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>Pharmaron reported 1Q26 results, with revenue growing 15.5% YoY to RMB3.58bn and adj. non-IFRS attributable net profit increasing 16.2% YoY to RMB406mn.</li><li>1Q26 revenue/ adj. net profit accounted for 21.8%/ 18.8% of our fullyear estimates, largely in line with historical ranges.</li><li>New orders in 1Q26 surged over 30% YoY, a significant acceleration from the 14% YoY growth recorded in 2025. </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.

Pharmaron reported 1Q26 results, with revenue growing 15.5% YoY to RMB3.58bn and adj. non-IFRS attributable net profit increasing 16.2% YoY to RMB406mn.1Q26 revenue/ adj. net profit accounted for 21.8%/ 18.8% of our fullyear estimates, largely in line with historical ranges.New orders in 1Q26 surged over 30% YoY, a significant acceleration from the 14% YoY growth recorded in 2025. 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.

Pharmaron Beijing (300759 CH) - 1Q26 Results: A Strong Start Driven by CDMO Services

<ul><li>Pharmaron reported 2025 financial results, with revenue growing by 14.8% YoY to RMB14.10bn, and non-IFRS adj. net profit increasing by 13.0% YoY to RMB1.82bn.</li><li>Both revenue and profit growth meaningfully accelerated compared to 2024.</li><li>The Company's 2025 revenue and adj. net profit came in 0.5% and 0.7% higher than our estimates, respectively, aligning with our expectations. </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.

Pharmaron reported 2025 financial results, with revenue growing by 14.8% YoY to RMB14.10bn, and non-IFRS adj. net profit increasing by 13.0% YoY to RMB1.82bn.Both revenue and profit growth meaningfully accelerated compared to 2024.The Company's 2025 revenue and adj. net profit came in 0.5% and 0.7% higher than our estimates, respectively, aligning with our expectations. 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.

Pharmaron Beijing (300759 CH) - Landmark CDMO Deal to Fuel Future Growth

<ul><li>Founded in 2004, Pharmaron Beijing (Pharmaron) has emerged as a pioneer and now stands as one of the leading China-based CXOs with globally recognized capabilities.</li><li>The Company provides comprehensive services to global clients, covering all drug R&amp;D stages.</li><li>Leveraging its one-stop service model, Pharmaron is well-positioned to capitalize on the growing global demand for outsourced pharmaceutical R&amp;D. </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.

Founded in 2004, Pharmaron Beijing (Pharmaron) has emerged as a pioneer and now stands as one of the leading China-based CXOs with globally recognized capabilities.The Company provides comprehensive services to global clients, covering all drug R&amp;D stages.Leveraging its one-stop service model, Pharmaron is well-positioned to capitalize on the growing global demand for outsourced pharmaceutical R&amp;D. 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.

Pharmaron Beijing (300759 CH) - A One-Stop CXO with Accelerated Growth Potential

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.

Event-Driven

Fujian Haixi Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujian-haixi-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48969:1" rel="noopener">Fujian Haixi Pharmaceuticals (2637 HK)</a> was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.
Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

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 79.8% as of Aug 21st.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 79.8% as of Aug 21st.
The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.


A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

China

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (300759 CH)