In today’s briefing:
- Chery Automobile IPO: The Bull Case
- China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry
Chery Automobile IPO: The Bull Case
- Chery Automobile (CH3456 CH), a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.
- Chery is the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally.
- The bull case rests on market share gains, encouraging NEV segmental performance, good margin profile and cash generation.
China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry
- The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.
- WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have >30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.
- MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more ‘safety margins’ on valuation due to concerns on outlook
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