In today’s briefing:
- Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
- Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern
Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
- Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
- The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
- Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.
Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern
- Top Glove Corp (TOPG MK) revenue grew 30% YoY to RM 830M in 3QFY25. Revenue dropped 6% QoQ despite sales volume increasing 4%, due to lower ASP and weaker USD.
- The revenue in Europe (contributes 37% of total revenue) softened further in 3QFY25 due to heightened competition. North America region (26% of revenue) witnessed 24% QoQ sales growth in 3QFY25.
- Decline in raw material prices in 3QFY25 coupled with competitive pressure led to the ASPs being adjusted downwards.
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