HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Despite the recovery of financing situation, vast majority of small/ medium-sized Biotech companies are still in long and cold winter. The “wealth gap” within industry has been further widened.</li>
<li>If based on the threshold of HK$9 billion, the companies with a relatively high probability of entering the Hong Kong Stock Connect program at present include <a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen </a>and <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis</a>.</li>
<li>WuXi Bio plans to place 150 million existing shares at a price of HK$38.52 each. However, the reduction in holdings by major shareholders is usually interpreted as a negative signal.</li>
</ul>


Despite the recovery of financing situation, vast majority of small/ medium-sized Biotech companies are still in long and cold winter. The “wealth gap” within industry has been further widened.
If based on the threshold of HK$9 billion, the companies with a relatively high probability of entering the Hong Kong Stock Connect program at present include CARSgen and Ascletis.
WuXi Bio plans to place 150 million existing shares at a price of HK$38.52 each. However, the reduction in holdings by major shareholders is usually interpreted as a negative signal.


China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

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.

<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

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.

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue</li>
<li>
Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.</li>
<li>Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.</li>
</ul>



Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue

Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.
Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.


<ul>
<li>Akeso-Partner Summit Therapeutics released 2Q26 results. See our takeaways published earlier Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab 
</li>
<li>
Harbour Bio, MicroPort MedBot, and Shanghai HeartCare released positive profit alerts; Wuxi Bio reached 10,000 molecules milestone; Ribo Life released positive Europe phase 2a study in its siRNA FXI inhibitor</li>
<li>
China's NMPA become the first approved Takeda's orexin narcolepsy drug; Science and Retraction Watch reported a girl death from a brain base-editing trial in Shanghai
</li>
</ul>


Akeso-Partner Summit Therapeutics released 2Q26 results. See our takeaways published earlier Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab 


Harbour Bio, MicroPort MedBot, and Shanghai HeartCare released positive profit alerts; Wuxi Bio reached 10,000 molecules milestone; Ribo Life released positive Europe phase 2a study in its siRNA FXI inhibitor

China's NMPA become the first approved Takeda's orexin narcolepsy drug; Science and Retraction Watch reported a girl death from a brain base-editing trial in Shanghai



China Healthcare Weekly Wrap (20-24 July)

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)

China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

We shared our views about the biotechs that would be included in Hong Kong Stock Connect. WuXi Bio's Placement is interpreted negative as its...

Xinyao (Criss) Wang

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

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

China Healthcare Weekly Wrap (3-7 Aug)

Wuxi Apptec 2Q results beat; BeOne 2Q driven by robust Brukinsa; Innovent robust 2Q product revenue +13% QoQ; Alphamab licensed-out TROP2/HER3 ADC...

Wilfred Yuen

China Healthcare Weekly Wrap (20-24 July)

SMMT 2Q26 on Akeso-partnered ivonescimab; positive profit alerts from Harbour, MicroPort MedBot, Shanghai HeartCare; Wuxi Bio hit 10,000 molecules;...

Wilfred Yuen

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