The first half of 2025 witnessed a rise in seed and Series A funding in the biotech space, although the number of companies participating declined, reflecting concentrated investment. A prominent example includes Ascentage Pharma raising $192 million in Hong Kong. However, several reports indicate a noticeable second-quarter slowing of venture capital infusion, signaling market caution amid economic uncertainty. Concurrently, a growing number of mainland China biotechs have filed for IPOs in Hong Kong, underscoring regional capital market activity. Layoffs at startups such as Sail Biomedicines and other cost-cutting measures suggest strategic pivots as the industry optimizes resources and adapts to financing shifts.