Valuation momentum: China biotech valuations declined sharply entering Mar 26, with average 2030e P/S compressing from ~3.5x at end Feb to ~3.0x early in the month amid macro uncertainty, before rebounding to ~3.5x by month end largely from rotation-driven flows and re-rating as the market sought relative defensiveness from downstream impacts of macro developments, in our view. EV/S tracked a similar pattern, dipping from ~3.1x to ~2.7x mid month before recovering to ~3.1x. While both metrics remain well be ...