China has emerged as an important source of oncology innovation over the past five years, with Chinese-headquartered companies the source of c.30% of all oncology licensing as domestic R&D increasingly focuses on novel mechanisms and modalities. Oncology has been at the leading edge of this surge in innovation, with clinical trial starts in China for ADCs and bispecific antibodies growing at compound annual growth rates of c.70% and 125%, respectively. As global biopharma accumulates experience of Chinese-led innovation, large biopharma companies have shown increased interest, culminating in a more than tenfold increase in total deal value since 2o19.