External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>WuXi Bio reported 2022 revenue of RMB15.3bn, up 48.4% YoY, and attributable adjusted net income of RMB4.9bn, up 48.5% YoY.</li><li>Non-COVID revenue grew by 62.8% YoY to RMB12.0bn, accounting for 78.5% of total revenue in 2022.</li><li>Adjusted gross profit margin was maintained at a stable level of 50.0% in 2022, vs 50.6% in 2021, despite the newly-operational capacity during 2022, indicating a high utilization of existing facilities, successful integration of acquired facilities, efficient ramp-up of new capacities and efficiency improvement from the deployment of WBS (WuXi Biologics Business System).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio reported 2022 revenue of RMB15.3bn, up 48.4% YoY, and attributable adjusted net income of RMB4.9bn, up 48.5% YoY.Non-COVID revenue grew by 62.8% YoY to RMB12.0bn, accounting for 78.5% of total revenue in 2022.Adjusted gross profit margin was maintained at a stable level of 50.0% in 2022, vs 50.6% in 2021, despite the newly-operational capacity during 2022, indicating a high utilization of existing facilities, successful integration of acquired facilities, efficient ramp-up of new capacities and efficiency improvement from the deployment of WBS (WuXi Biologics Business System).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) – Stronger competency for a brighter future

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Duoning Biotechnology / Equity Capital Markets

<ul>
<li>The logic of Duoning’s business layout is that self-produced upstream products reduce the cost and increase customer stickiness, then lock in the purchase of future customers from the source.</li>
<li>Although lagging behind imported enterprises in product performance, the upstream production cost control is one of the driving forces for the localization of pharmaceutical supply chain. Duoning has growth potential.</li>
<li>A slow-down or reversal of trend related to life sciences industry growth could have an adverse effect on Duoning’s business. Overseas sanctions and policy risks are also the concerns. </li>
</ul>


The logic of Duoning’s business layout is that self-produced upstream products reduce the cost and increase customer stickiness, then lock in the purchase of future customers from the source.
Although lagging behind imported enterprises in product performance, the upstream production cost control is one of the driving forces for the localization of pharmaceutical supply chain. Duoning has growth potential.
A slow-down or reversal of trend related to life sciences industry growth could have an adverse effect on Duoning’s business. Overseas sanctions and policy risks are also the concerns. 


Pre-IPO Shanghai Duoning Biotechnology - The Industry, the Business and the Concerns

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.


Hong Kong Connect Flows (Mar 10th): China Mobile, Tencent, China Vanke, ICBC, CCB

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.


Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

<ul><li>WuXi Bio previously released a positive profit alert for 2022 earnings, expecting revenue to grow ~48.4% YoY, attributable net profit to grow ~30% YoY and adjusted non-IFRS net profit to grow 47% YoY.</li><li>Excluding ~RMB3bn COVID revenue, we expect non-COVID revenue to grow by ~68.3% YoY in 2022.</li><li>The Company has well executed on its capacity expansion plan by bringing Ireland and Shijiazhuang sites online in 4Q22. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Bio previously released a positive profit alert for 2022 earnings, expecting revenue to grow ~48.4% YoY, attributable net profit to grow ~30% YoY and adjusted non-IFRS net profit to grow 47% YoY.Excluding ~RMB3bn COVID revenue, we expect non-COVID revenue to grow by ~68.3% YoY in 2022.The Company has well executed on its capacity expansion plan by bringing Ireland and Shijiazhuang sites online in 4Q22. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) – Strong and sustainable non-COVID growth

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)