Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

<ul>
<li>
1H26 revenue up 37% YoY to RMB3.7bn and adjusted net profit was up 37% YoY to RMB1.0bn. Revenue mix (Pre/Post-IND) remained stable. 51 newly signed iCMC projects (record-high).
</li>
<li>
1H26 results call: management takeaways focus on 1) GPM outlook, 2) Singapore site utilisation ramp-up, 3) BioDlink integration, 4) commentary on project funnel, backlog growth, and 2026 guidance.</li>
<li>
At ~HK$78, the stock is currently trading at ~45/37x 2026E P/E (per our back-of-envelop estimates on IFRS and adjusted EPS basis). See inside for call takeaways and financial analysis.</li>
</ul>



1H26 revenue up 37% YoY to RMB3.7bn and adjusted net profit was up 37% YoY to RMB1.0bn. Revenue mix (Pre/Post-IND) remained stable. 51 newly signed iCMC projects (record-high).


1H26 results call: management takeaways focus on 1) GPM outlook, 2) Singapore site utilisation ramp-up, 3) BioDlink integration, 4) commentary on project funnel, backlog growth, and 2026 guidance.

At ~HK$78, the stock is currently trading at ~45/37x 2026E P/E (per our back-of-envelop estimates on IFRS and adjusted EPS basis). See inside for call takeaways and financial analysis.


WuXi XDC (2268.HK): 1H26 Results Call Takeaways: GPM Outlook, Singapore Site, BioDlink Integration

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 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

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.</li>
<li>Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.</li>
<li>Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.</li>
</ul>


Earnings remained a major driver of individual stock moves, creating sharp contrasts beneath an otherwise stronger broader market.
Option activity increased across the week, while Call participation remained relatively subdued despite the stronger equity backdrop.
Health Care drew renewed attention as biotech enthusiasm helped lift activity and performance across the sector.


Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 21st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Jd Logistics (2618 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 21st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Jd Logistics (2618 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Aug 21st): Tencent, Kuaishou, Jd Logistics, Cowell, Sinopec Seg

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.</li>
<li>Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.</li>
<li>Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.</li>
</ul>


The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.
Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.
Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.


Global Equity Managers Trim EM Underweight, but Remain Bearish

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

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Wuxi Biologics (2269 HK)

WuXi XDC (2268.HK): 1H26 Results Call Takeaways: GPM Outlook, Singapore Site, BioDlink Integration

1H26 adjusted net profit +37% YoY. 51 newly signed iCMC projects (record-high); 1H26 call focus: 1) GPM outlook, 2) Singapore site ramp-up, 3)...

Wilfred Yuen

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

Hong Kong Single Stock Options Weekly Aug 17–21: Earnings, Biotech and Rising Option Volumes

Earnings-driven stock moves, rising option activity and renewed interest in Health Care shaped a stronger week across Hong Kong single stocks.

John Ley

Hong Kong Buybacks Weekly (Aug 21st): Tencent, Kuaishou, Jd Logistics, Cowell, Sinopec Seg

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Global Equity Managers Trim EM Underweight, but Remain Bearish

A growing number of Global Equity long-only funds are rotating back in, or moving to an overweight stance in Emerging Markets.

Steven Holden

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