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.

Research from Quam Securities

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Quam Securities Research

Equity Bottom-Up

<ul><li>Wuxi Apptec reported a revenue increase of 38.9% y/y in 2Q26</li><li>The company is targeting 2026 total revenue of RMB58.5-60.5bn (up from RMB51.3-53.0bn), with continuing operations revenue growing 35%-39% y/y (up from 18%-22%).</li><li>With continuous capacity expansion to better meet customer demand, the increasing backlog for continuing operations indicates stable growth for this company.</li></ul>

Wuxi Apptec reported a revenue increase of 38.9% y/y in 2Q26The company is targeting 2026 total revenue of RMB58.5-60.5bn (up from RMB51.3-53.0bn), with continuing operations revenue growing 35%-39% y/y (up from 18%-22%).With continuous capacity expansion to better meet customer demand, the increasing backlog for continuing operations indicates stable growth for this company.

Tianjin Benefo Tejing Electric Co,Ltd. (600468 CH)

WuXi AppTec

Quam Morning Note (4 Aug) - Wuxi Apptec