Between FY2021 and FY2025, Hong Kong-listed healthcare companies wrote down about RMB28.8bn of goodwill, intangibles and PPE. That figure comes from a census of all 281 issuers, with every year checked against the filings. Mid-caps booked half of it and small caps more than a third. In a typical year, a fifth to a third of issuers recognised a charge. Drug pricing, COVID-19 products and pipeline failures drove FY2022–FY2024. In FY2025, goodwill on hospitals, clinics, fertility and aesthetics businesses took over. No modified audit opinion stated goodwill, intangible or PPE impairment as its basis.