HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Ziyond Pharmaceutical - Profitability Has Not yet Stabilized

Pre-IPO Shenzhen Transsion Holdings (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Amicro Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

<ul>
<li>WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. </li>
<li>Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.</li>
<li>Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value</li>
</ul>


WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. 
Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.
Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value


Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook