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

Biocytogen Pharmaceuticals (Beijing) / Equity Bottom-Up

<ul><li>Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.</li><li>The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.</li><li>In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% YoY). </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.

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% YoY). 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.

Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the not-so-positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

<ul><li>Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.</li><li>The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).</li><li>The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.</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.

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.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.

Biocytogen (2315 HK) – Strong revenue growth in FY22

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.</li>
<li>If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. </li>
<li>The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .</li>
</ul>


The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.
If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. 
The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .


China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

China

Biocytogen Pharmaceuticals Beijing Co., Ltd. operates as a biopharmaceutical and revenue generating pre clinical research services company. The Company produces mmunoglobulins, monoclonal antibodies, recombinant humanized antibodies, and others. Biocytogen Pharmaceuticals Beijing provides drug development, therapeutic antibody discovery and development, and other services.

Biocytogen Pharmaceuticals (Beijing) (2315 HK)

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Biocytogen Pharmaceuticals (Beijing) (2315 HK)

Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.

CMB International

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

Biocytogen (2315 HK) – Strong revenue growth in FY22

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate. The pre-clinical CRO service business realized a 54% YoY revenue...

CMB International

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Becoming big pharma needs to meet three conditions. If investors can understand the logic of marketing, they may anticipate potential collapse. ADC...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.

CMB International

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu

Biocytogen (2315 HK) – Strong revenue growth in FY22

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate. The pre-clinical CRO service business realized a 54% YoY revenue...

CMB International

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Becoming big pharma needs to meet three conditions. If investors can understand the logic of marketing, they may anticipate potential collapse. ADC...

Xinyao (Criss) Wang