A policy update highlighted how US “Comprehensive Outbound Investment National Security” (COINS) rules and related Treasury guidance could restrict US persons from investing in certain Chinese biotech activities, including small molecules, biologics, vaccines, cell and gene therapies, and related delivery systems. The analysis notes that the rules would also cover joint ventures for those activities. The update states public comments are due December 7, 2026, with a final rule expected by mid-March 2027 and an effective date likely near the end of Q1 2027. It also emphasizes the enforcement risk, including civil penalties and notification requirements, pushing life sciences investors to re-check deal structures and diligence workflows.