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>WuXi AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.</li><li>Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.</li><li>WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. </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.

WuXi AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. 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.

WuXi AppTec (603259 CH) - Rising Demand for Small Molecule D&M Business

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.</li>
<li>The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.</li>
<li>At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.</li>
</ul>


The Hong Kong Alpha portfolio beat the Hong Kong indexes in June and was flat to its benchmark with a loss of 6.98%.
The Hong Kong market experienced heavy selling in the second half of June, as both foreign and mainland investors reduced their exposure.
At the end of June, we sold positions in the electric utilities, technology, consumer, and property sectors. We added positions in the broker, biotech, telecom, and industrial sectors.


<ul>
<li>The Trump Administration is determined to continue and wage a "tech war" against China. The battlefield has expanded beyond the chips to power AI and the equipment to produce them.</li>
<li>The Pentagon's Section 1260H "Chinese Military Company" (CMC) list expanded significantly in early 2026, now encompassing some of China's most prominent technology and platform companies.</li>
<li>In response to US actions, China added 10 US defense contractors to its export control list, targeting drone, robotics, aerospace, and strategic minerals sectors to prohibit exports of rare earths.</li>
</ul>


The Trump Administration is determined to continue and wage a "tech war" against China. The battlefield has expanded beyond the chips to power AI and the equipment to produce them.
The Pentagon's Section 1260H "Chinese Military Company" (CMC) list expanded significantly in early 2026, now encompassing some of China's most prominent technology and platform companies.
In response to US actions, China added 10 US defense contractors to its export control list, targeting drone, robotics, aerospace, and strategic minerals sectors to prohibit exports of rare earths.


CHINA/US: Trump Wages Another Losing War, This Time in Tech!

<ul>
<li>The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.</li>
<li>The industrials sector is the top performing sector in Hong Kong YTD, up 16%. <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> is the best performing stock in the sector since the Iran war ceasefire.</li>
<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> rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.
</li>
</ul>


The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.
The industrials sector is the top performing sector in Hong Kong YTD, up 16%. Kingboard (148 HK) is the best performing stock in the sector since the Iran war ceasefire.

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>In Depth: As Retired Battery Wave Approaches, China Moves to Clean Up Recycling</li><li>China Retail Sales Shrink for First Time Since 2022 in Blow to Economy</li><li>China Industrial Output Beats Estimates as AI Boom Offsets Property Drag</li></ul>

In Depth: As Retired Battery Wave Approaches, China Moves to Clean Up RecyclingChina Retail Sales Shrink for First Time Since 2022 in Blow to EconomyChina Industrial Output Beats Estimates as AI Boom Offsets Property Drag

CX Daily: As Retired Battery Wave Approaches, China Moves to Clean Up Recycling 

China

WuXi AppTec is a global contract research, development, and manufacturing organization (CRDMO) for the pharmaceutical and life sciences industries. It provides integrated, end-to-end services including chemistry drug CRDMO, biology discovery, preclinical testing, and clinical research services for various therapeutic modalities. The company was founded in 2000 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

WuXi AppTec (2359 HK)

WuXi AppTec (603259 CH) - Rising Demand for Small Molecule D&M Business

WuXi AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non...

CMB International

HONG KONG ALPHA PORTFOLIO: (June 2026)

At mid-month, we note that pc makers are passing on higher chip and component costs to consumers. For this reason, we sold our positions in Lenovo...

David Mudd

CHINA/US: Trump Wages Another Losing War, This Time in Tech!

Under a law taking effect Tuesday, the Defense Department will be barred from working with any company represented by lobbyists who also work for...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu...

David Mudd

CX Daily: As Retired Battery Wave Approaches, China Moves to Clean Up Recycling

TOP STORIES In Depth: As Retired Battery Wave Approaches, China Moves to Clean Up Recycling China is bracing for a wave of batteries coming to...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)