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 the weekly Hong Kong Connect flows with our data engine for holding position as of October 27th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Semiconductor Manufacturing International and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Semiconductor Manufacturing International and CNOOC.


Hong Kong Connect Flows (Oct 27th): Meituan, Semiconductor Manufacturing International, CNOOC

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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 around US$500m 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 our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m 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 our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.


WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

<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 around US$500m 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 our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m 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 our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.


WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

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

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.</li><li>NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.</li><li>We expect the sales of NBP to remain stable over the next two years. </li></ul><p><em>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.</em></p>

Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.We expect the sales of NBP to remain stable over the next two years. 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.

CSPC Pharmaceutical (1093 HK) – Innovative Platforms to Drive Future Growth

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, ICBC and Innovent Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, ICBC and Innovent Biologics.


Hong Kong Connect Flows (Sep 22nd): China Mobile, ICBC, Innovent Biologics

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

Hong Kong Connect Flows (Oct 27th): Meituan, Semiconductor Manufacturing International, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, Semiconductor Manufacturing International, CNOOC.

Ke Yan, CFA, FRM

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

CSPC Pharmaceutical (1093 HK) – Innovative Platforms to Drive Future Growth

NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion...

CMB International

Hong Kong Connect Flows (Sep 22nd): China Mobile, ICBC, Innovent Biologics

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, ICBC, Innovent Biologics.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)