HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The trend of performance reversal of WuXi AppTec is clear. The core driving force comes from the explosive growth of TIDES business and the disposal of WuXi XDC shares.</li>
<li>Based on strong performance in 25H1, WuXi AppTec expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion. We shared our forecast for the next three years</li>
<li>There is a “valuation discount” to reflect geopolitical risks. WuXi AppTec (A-share) is expected to have more upside as the next stage of rise may come more from A-share market</li>
</ul>


The trend of performance reversal of WuXi AppTec is clear. The core driving force comes from the explosive growth of TIDES business and the disposal of WuXi XDC shares.
Based on strong performance in 25H1, WuXi AppTec expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion. We shared our forecast for the next three years
There is a “valuation discount” to reflect geopolitical risks. WuXi AppTec (A-share) is expected to have more upside as the next stage of rise may come more from A-share market


WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

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.

Equity Capital Markets

Ascentage Pharma Group Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> (AP) aims to raise around US$196m via  top-up placement.</li>
<li>The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.</li>
<li>WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.</li>
<li>Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.</li>
</ul>


Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.


APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut. </li>
</ul>


Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut. 


Medtide (泰德医药) IPO Trading Update

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> aims to raise around US$500m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

China

WuXi XDC Cayman Inc. operates as a leading contract testing, development and manufacturing organization focused on the global antibody drug conjugates and broader bioconjugate market. The Company provides bioconjugation discovery, analytical development, intermediate and conjugation manufacturing, and other services. WuXi XDC Cayman provides its services worldwide.

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WuXi XDC Cayman (2268 HK)

WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

WuXi AppTec sees performance reversal driven by growth in TIDES/disposal of XDC shares. “Valuation discount” is inevitable to reflect geopolitical...

Xinyao (Criss) Wang

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

Medtide (泰德医药) IPO Trading Update

Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.

Ke Yan, CFA, FRM

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

​WuXi AppTec sees performance reversal driven by growth in TIDES/disposal of XDC shares. “Valuation discount” is inevitable to reflect geopolitical...

Xinyao (Criss) Wang

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

Medtide (泰德医药) IPO Trading Update

​Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.

Ke Yan, CFA, FRM

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

WuXi AppTec sees performance reversal driven by growth in TIDES/disposal of XDC shares. “Valuation discount” is inevitable to reflect geopolitical...

Medtide raises $65.5m in global offering, set to list on Hong Kong Stock Exchange June 30th. We provide an update prior to trading debut on Monday.