Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to <strong>$500M</strong>.</li>
<li>The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.</li>
<li>WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.</li>
</ul>


WuXi XDC, a leading CRDMO focused on the global ADC and bioconjugate market, filed to go public in Hong Kong and plans to raise up to $500M.
The company is expected to IPO in November or December at the latest. Morgan Stanley, Goldman Sachs, and J.P. Morgan are the lead underwriters. The offering may attract investor interest.
WuXi Biologics will spin off its ADC business, and WuXi XDC will raise capital through IPO to finance the construction of new facilities in Singapore and expand capacity in China.


WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.</li>
</ul>



WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.


WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes we looked at the company’s past performance, peer comparison, and shared our thoughts on valuations. In this note, we discuss WXDC’s PHIP updates.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes we looked at the company’s past performance, peer comparison, and shared our thoughts on valuations. In this note, we discuss WXDC’s PHIP updates.


WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 3Q23, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.</li>
<li>Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.</li>
<li>Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.</li>
</ul>


In 3Q23, Samsung Biologics (207940 KS) reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.
Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.
Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.


Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.


WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SW)

WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

WuXi XDC filed to go public in Hong Kong. A rare combination of explosive growth and profitability makes the IPO attractive for investors

Andrei Zakharov

WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we share our updated thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss WXDC’s PHIP updates.

Clarence Chu

Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...

Tina Banerjee

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

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WuXi XDC IPO Preview: The Rapid Rise of The Business In The Global ADC and Bioconjugate Market

WuXi XDC filed to go public in Hong Kong. A rare combination of explosive growth and profitability makes the IPO attractive for investors

Andrei Zakharov

WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we share our updated thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss WXDC’s PHIP updates.

Clarence Chu

Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

​Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...

Tina Banerjee

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...