MS-WXAT@EC2611A

HKEX Discloses: JPMorgan Increases Short Position in Wuxi AppTec H-Share to 3.34% on May 14

BlackRock Increases Stake in Wuxi AppTec H-Shares to 6.32%

Orient Securities: WuXi AppTec 2026 Q1 Net Profit 4.65B, Maintains Buy Rating with Target Price 140.16 Yuan

Acceleration of Chinese Innovative Drugs Internationalization and Wuxi Biologics' Exceeding Expectations in Q1 2026

BlackRock Increases Holding in Wuxi Biologics H Shares

HSBC Upgrades Wuxi Biologics Rating and Target Price

Goldman Sachs Analyst Gives Buy Rating to WuXi AppTec's H Shares

JPMorgan Raises Target Price for WuXi AppTec to HKD 172

Morgan Stanley Upgrades Rating on Wuxi Biologics Due to Strong Earnings

UBS Raises Goal Price and Earnings Forecast for Wuxi Biologics

WUXI APPTEC released FY2026 Q1 earnings on April 27 After-Market (BJT), actual revenue HKD 14.1 B (forecast HKD 12.19 B), actual EPS HKD 1.7913 (forecast HKD 1.3856)

WuXi AppTec Reiterates Its 2026 Revenue Guidance

WuXi AppTec Plans to Expand Capacity to Meet Order Demand

WuXi AppTec Reports Strong Core Business Growth in Q1

Company Continues to Focus on and Strengthen CRDMO Business Model

CLSA Raises Revenue and Profit Forecasts for Wuxi Biologics, Maintains Overweight Rating

Citi Raises Target Price on Wuxi Biologics to HKD 158.5

WUXI APPTEC to release FY2026 Q1 earnings on April 27 After-Market BJT, forecast revenue HKD 12.24 B, EPS HKD 1.3914

WuXi AppTec Reports Record Operational Performance in 2025 Annual Report

JOLIMARK

PANGAEA CONNECT

WEILI HOLDINGS

MAN YUE TECH

SMIT

BJ DIGITAL

FY FINANCIAL

NEW GONOW RV

RADIANCE HLDGS

PERFECTECH INTL

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603259

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On May 21, the three major indices of the Hong Kong stock market opened high and then fell, with the Hang Seng Index dropping 1.03% and the Hang Seng Tech Index plunging 2.15%. The technology and internet sectors were generally under pressure, with significant declines in large tech stocks. Pharmaceutical stocks were partially active, with Asymchem and AKESO rising against the trend. International gold prices weakened, and market analysis suggests that the Hong Kong stock market is currently in a bottoming phase, with future opportunities expected to focus on the AI industry chain, semiconductors, and leading internet companies

- On May 21, Hong Kong's major indices opened high but ended lower, with the Hang Seng Index falling by 1.03%.  
- Large tech stocks experienced significant declines, such as Bilibili dropping nearly 8%, while some pharmaceutical stocks gained, like Kelaiying.  
- Analysts suggest that the market is in a consolidation phase, with structural opportunities expected in the AI industry and semiconductor sectors amid pressures on gold prices due to the Federal Reserve's stance on interest rates.

同壁财经

AKESO

WUXI APPTEC

WuXi AppTec

Asymchem

ChinaAMC SSE Health Care ETF Initiating Fund

Guotai CSI Bio-medicine ETF

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

Bosera Hang Seng SCHK Innovative Drug Select ETF

China Universal CNI HK Connect Innovative Drugs Industry ETF

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

Huatai-PB Hang Seng Innovative Drugs Industry ETF(QDII)

GF CSI HK Innovative Drugs Industry ETF(QDII)

Tianhong CNI BIOMEDICINE ETF

E Fund Hang Seng SCHK Innovative Drug ETF

Penghua SSE STAR Biology and Medicine ETF

China Southern Hang Seng Biotech ETF(QDII)

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

Penghua CSI HK Connect Health Care Composite ETF

Huaan Hang Seng Biotech ETF

MEITUAN

Hang Seng Index

Hang Seng TECH Index

Bilibili

BILIBILI-W

Alibaba

BABA-W

TENCENT

Tencent

WELLCELL HOLD

ChinaAMC Hang Seng Technology ETF(QDII)

ChinaAMC CNI HK Connect Technology ETF

ChinaAMC Hang Seng ETF

BABA-WR

Alibaba HK SDR 5to1

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

The Hang Seng Index and the Tech Index both fell, focusing on the layout opportunities in the Hong Kong stock sector

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G Sachs reports that China's healthcare sector has seen muted performance in 2026, with CRO/CDMO segments up 8% YTD. The broker favors visibility-led CDMO companies and selective pharmaceutical investments, focusing on upcoming clinical data. Key players include WUXI APPTEC, HENGRUI PHARMA, and INNOVENT BIO, with significant updates expected at ASCO and ADA meetings. The domestic hospital environment remains weak, prompting a preference for companies with overseas growth potential.

AASTOCKS News

Hengrui Pharma

HENGRUI PHARMA

Goldman Sachs

INNOVENT BIO

SKB BIO

MircroPort Medbot-B

EDGE MEDICAL-B

ANGELALIGN

GS Hldg R

G Sachs: Continue to Favor Visibility-led CDMO, Closely Watch Early Signs of Market Bottoming

UBS reported that WUXI APPTEC announced the issuance of RMB6.78 billion one-year zero-coupon convertible bonds at 103.5% of the principal amount. The initial conversion price is HKD153 per share, a 17.6% premium over the previous closing price. UBS views this as slightly positive, reflecting management's confidence, and has set a target price of HKD171.2 with a Buy rating.

UBS Group AG

UBS: WUXI APPTEC  Zero-Coupon Convertible Bond Issuance Slightly Positive, Reflects Management Confidence

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Wuxi AppTec plans to raise approximately $1 billion through U.S. dollar-settled zero coupon convertible bonds to enhance its capacity and capabilities. The bonds, convertible to shares at an initial price of HK$153, represent about 9.1% of the enlarged H-share capital. The proceeds will be used for global expansion and corporate purposes. Morgan Stanley, Citigroup, and Goldman Sachs are advising on the issuance.

MorningStar

E Fund CSI 300 Health Care ETF

E Fund CSI Biotechnology Theme ETF

ChinaAMC CSI Biotechnology Theme ETF

Hwabao WP CSI Pharmaceuticals ETF

Minsheng Royal CSI Biotechnology Theme ETF

Morgan Stanley

Citigroup

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Wuxi AppTec to Raise Around $1 Billion Through Zero Coupon Convertible Bonds

Dannuo Pharmaceuticalhas launched its IPO today, offering 8.2806 million H shares at HKD75.7 each, with an entry fee of HKD3,823.17 per lot. The public offering will close on May 19, and listing is expected on May 22. The company aims to raise approximately HKD558 million, primarily for R&D and commercialization of its products. WUXI APPTEC is a cornerstone investor, holding about 5.5% of the company post-offering. Dannuo focuses on bacterial infections and has a pipeline of seven innovative projects, including two core products for treating various infections.

CITIC SEC

CITIC Securities Co., Ltd.

Orient Corporation

Dannuo Pharmaceutical  Starts IPO Today; Entry Fee HKD3,823.17 per Lot; WUXI APPTEC Participates in Early-stage Investment

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WXXWY

JPMorgan's report highlights the National Healthcare Security Administration's new plan for the 2026 National Reimbursement Drug List, which allows drugs to apply for NRDL inclusion before formal approval. This change is expected to enhance the commercialization prospects for innovative drug developers in China. The report identifies INNOVENT BIO, WUXI APPTEC, WUXI XDC, and SKB BIO as top picks, benefiting from clearer pricing rules and faster market access for high-priced drugs.

QYUNS-B

WuXi Biologics

WUXI BIO

TEDA BIOMEDICAL

WUXI XDC

ICBCCS SSE STAR Biology and Medicine ETF

ChinaAMC SSE STAR Biology and Medicine ETF

China Merchants CSI Biotechnology Theme ETF

Guotai CSI Hugangshen Innovative Drugs Industry ETF

Yinhua CSI Innovative Drugs Industry ETF

Guotai SSE STAR Brand Name Drug ETF

Ping An CSI Medicine and Medical Device Innovation ETF

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: NRDL Adjustment to Accelerate Commercialization of Innovative Drugs; Top Picks INNOVENT BIO , WUXI APPTEC , WUXI XDC , SKB BIO

Citi's research report highlights ongoing improvements in China's healthcare sector, driven by innovative drugs and CDMOs. Key segments have stabilized, with sales of innovative drugs accelerating and record CXO order volumes. Upcoming catalysts include data releases and licensing momentum. Citi updated its Hong Kong Buy list, featuring top picks WUXI APPTEC, WUXI BIO, and ALI HEALTH, while noting sector-specific challenges have been largely absorbed by the market.

Bosera Hang Seng Health Care ETF(QDII)

Founder Fubon CSI Medicine and Medical Device Innovation ETF

China Universal 800 Health Care ETF

ALI HEALTH

CSPC PHARMA

ASCLETIS-B

Mindray

Aier

Yifeng Pharmacy

CR MEDICAL

Bloomage Biotech

Citi: Fundamentals of China Healthcare Sector Continue to Improve; Top Picks WUXI APPTEC , WUXI BIO , ALI HEALTH

HSBC Research has raised the target price for WUXI APPTECto HKD162.5 while maintaining a Buy rating. The company reported a YoY revenue growth of 39.4% and a 71.7% increase in adjusted net profit for Q1. The small molecule CDMO business saw an 80.1% YoY surge, exceeding expectations. HSBC also increased its adjusted net profit forecasts for 2026-2028 by 5-6% and anticipates a CAGR of 14.8% in revenue and 17.3% in adjusted net profit from 2025 to 2028.

MS-WXAT@EC2611A(28701.HK)

The Hang Seng Index and the Tech Index both fell, focusing on the layout opportunities in the Hong Kong stock sector

G Sachs: Continue to Favor Visibility-led CDMO, Closely Watch Early Signs of Market Bottoming

UBS: WUXI APPTEC Zero-Coupon Convertible Bond Issuance Slightly Positive, Reflects Management Confidence

Wuxi AppTec to Raise Around $1 Billion Through Zero Coupon Convertible Bonds

Dannuo Pharmaceutical Starts IPO Today; Entry Fee HKD3,823.17 per Lot; WUXI APPTEC Participates in Early-stage Investment

JPM: NRDL Adjustment to Accelerate Commercialization of Innovative Drugs; Top Picks INNOVENT BIO , WUXI APPTEC , WUXI XDC , SKB BIO

Citi: Fundamentals of China Healthcare Sector Continue to Improve; Top Picks WUXI APPTEC , WUXI BIO , ALI HEALTH

HSBC Research Raises WUXI APPTEC TP to HKD162.5, Maintains Buy