “recalibrate” and “protect” the flow of capital and core intellectual property, Cui said in a separate note on Friday.
华盛顿Foley Hoag律师事务所合伙人摩根·徐（Morgan Xu）周日在专注于中国生物制药的出版物《拓扑斯》（Tonacea）上的一篇文章中，将美中最近的举动形容为“一种奇妙的对称性”。
Morgan Xu, a partner at law firm Foley Hoag in Washington, described the latest moves by the US and China as “a curious symmetry” in an article on Sunday in Tonacea, a Chinese biopharmaceutical-focused publication.
徐说：“华盛顿希望限制某些可能增强中国技术能力的投资；北京则希望保留对某些中国基础技术的控制权。”
“Washington wants to restrict certain investments that could strengthen China’s technological capabilities; Beijing wants to retain control over certain foundational Chinese technologies,” Xu said.
然而，由于行业部分人士的反对，财政部拟议的限制措施仍面临不确定性。
The Treasury Department’s proposed restrictions still face uncertainty, however, amid opposition from parts of the industry.
生物技术创新组织（Biotechnology Innovation Organisation）总裁兼首席执行官约翰·F·克劳利（John F. Crowley）在上周财政部公布提案后的一份声明中表示：“我们不能通过限制来走向成功……我们需要确保采取的方法不会过于广泛，从而给创新者和投资者带来不确定性，并且可能无意中带来削弱美国生物技术竞争力的风险。”
“We cannot restrict our way to success … We need to ensure that we do not have an overly broad approach that would create uncertainty for innovators and investors, and that may unintentionally risk weakening US biotech competitiveness,” said John F. Crowley, president and CEO of the Biotechnology Innovation Organisation, in a statement last week after the Treasury Department unveiled the proposals.
张网说：“但也有来自两党的政治压力要求实施更严厉的限制，甚至包括对授权交易的限制。”
“But there’s also bipartisan political pressure for tougher restrictions, including even on licensing deals,” Zhang said.
“我预计生物技术限制令的某种版本会推进。更大的问题是财政部最终究竟想走多远。”
“I’d expect some version of the biotech restrictions to move forward. The bigger question is how far Treasury ultimately wants to go.”