Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<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> is placing up to 22M shares at the placing price of HK$58.85 per share to raise a maximum gross proceed of HK$1,311M under general mandate.</li>
<li>The company will also issue ~24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share for a total consideration of ~HK$1,420M, subject to independent shareholders’ approval.</li>
<li>90% of the proceeds will be used for further expansion of the company’s production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances, and drug products.</li>
</ul>



WuXi XDC Cayman (2268 HK) is placing up to 22M shares at the placing price of HK$58.85 per share to raise a maximum gross proceed of HK$1,311M under general mandate.
The company will also issue ~24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share for a total consideration of ~HK$1,420M, subject to independent shareholders’ approval.
90% of the proceeds will be used for further expansion of the company’s production capacity in relation to clinical and commercial manufacturing for bioconjugates, drug substances, and drug products.


WuXi XDC Cayman (2268 HK) Placement: Capex to Accelerate Growth Momentum

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 XDC has evolved into a leader in the global XDC outsourcing service industry.</li><li>The Company provides “all-in-one” services in its facilities located in WuXi City, and is currently building manufacturing facilities in Singapore.</li><li>The Company is actively expanding its project pipeline, with 19 projects in PhIII and 11 in the PPQ stage. </li></ul><p><em>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.</em></p>

WuXi XDC has evolved into a leader in the global XDC outsourcing service industry.The Company provides “all-in-one” services in its facilities located in WuXi City, and is currently building manufacturing facilities in Singapore.The Company is actively expanding its project pipeline, with 19 projects in PhIII and 11 in the PPQ stage. 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 XDC (2268 HK) - A Rapidly-Growing Leader in Global XDC Field

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Simcere Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is looking to raise around US$200m via a top-up placement.</li>
<li>This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> is looking to raise around US$460m from a mix of primary placement and selldown by its founders.</li>
<li>Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>WuXi Bio’s 25H1 growth was driven by XDC against the backdrop of BD wave of innovative drug assets. Coupled with biotech booming market, we witnessed obvious recovery in CXO’s performance. </li>
<li>Intensive share reduction by major shareholders has weakened market confidence in long-term value. Given Li Ge's rich experience in capital operation, WuXi Bio’s valuation potential may have been fully realized.</li>
<li>Current investment logic has shifted to the growth of overseas BD/licensing cooperation based on China’s low-priced but high-quality innovative drugs due to engineer dividend, which may have certain growth ceilings.</li>
</ul>


WuXi Bio’s 25H1 growth was driven by XDC against the backdrop of BD wave of innovative drug assets. Coupled with biotech booming market, we witnessed obvious recovery in CXO’s performance. 
Intensive share reduction by major shareholders has weakened market confidence in long-term value. Given Li Ge's rich experience in capital operation, WuXi Bio’s valuation potential may have been fully realized.
Current investment logic has shifted to the growth of overseas BD/licensing cooperation based on China’s low-priced but high-quality innovative drugs due to engineer dividend, which may have certain growth ceilings.


Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

China

WuXi XDC is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) specializing in antibody-drug conjugates (ADCs) and other bioconjugates. The company offers integrated, end-to-end services for the discovery, process development, and GMP manufacturing of bioconjugates, monoclonal antibody intermediates, and payload-linkers. WuXi XDC was founded in 2013 and is headquartered in Wuxi, China.

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WuXi XDC (2268 HK)

WuXi XDC Cayman (2268 HK) Placement: Capex to Accelerate Growth Momentum

WuXi XDC is placing 22M shares and issuing 24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share to raise $348M to fund...

Tina Banerjee

WuXi XDC (2268 HK) - A Rapidly-Growing Leader in Global XDC Field

The Company provides “all-in-one” services in its facilities located in WuXi City, and is currently building manufacturing facilities in Singapore.

CMB International

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

WuXi Bio's growth driven by XDC, with focus on overseas licensing cooperation for growth potential. Intensive share reduction by major...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WuXi XDC Cayman (2268 HK) Placement: Capex to Accelerate Growth Momentum

WuXi XDC is placing 22M shares and issuing 24M shares to its controlling shareholder Wuxi Biologics at HK$58.85 per share to raise $348M to fund...

Tina Banerjee

WuXi XDC (2268 HK) - A Rapidly-Growing Leader in Global XDC Field

The Company provides “all-in-one” services in its facilities located in WuXi City, and is currently building manufacturing facilities in Singapore.

CMB International

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

​WuXi Bio's growth driven by XDC, with focus on overseas licensing cooperation for growth potential. Intensive share reduction by major...

Xinyao (Criss) Wang

WuXi Bio's growth driven by XDC, with focus on overseas licensing cooperation for growth potential. Intensive share reduction by major...