HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Triapex Laboratories / Equity Capital Markets

<ul>
<li>Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.</li>
<li>Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.</li>
<li>TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.</li>
</ul>


Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.
Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.
TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.


Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.4% as of Aug 28th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.</li>
<li>We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.4% as of Aug 28th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.
We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.


A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> is looking to raise around US$300m via selling some of its stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC (2268 HK)</a>.</li>
<li>Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.</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 Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.


HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

Thematic (Sector/Industry)

<ul>
<li>CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.</li>
<li>IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.</li>
<li>In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.</li>
</ul>


CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.


CSRC’s IPO Reform and Its Impact on China Healthcare Investment

China

Hangzhou Tigermed Consulting is a leading China-based contract research organization (CRO) providing comprehensive biopharmaceutical and medical device R&D services. The company offers a full suite of clinical research solutions, including clinical trial operations, data management, statistical analysis, medical writing, and regulatory affairs. It was founded in 2004 and is headquartered in Hangzhou, China.

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Hangzhou Tigermed Consulting (3347 HK)

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.

Ke Yan, CFA, FRM

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

CSRC’s IPO Reform and Its Impact on China Healthcare Investment

CSRC issued new policy related to IPO/reduction of shares, which would rewrite the investment logic of primary/secondary market.Investors need to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

​TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.

Ke Yan, CFA, FRM

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

CSRC’s IPO Reform and Its Impact on China Healthcare Investment

CSRC issued new policy related to IPO/reduction of shares, which would rewrite the investment logic of primary/secondary market.Investors need to...

Xinyao (Criss) Wang

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...