Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 1st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Vitasoy (345 HK), Shoucheng (697 HK), Yum China (9987 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 1st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Vitasoy (345 HK), Shoucheng (697 HK), Yum China (9987 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Aug 1st): Vitasoy, Shoucheng, Yum China

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>As per news reports, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> could look to sell some/all of its <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> stake, worth around US$4bn</li>
<li>Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.</li>
<li>In this note, we will talk about the possible selldown and other deal dynamics.</li>
</ul>


As per news reports, Prosus NV (PRX NA) could look to sell some/all of its Meituan (3690 HK) stake, worth around US$4bn
Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.
In this note, we will talk about the possible selldown and other deal dynamics.


Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.</li>
<li>1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.</li>
<li>With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.</li>
</ul>



WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.


WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.</li>
<li>The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.</li>
<li>At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.</li>
</ul>


China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.
The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.
At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.


What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

<ul>
<li>Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.</li>
<li>FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. </li>
<li>Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.</li>
</ul>


Sino Biopharmaceutical initiated Phase 1 trial for innovative drug candidate TQB6411 targeting advanced malignant tumors in China. Wuxi Biologics announced that five manufacturing facilities passed the Pre-License Inspection by FDA.
FDA drug advisory committee voted against Otsuka’s indication expansion application for Rexulti. Telix Pharmaceutical received a subpoena from the SEC regarding the development of prostate cancer therapeutic candidates. 
Lupin received FDA approval for generic versions of Liraglutide and Glucagon injections. Sun Pharmaceutical announced positive top-line results from two Phase 3 trials of Ilumya in active psoriatic arthritis.


APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

Hong Kong Buybacks Weekly (Aug 1st): Vitasoy, Shoucheng, Yum China

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Vitasoy (345 HK),...

Ke Yan, CFA, FRM

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Hengrui has entered into agreements with GSK for HRS-9821 and up to 11 programs, with high upfront payment of US$500 million and total amount of...

Xinyao (Criss) Wang

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Aug 1st): Vitasoy, Shoucheng, Yum China

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Vitasoy (345 HK),...

Ke Yan, CFA, FRM

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

​WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...

Tina Banerjee

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Hengrui has entered into agreements with GSK for HRS-9821 and up to 11 programs, with high upfront payment of US$500 million and total amount of...

Xinyao (Criss) Wang

APAC Healthcare Weekly (July 27) – Sino Bio, Wuxi Bio, Otsuka, Telix, Lupin, Sun Pharma

Wuxi Bio’s manufacturing facilities passed FDA inspection. Otsuka’s label expansion plan for Rexulti is in jeopardy. Telix got SEC subpoena. Lupin...

Tina Banerjee

WuXi AppTec reports strong 1H25 results, with revenue up 21% YoY to RMB21B and adjusted net profit up 44% YoY to RMB6B. The company raised 2025...