Report
EUR 88.49
For Business Accounts Only
Links to our coverage of the IPO and past deals:
Jun 2017 - US$500m: WuXi Biologics IPO Review - An Opportunity to Get Exposure to Biologics in China
Dec 2017- US$650m: Wuxi Biologics Placement - Selldown Right when Lockup Expires Suggests Eagerness to Offload
Mar 2018 - US$605m: Wuxi Biologics Placement - In Time for the Next Lock-Up, Returns Will Probably Not Match Prior Ones
Jun 2018 - US$510m: Wuxi Biologics Placement - Probably Not a Surprise to Sell Again when Lock-Up Expires
Mar 2019 - US$517m: Wuxi Biologics Placement - Past Deals Have Done Well but Progressive Returns Are Getting Lower
June 2019 - US$495m: Wuxi Biologics Placement: Past Deal Did Well Despite Sell-Down Overhang
October 2019 - US$1,020m: Wuxi Biologics Placement: A Larger Deal but Performance Track Record Weighs
Jan 2020 - US$753m: Wuxi Biologics Placement: Almost All of the past Deals Have Done Well, Would Bid near the Bottom End
Mar 2020 - US$599m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well
May 2020 - US$984m: Wuxi Biologics Placement - Biggest Deal Size at Launch, Well Ahead of Lock-Up Expiry
Jun 2020 - US$798m: Wuxi Biologics Placement - This Time It’s Different
Round-up of past deals performance - Wuxi Biologics - Recap/Learnings from past Placements
Sep 2020 - US$800m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well
Jan 2021 - US$1bn: Wuxi Biologics Placement - Well Ahead of Lock-Up, Again
Feb 2021 - US$1.7bn: Wuxi Biologics Placement - Laying the Groundwork for Future Growth
Apr 2021 - US$1.3bn: Wuxi Biologics Placement - Market Is Likely Well-Positioned for the Selldown
In this note, we talk about the updates since then and run the deal through our ECM Framework.
Wuxi Biologics Placement
Wuxi Biologics Holdings is looking to raise up to US$1.3bn by selling about 1.8% of Wuxi Biologics (2269 HK). This is the company's 15th placement since it listed in June 2017.Links to our coverage of the IPO and past deals:
Jun 2017 - US$500m: WuXi Biologics IPO Review - An Opportunity to Get Exposure to Biologics in China
Dec 2017- US$650m: Wuxi Biologics Placement - Selldown Right when Lockup Expires Suggests Eagerness to Offload
Mar 2018 - US$605m: Wuxi Biologics Placement - In Time for the Next Lock-Up, Returns Will Probably Not Match Prior Ones
Jun 2018 - US$510m: Wuxi Biologics Placement - Probably Not a Surprise to Sell Again when Lock-Up Expires
Mar 2019 - US$517m: Wuxi Biologics Placement - Past Deals Have Done Well but Progressive Returns Are Getting Lower
June 2019 - US$495m: Wuxi Biologics Placement: Past Deal Did Well Despite Sell-Down Overhang
October 2019 - US$1,020m: Wuxi Biologics Placement: A Larger Deal but Performance Track Record Weighs
Jan 2020 - US$753m: Wuxi Biologics Placement: Almost All of the past Deals Have Done Well, Would Bid near the Bottom End
Mar 2020 - US$599m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well
May 2020 - US$984m: Wuxi Biologics Placement - Biggest Deal Size at Launch, Well Ahead of Lock-Up Expiry
Jun 2020 - US$798m: Wuxi Biologics Placement - This Time It’s Different
Round-up of past deals performance - Wuxi Biologics - Recap/Learnings from past Placements
Sep 2020 - US$800m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well
Jan 2021 - US$1bn: Wuxi Biologics Placement - Well Ahead of Lock-Up, Again
Feb 2021 - US$1.7bn: Wuxi Biologics Placement - Laying the Groundwork for Future Growth
Apr 2021 - US$1.3bn: Wuxi Biologics Placement - Market Is Likely Well-Positioned for the Selldown
In this note, we talk about the updates since then and run the deal through our ECM Framework.
Underlying
WUXI BIOLOGICS CAYMAN INC
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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