IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> announced a conditional VGO from <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> at HK$4.00, a 60.0% premium to the last close price. </li>
<li>The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.</li>
<li>The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. </li>
</ul>



BioDlink International (1875 HK) announced a conditional VGO from WuXi XDC Cayman (2268 HK) at HK$4.00, a 60.0% premium to the last close price. 
The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.
The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. 


BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 14th January, biopharma play <a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> announced a voluntary offer from <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>-backed <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>.</li>
<li>WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final. The Offer is conditional on a 60% acceptance hurdle. Irrevocables are at 60%. This is done.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0212/2026021200041.pdf" target="_blank" rel="noopener">The Composite Doc is now out</a>. The Offer is now open. First close is the 13th March. The IFA (Grand Moore) says "fair &amp; reasonable". Trading through terms.</li>
</ul>


Back on the 14th January, biopharma play BioDlink International (1875 HK) announced a voluntary offer from Wuxi Biologics (2269 HK)-backed WuXi XDC Cayman (2268 HK).
WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final. The Offer is conditional on a 60% acceptance hurdle. Irrevocables are at 60%. This is done.

The Composite Doc is now out. The Offer is now open. First close is the 13th March. The IFA (Grand Moore) says "fair &amp; reasonable". Trading through terms.


BioDlink (1875 HK): Offer Now Open For WuXi XDC's VGO

<ul>
<li>Biopharma play <a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> has announced a voluntary offer from <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> -backed <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>.</li>
<li>WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final.</li>
<li>The Offer is predicated on a 60% acceptance hurdle. And irrevocables are at 60%. This is done. </li>
</ul>


Biopharma play BioDlink International (1875 HK) has announced a voluntary offer from Wuxi Biologics (2269 HK) -backed WuXi XDC Cayman (2268 HK).
WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final.
The Offer is predicated on a 60% acceptance hurdle. And irrevocables are at 60%. This is done. 


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>“Measures for the Supervision and Administration of Online Drug Sales” was released, which indicated that the online sale of prescription drugs is allowed, but there are certain restrictions and requirements.</li>
<li>The rise of China biotech is based on the historical opportunities of both alpha (individual efforts) and beta (industry development) superposition. It’s unique. Investors shouldn’t expect to “copy” similar paths.</li>
<li>We have noted that some biotech/biopharma have or are considering changing excess capacity to do CDMO. This is caused by too much “bubble” in the market, which is not logical.</li>
</ul>


“Measures for the Supervision and Administration of Online Drug Sales” was released, which indicated that the online sale of prescription drugs is allowed, but there are certain restrictions and requirements.
The rise of China biotech is based on the historical opportunities of both alpha (individual efforts) and beta (industry development) superposition. It’s unique. Investors shouldn’t expect to “copy” similar paths.
We have noted that some biotech/biopharma have or are considering changing excess capacity to do CDMO. This is caused by too much “bubble” in the market, which is not logical.


China Healthcare Weekly(Sep2)-Online Drug Sale, Biotech's Historical Opportunity, Biotech to Be CDMO

<ul>
<li>For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

China

Develops, manufactures and markets anti-tumor drugs

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BioDlink International (1875 HK)

BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

The IFA considers the offer to be fair and reasonable. The shares are trading above the terms due to an uplift in the backend valuation from WuXi...

Arun George

BioDlink (1875 HK): Offer Now Open For WuXi XDC's VGO

Super clean deal. Trading through terms as investors play the back-end. Unless this were to retrace back to terms, nothing to see here for arb...

David Blennerhassett

BioDlink (1875 HK): WuXi XDC's Clean VGO

Super clean deal. Just a question of timing. If illiquid arbs are your bag, get involved at the opening bell. I can see this trading >HK$3.90...

David Blennerhassett

China Healthcare Weekly(Sep2)-Online Drug Sale, Biotech's Historical Opportunity, Biotech to Be CDMO

New policy of online drug sales is released,including certain restrictions.The rise of China biotech is based on historical opportunity of alpha...

Xinyao (Criss) Wang

Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)