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

Cross Asset Strategy

<ul><li>Tuberculosis / In Depth: China launches new plan to tackle tuberculosis</li><li>China-Mexico /: Trump tariff hike on Mexico would hurt Chinese investments, experts say</li><li>The World Bank nudged up its China GDP growth forecast for this year to 4.9%, up from its June projection of 4.8%</li></ul>

Tuberculosis / In Depth: China launches new plan to tackle tuberculosisChina-Mexico /: Trump tariff hike on Mexico would hurt Chinese investments, experts sayThe World Bank nudged up its China GDP growth forecast for this year to 4.9%, up from its June projection of 4.8%

CX Daily: China Launches New Plan to Tackle Tuberculosis 

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul type="square"><li>The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.</li><li>The executive order would contain a plan for mass investments in related industries.</li><li>Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.</li></ul>

The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.The executive order would contain a plan for mass investments in related industries.Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.

The U.S. Executive Order on Its Biotech Industry May Not Materiality Affect Chinese CRO Industry

<ul><li>In Depth: How saving Poyang Lake will alter a complex ecosystem</li><li>Huawei steps up debt financing with $593 million onshore bond sale</li><li>Shanghai appoints acting top prosecutor after graft probe topples previous chief</li></ul>

In Depth: How saving Poyang Lake will alter a complex ecosystemHuawei steps up debt financing with $593 million onshore bond saleShanghai appoints acting top prosecutor after graft probe topples previous chief

CX Daily: How Saving Poyang Lake Will Alter A Complex Ecosystem

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 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.</li><li>3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.</li><li>In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. </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 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. 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) – Peptide Business Becoming a New Growth Driver

<ul><li>WuXi AppTec reported 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.</li><li>1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.</li><li>Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. </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 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. 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) – Impressive Margin Improvement in 1H23

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.

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WuXi AppTec (2359 HK)

CX Daily: China Launches New Plan to Tackle Tuberculosis

Tuberculosis / In Depth: China launches new plan to tackle tuberculosis In Nanshan district in the southern metropolis of Shenzhen, one of the...

Caixin Global

The U.S. Executive Order on Its Biotech Industry May Not Materiality Affect Chinese CRO Industry

The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as...

Quam Securities

CX Daily: How Saving Poyang Lake Will Alter A Complex Ecosystem

In Depth: How saving Poyang Lake will alter a complex ecosystem. Huawei steps up debt financing with $593 million onshore bond sale

Caixin Global

WuXi AppTec (603259 CH) – Peptide Business Becoming a New Growth Driver

WuXi AppTec reported 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY

CMB International

WuXi AppTec (603259 CH) – Impressive Margin Improvement in 1H23

WuXi AppTec reported 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY

CMB International

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