HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd / Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd

<ul>
<li>Anti-Corruption campaign has affected healthcare companies’ IPO. It’s crucial for companies to explain the compliance of selling expenses in IPO approval process. Investors need to be aware of potential risks.</li>
<li>Roche posts interim TIGIT OS data after “inadvertent disclosure”, which seems to give investors a glimmer of hope. But for now, we remain cautious about TIGIT based on our analysis.</li>
<li>We updated our views on Neusoft Xikang. We still hold a conservative view towards whether Xikang can successfully IPO this time, mainly due to some negative factors and gloomy outlook.</li>
</ul>


Anti-Corruption campaign has affected healthcare companies’ IPO. It’s crucial for companies to explain the compliance of selling expenses in IPO approval process. Investors need to be aware of potential risks.
Roche posts interim TIGIT OS data after “inadvertent disclosure”, which seems to give investors a glimmer of hope. But for now, we remain cautious about TIGIT based on our analysis.
We updated our views on Neusoft Xikang. We still hold a conservative view towards whether Xikang can successfully IPO this time, mainly due to some negative factors and gloomy outlook.


China Healthcare Weekly (Aug.25) - Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang

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.

WuXi XDC Cayman  / Equity Capital Markets

<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 at least US$100m 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 will talk about the not-so-positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m 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 will talk about the not-so-positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

<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 at least US$100m 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 will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m 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 will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).</li>
<li>Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).
Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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 revenue and operating profit of KRW866 billion and KRW253 billion, up 33% and 49%, YoY, respectively in 2Q23, aided by contract signing spree.</li>
<li>With continued orders from the leading global pharmas, the company’s total cumulative CMO contracts reached to $11.3B in July, up 19% from $9.5B at the end of 2022.</li>
<li>Outlook for H2 is more positive with revenue from Plant 4 will be reflected from Q3. Two new biosimilars launch in the U.S. and EU will also add to revenue.</li>
</ul>



Samsung Biologics (207940 KS) reported record-high revenue and operating profit of KRW866 billion and KRW253 billion, up 33% and 49%, YoY, respectively in 2Q23, aided by contract signing spree.
With continued orders from the leading global pharmas, the company’s total cumulative CMO contracts reached to $11.3B in July, up 19% from $9.5B at the end of 2022.
Outlook for H2 is more positive with revenue from Plant 4 will be reflected from Q3. Two new biosimilars launch in the U.S. and EU will also add to revenue.


Samsung Biologics (207940 KS): Strong Momentum in 2Q23- Revenue Up 33%; Net Profit Jumps 22%

United States

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

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Roche Holding (RO SE)

China Healthcare Weekly (Aug.25) - Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang

Corruption crackdown has affected companies’ IPO.Investors need to be aware of potential risk. Roche's TIGIT data bring a glimmer of hope but we...

Xinyao (Criss) Wang

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report

Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9...

Jesus Rodriguez Aguilar

Samsung Biologics (207940 KS): Strong Momentum in 2Q23- Revenue Up 33%; Net Profit Jumps 22%

Samsung Biologics reported record-high revenue and operating profit in 2Q23, aided by contract signing spree. Outlook for H2 is positive with...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Aug.25) - Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang

Corruption crackdown has affected companies’ IPO.Investors need to be aware of potential risk. Roche's TIGIT data bring a glimmer of hope but we...

Xinyao (Criss) Wang

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu

Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report

Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9...

Jesus Rodriguez Aguilar

Samsung Biologics (207940 KS): Strong Momentum in 2Q23- Revenue Up 33%; Net Profit Jumps 22%

Samsung Biologics reported record-high revenue and operating profit in 2Q23, aided by contract signing spree. Outlook for H2 is positive with...

Tina Banerjee