Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

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Equity Bottom-Up

<ul><li>Wuxi Biologics' revenue increased by 18.4% y/y in 1H26</li><li>The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.</li><li>We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.</li></ul>

Wuxi Biologics' revenue increased by 18.4% y/y in 1H26The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.

Asymchem Laboratories Tianjin (002821 CH)

Quam Morning Note (26 Aug) - Wuxi Biologics