APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Equity Capital Markets

<ul>
<li>WuXi Biologics Holdings is looking to raise US$460m from a partial selldown of its stake in <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>.</li>
<li>WuXi Biologics Holdings had been continuously selling down its stake over the last few years.  </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


WuXi Biologics Holdings is looking to raise US$460m from a partial selldown of its stake in Wuxi Biologics (2269 HK).
WuXi Biologics Holdings had been continuously selling down its stake over the last few years.  
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi Biologics Placement: Recent Deals Haven’t Done as Well

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Biopharma play <a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> has announced a voluntary offer from <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> -backed <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>.</li>
<li>WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final.</li>
<li>The Offer is predicated on a 60% acceptance hurdle. And irrevocables are at 60%. This is done. </li>
</ul>


Biopharma play BioDlink International (1875 HK) has announced a voluntary offer from Wuxi Biologics (2269 HK) -backed WuXi XDC Cayman (2268 HK).
WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final.
The Offer is predicated on a 60% acceptance hurdle. And irrevocables are at 60%. This is done. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> announced a conditional VGO from <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> at HK$4.00, a 60.0% premium to the last close price. </li>
<li>The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.</li>
<li>The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. </li>
</ul>



BioDlink International (1875 HK) announced a conditional VGO from WuXi XDC Cayman (2268 HK) at HK$4.00, a 60.0% premium to the last close price. 
The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.
The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. 


BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

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 Biologics (WuXi Bio) reported 1H25 revenue of RMB9.95bn, up by 16.1% YoY.</li><li>During the period, adj. attributable net profit came in at RMB2.39bn with YoY growth of 6.2%.</li><li>Revenue in 1H25 accounted for 46.6% of our full-year forecast, exceeding the historical average of ~43%. </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 Biologics (WuXi Bio) reported 1H25 revenue of RMB9.95bn, up by 16.1% YoY.During the period, adj. attributable net profit came in at RMB2.39bn with YoY growth of 6.2%.Revenue in 1H25 accounted for 46.6% of our full-year forecast, exceeding the historical average of ~43%. 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 Biologics (2269 HK) - Pre-IND and Late-Stage Demand Rebounded

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

Wuxi Biologics Placement: Recent Deals Haven’t Done as Well

WuXi Biologics Holdings is looking to raise US$460m from a partial selldown of its stake in Wuxi Biologics. In this note, we will talk about the...

Nicholas Tan

Eastroc Beverage A/H Listing - Energized - Fast Growth, Better Margins

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, has now filed its PHIP and is aims to raise around US$1bn in...

Sumeet Singh

BioDlink (1875 HK): WuXi XDC's Clean VGO

Super clean deal. Just a question of timing. If illiquid arbs are your bag, get involved at the opening bell. I can see this trading >HK$3.90...

David Blennerhassett

BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared...

Arun George

WuXi Biologics (2269 HK) - Pre-IND and Late-Stage Demand Rebounded

WuXi Biologics (WuXi Bio) reported 1H25 revenue of RMB9.95bn, up by 16.1% YoY. During the period, adj. attributable net profit came in at RMB2.39bn...

CMB International

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