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 issued a positive profit alert on its 2025 financial performance, expecting revenue to increase by at least 45% YoY and net profit to grow by more than 38% YoY.</li><li>Notably, the Company expected adjusted net profit before interest income and expenses to rise by more than 45% YoY and by over 65% YoY in 2025 if excluding the impact of foreign exchange fluctuations.</li><li>In 2025, WuXi XDC signed a record-high 70 new integrated projects, up by 32% YoY. </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 issued a positive profit alert on its 2025 financial performance, expecting revenue to increase by at least 45% YoY and net profit to grow by more than 38% YoY.Notably, the Company expected adjusted net profit before interest income and expenses to rise by more than 45% YoY and by over 65% YoY in 2025 if excluding the impact of foreign exchange fluctuations.In 2025, WuXi XDC signed a record-high 70 new integrated projects, up by 32% YoY. 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) - Strong Earnings Growth with Strategic Acquisition to Enhance Capacity

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>WuXi XDC announced a voluntary conditional cash offer to acquire all issued shares of BioDlink at HK$4.00/share. We think this is a done deal and the Offer is attractive.</li>
<li>The acquisition is expected to be completed in early 2026. Therefore, XDC's 2025 financial results will not affected, and the 2026-2027 periods will benefit from capacity release and synergy effects.</li>
<li>WuXi XDC has a growth rate higher than the industry (net profit CAGR 48% in 2025-2027 based on forecast). Therefore, it can enjoy a valuation premium, with decent upside ahead.</li>
</ul>


WuXi XDC announced a voluntary conditional cash offer to acquire all issued shares of BioDlink at HK$4.00/share. We think this is a done deal and the Offer is attractive.
The acquisition is expected to be completed in early 2026. Therefore, XDC's 2025 financial results will not affected, and the 2026-2027 periods will benefit from capacity release and synergy effects.
WuXi XDC has a growth rate higher than the industry (net profit CAGR 48% in 2025-2027 based on forecast). Therefore, it can enjoy a valuation premium, with decent upside ahead.


WuXi XDC (2268 HK) To Acquire BioDlink (1875 HK) - A Done Deal; A New ADC Overlord Will Emerge

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>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> is looking to raise US$308m via selling some of its stake in <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>The deal is a small one, representing 4.5 days of the stock’s three month ADV, and 2.3% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) is looking to raise US$308m via selling some of its stake in WuXi XDC Cayman (2268 HK).
The deal is a small one, representing 4.5 days of the stock’s three month ADV, and 2.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


WuXi XDC Placement: Past Secondary Deals Weak but Stock on a Tear

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.</li>
<li>Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.</li>
<li>PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.</li>
</ul>


Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.
Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.
PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.


APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

<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

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 (2268 HK) - Strong Earnings Growth with Strategic Acquisition to Enhance Capacity

WuXi XDC issued a positive profit alert on its 2025 financial performance, expecting revenue to increase by at least 45% YoY and net profit to grow...

CMB International

WuXi XDC (2268 HK) To Acquire BioDlink (1875 HK) - A Done Deal; A New ADC Overlord Will Emerge

WuXi XDC's acquisition of BioDlink at HK$4.00/share is seen as a done deal, with potential for growth and synergy effects in 2025-2027. WuXi XDC...

Xinyao (Criss) Wang

WuXi XDC Placement: Past Secondary Deals Weak but Stock on a Tear

WuXi AppTec plans to raise $308m by selling stake in WuXi XDC Cayman, a small deal representing 4.5 days of stock ADV and 2.3% of total shares...

Nicholas Tan

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

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

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

WuXi XDC (2268 HK) - Strong Earnings Growth with Strategic Acquisition to Enhance Capacity

WuXi XDC issued a positive profit alert on its 2025 financial performance, expecting revenue to increase by at least 45% YoY and net profit to grow...

CMB International

WuXi XDC (2268 HK) To Acquire BioDlink (1875 HK) - A Done Deal; A New ADC Overlord Will Emerge

​WuXi XDC's acquisition of BioDlink at HK$4.00/share is seen as a done deal, with potential for growth and synergy effects in 2025-2027. WuXi XDC...

Xinyao (Criss) Wang

WuXi XDC Placement: Past Secondary Deals Weak but Stock on a Tear

​WuXi AppTec plans to raise $308m by selling stake in WuXi XDC Cayman, a small deal representing 4.5 days of stock ADV and 2.3% of total shares...

Nicholas Tan

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

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's acquisition of BioDlink at HK$4.00/share is seen as a done deal, with potential for growth and synergy effects in 2025-2027. WuXi XDC...

WuXi AppTec plans to raise $308m by selling stake in WuXi XDC Cayman, a small deal representing 4.5 days of stock ADV and 2.3% of total shares...