reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Outperformers empowered by AI revolution.
AI revolution is a key trend of the healthcare industry for the long term. It will drive innovation, improve efficiency and enhance patient outcomes. AI technologies hold transformative potential in various areas. By leveraging genomic, clinical and molecular data, it is changing medical diagnosis, drug R&D and delivery of precision medical care, ultimately leading to better medical outcomes. The internet healthcare and ICL segments are the most direct beneficiaries in the short term.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: CRDMO leaders take a temporary reprieve, aiming fast...
With slower-than-expected improvement in biotech funding, 2025 remains a challenging year for most biotech and CRO/CDMO companies. However, the delay of the Biosecure Act in 2024 offers a temporary reprieve for leading CRDMO companies. WuXi Bio and WuXi AppTec are likely to deliver faster revenue growth in 2025 vs 2024, supported by their competitive strength in obtaining new projects and customers, despite the considerable geopolitical risks. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Stay focused, stay innovative.
Biopharmaceutical companies are embracing the new year with new product approvals and out-licensing deals, while leading CRDMO companies are divesting their overseas businesses. We expect the biopharmaceutical segment to continue recovering, supported by a lower capital cost and constant innovative product launches in China and overseas. The considerable geopolitical risks, however, may continue to cloud the CRDMO segment’s growth outlook. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2025 Year Ahead - De-risking And De-cou...
Expect increased market volatility in 1H25 as the US embarks on another round of trade rebalancing with China via higher tariffs. We expect China to roll out growth supportive policies on top of the de-risking measures that have been announced. Hence, we prefer a domestic orientation and policy beneficiaries for 1H25. Our MSCI China Index target is at 68pt, based on 7% EPS growth and 10.5x PE. The downside target is 51pt in the event of a full-fledged trade war. China is focusing on de-riskin...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
599A SANDS CHINA LTD.
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
03690 MEITUAN CLASS B
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
09961 CTRIP.COM INTERNATIONAL
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Striving for growth in 2025.
Geopolitical tensions and weak economic conditions may cloud 2025’s growth outlook of the CRDMO, medical devices and services segments. However, the biopharma segment will see continued recovery, supported by a lower cost of capital and constant innovative product launches in China and even overseas. Leading internet healthcare players, with stabilising business models, also expect robust revenue growth and improving profitability. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): 1HFY25: Results in lin...
1HFY25 revenue grew 10.2% yoy, while adjusted net profit surged 52.2% yoy, in line with our and consensus’ FY25 estimates. Ali Health guides double-digit revenue growth for FY25-26, with healthcare products and OTC drugs as key growth drivers. We expect robust adjusted net profit CAGR of 31% for FY25-27, on an improving product mix towards healthcare products, and continued synergies in the marketing business. Maintain BUY with a higher target price of HK$5.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, November 15, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 27% yoy but fell 17% mom and 11% wow during 4-10 Nov 24. Major carmakers saw a dip in insurance registrations in China last week. PEVs’ market share rose 1.8ppt wow to 54.1%. We conducted a detailed assessment of the impact of US tariffs on the companies under our coverage, as shown in the last page. We believe auto part manufacturers are more vulnerable than OEMs. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao, and...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Lester Siew
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, November 15, 2024
GREATER CHINA Sector Automobile: Weekly: PV sales dip wow while PEV market share increases. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Alibaba Health Information Technology (241 HK/BUY/HK$4.04/Target: HK$5.00): 1HFY25: Results in line; expect strong earnings growth momentum in FY25-26. Geely Auto (175 HK/BUY/HK$13.90/Target: HK$23.00): 3Q24: Core earnings up 81% yoy and 29% qoq, beating estimates. Maintain BUY. Raise target price from HK$21.50 to HK$23.00. J...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
AMATA AMATA CORP
TOP THAI OIL PUBLIC CO. LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
CPN-R CENTRAL PATTANA PCL NVDR
MRDIY MR DIY GROUP M BHD
09999 NETEASE INC
09618 JD.COM INC. CLASS A
HUME HUME CEMENT INDUSTRIES BHD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Improving funding environment and potential fiscal e...
We expect the continuous interest rate cuts to lower R&D costs and accelerate innovative product launches for biopharmaceutical producers. This will support a continuous recovery of the healthcare industry for the next few years. Moreover, the highly-expected fiscal easing package may also be a potential catalyst for medical service and medical equipment players. Maintain MARKET WEIGHT on China’s healthcare sector.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Julia Pan Mengyao
- Ming San Soong
Alibaba Health Information Technology (241 HK): Non-drug healthcare pr...
Ali Health guided for revenue growth of 10% yoy and net margin of 5.5% for FY25. We revise our FY25 revenue and adjusted earnings growth estimates from 15%/39% to 10%/34% yoy respectively on the weaker-than-expected business environment but expect robust adjusted net earnings CAGR of 33% for FY25-27, driven by strong healthcare product demand and synergies of Alimama’s marketing business. Maintain BUY with a higher target price of HK$4.70.
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, September 27, 2024
KEY HIGHLIGHTS Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) NWD reported HK$11.8b in attributable loss from continuing business for FY24. Dividend has been halted to accelerate deleveraging. Although its IP portfolio has remained resilient, sluggish Hong Kong property sales and high net gearing remain as key concerns. The new management has pledged to improve profitability. We think profitability recovery and dividend normalisation will take some time. Maintain SELL wit...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Julia Pan Mengyao
- Kong Ho Meng
- Llelleythan Tan Tan
- Ming San Soong
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Meeting Notes: Friday, September 27, 2024
GREATER CHINA Results New World Development (17 HK/SELL/HK$8.19/Target: HK$7.02) FY24: Temporarily halts dividends; recovery of profitability takes time. Update Alibaba Health Information Technology (241 HK/BUY/HK$3.90/Target: HK$4.70) Non-drug healthcare products and marketing business to drive growth in FY25-27. Baidu Inc (9888 HK/HOLD/HK$95.75/Target: HK$90.00) Key highlights from Baidu Cloud Intelligence Conference 2024. INDONESIA Update Bank Negara Ind...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Mixed growth outlook. MARKET WEIGHT
Most biopharmaceutical companies under our coverage posted robust 1H24 results, while others reported moderate growth or missed market estimates. We believe leading drug innovators will outperform, supported by continued new product launches, while weak economic conditions and policy uncertainties may continue to cloud the growth outlook for medical service providers and medical device players. Geopolitical risks remain a threat to CDMO majors. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Evolving GLP-1 RAs market in China.
Novo Nordisk’s Semaglutide and Eli Lilly’s Tirzepatide are expected to obtain market approval for obesity treatment in China in 2024. Targeting both T2D and obesity indications, domestic players are racing in the development of GLP-1 RA innovative drugs and Semaglutide biosimilars. China’s GLP-1 market competition will stiffen soon. With the early mover advantage, superior efficacy and safety profile of Mazdutile, Innovent will stand out from the crowd. Maintain MARKET WEIGHT on China’s healthca...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300244 WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): FY24: Bottom line beat...
Ali Health reported flat FY24 revenue growth of 1.0% yoy, while adjusted net profit surged 90.8% yoy, significantly beating our and consensus estimates. It guides revenue growth of 15% and net margin of 5% for FY25, with an improving product mix towards healthcare products, continued synergies of the marketing business, and enhancement of operational efficiency. We expect total revenue CAGR of 14.6% in FY24-26. Maintain BUY with a higher target price of HK$4.20.
- Carol Dou Xiao Qin
- Greater China Research Team
- Sunny Chen
Greater China Daily: Wednesday, May 29, 2024
KEY HIGHLIGHTS Results Alibaba Health Information Technology (241 HK/BUY/HK$3.38/Target: HK$4.20) Ali Health reported flat FY24 revenue growth of 1.0% yoy, while adjusted net profit surged 90.8% yoy, significantly beating our and consensus estimates. It guides revenue growth of 15% and net margin of 5% for FY25, with an improving product mix towards healthcare products, continued synergies of the marketing business, and enhancement of operational efficiency. We expect total revenue CAGR of 14...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Jack Goh Tooan Orng
- Kasemsun Koonnara
- Kong Ho Meng
- Stevanus Juanda
- Sunny Chen
- Wei Xiang Ku
Regional Morning Notes - Wednesday, May 29, 2024
GREATER CHINA Results Alibaba Health Information Technology (241 HK/BUY/HK$3.38/Target: HK$4.20): FY24: Bottom line beat estimates; guiding 15% yoy revenue growth and net margin of 5% in FY25. INDONESIA Update Astra International (ASII IJ/SELL/Rp4,510/Target: Rp3,900): Sales declines for the 10th consecutive month; weakness to last till end-24. MALAYSIA Results CelcomDigi (CDB MK/HOLD/RM4.00/Target: RM4.50): 1Q24: Within expectations. Stock offers 4% dividend yield for 2024 as management focus...
- Carol Dou Xiao Qin
- Sunny Chen
Alibaba Health Information Technology (241 HK): Guiding for 5% revenue...
Ali Health guides for a 5% revenue decline and 30% adjusted earnings growth yoy for FY24, and targets revenue and earnings growth of 15% and 70% yoy respectively for FY25. We lower our FY24/25 revenue growth estimates from 14%/21% to -5%/15% respectively for slower-than-expected business expansion, but remain optimistic on its long-term growth outlook, with solid healthcare product demand, and synergies of Alimama’s marketing business. Maintain BUY with a lower target price of HK$4.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Government’s draft plan seeks to promote a more supp...
China’s draft plan is expected to develop a more efficient and supportive ecosystem for drug innovation. We believe the government will support the development of a stronger and more innovative healthcare industry by providing more financial and regulatory resources in the next few years. Facing political headwinds, leading CRDMO players may benefit from the brighter outlook of China’s healthcare industry in the longer term. Maintain MARKET WEIGHT on China’s healthcare sector.
MSK MICROPORT SCIENTIFIC CORP.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
1521 FRONTAGE HOLDINGS CORP
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300244 WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
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