External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>WuXi Bio recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.</li><li>The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.</li><li>Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) - On the Road to Recovery

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With a few weeks to go in the review period, <a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a> and <a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group (1171 HK)</a> could be added to the ETF in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> are potential deletions while there is another stock close to deletion zone.</li>
<li>There are a lot of shorts on <a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy</a> in terms of days of ADV and as a percentage of float while short interest on the other stocks is lower.</li>
</ul>


With a few weeks to go in the review period, CGN Power (1816 HK) and Yankuang Energy Group (1171 HK) could be added to the ETF in March.

China Resources Beer Holdings (291 HK) and Wuxi Biologics (2269 HK) are potential deletions while there is another stock close to deletion zone.
There are a lot of shorts on Yankuang Energy in terms of days of ADV and as a percentage of float while short interest on the other stocks is lower.


FXI Rebalance Preview: Two Potential Changes in March

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>According to WuXi Bio’s management, the Company’s growth in 23H1 would be challenging. That is to say, investors don’t need to expect too much from the semi-annual report.</li>
<li>Based on "hedge logic" of CXO, AD drugs cannot bring about the prosperity of entire CXO industry as COVID-19 vaccines/drugs did.But WuXi Bio would be beneficiary if receiving large orders.</li>
<li>We are not sure where the bottom of share price is, because shareholders could continue to reduce their holdings and CXO’s valuation has not reached the inflection point.</li>
</ul>


According to WuXi Bio’s management, the Company’s growth in 23H1 would be challenging. That is to say, investors don’t need to expect too much from the semi-annual report.
Based on "hedge logic" of CXO, AD drugs cannot bring about the prosperity of entire CXO industry as COVID-19 vaccines/drugs did.But WuXi Bio would be beneficiary if receiving large orders.
We are not sure where the bottom of share price is, because shareholders could continue to reduce their holdings and CXO’s valuation has not reached the inflection point.


Wuxi Biologics (2269.HK) - Some New Business Updates and the Outlook

<ul>
<li>It seems that investors have completely lost patience with WuXi Bio after the Company made new business updates. WuXi Bio’s transparency, communication strategy and expectation management need to be improved.</li>
<li>Although the decline in performance is an important reason for the sharp drop in stock price, we think there're still some deep-seated reasons that investors should pay extra attention to.</li>
<li>Fed's interest rate cut doesn’t necessarily mean immediate improvement in financing environment. In the CXO industry downcycle, whether WuXi Bio can achieve positive turnaround in 24H2 remains to be seen.  </li>
</ul>


It seems that investors have completely lost patience with WuXi Bio after the Company made new business updates. WuXi Bio’s transparency, communication strategy and expectation management need to be improved.
Although the decline in performance is an important reason for the sharp drop in stock price, we think there're still some deep-seated reasons that investors should pay extra attention to.
Fed's interest rate cut doesn’t necessarily mean immediate improvement in financing environment. In the CXO industry downcycle, whether WuXi Bio can achieve positive turnaround in 24H2 remains to be seen.  


Wuxi Biologics (2269.HK) - The Business Update Has Torn Away the Last Fig Leaf

<ul><li>WuXi Bio held a conference call on 4 Dec 2023 to update its latest business developments.</li><li>Management expected its 2023 revenue to increase by ~10% YoY and 2023 adj. net profit to decline by a single-digit percentage, compared with its previous guidance of 30% YoY growth in revenue and a 25-26% YoY increase in adj. net profit.</li><li>The latest guidance indicated non-COVID revenue growth of 36%+ YoY in 2023, or c.19% YoY in 2H23, still very impressive given the current market conditions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio held a conference call on 4 Dec 2023 to update its latest business developments.Management expected its 2023 revenue to increase by ~10% YoY and 2023 adj. net profit to decline by a single-digit percentage, compared with its previous guidance of 30% YoY growth in revenue and a 25-26% YoY increase in adj. net profit.The latest guidance indicated non-COVID revenue growth of 36%+ YoY in 2023, or c.19% YoY in 2H23, still very impressive given the current market conditions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) – A Transition Year in 2023

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)