China’s Biotech Moment Ignites a 60% Stock Rally That Beats AI

China’s biotechnology stocks have shaken off a four-year slump to be among the hottest performers in Asia this year and funds are tipping further gains.

The Hang Seng Biotech Index has surged more than 60% since the start of January amid investor enthusiasm over a pair of billion-dollar deals involving foreign firms licensing Chinese drugs. Share gains at two highly anticipated listings of local producers have further burnished the sector’s appeal.