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Hong Kong stocks soar with the collective rise of CRO concept stocks, as the Federal Reserve is expected to cut interest rates and new industry orders are accelerating recovery.
CRO concept stocks rose collectively, as of the publication, Joinn Laboratories (06127) rose 2.96% to HKD 7.3; Wuxi AppTec (02359) rose 2.56% to HKD 34.05; Asymchem Laboratories (06821) rose 2.5% to HKD 40.95.
Hong Kong stocks are active | Early gains in CRO concept stocks, the Fed may start cutting interest rates in September, and overseas investment in innovative drugs has gradually shown an upward trend.
CRO concept stocks rose in early trading. As of the time of publication, Wuxi Bio (02269) rose by 4.68% to HK$10.74; Wuxi Apptec (02359) rose by 4.62% to HK$32.85; Tigermed (03347) rose by 3.17% to HK$29.3; Pharmaron (03759) rose by 2.48% to HK$8.28.
Express News | BlackRock's Long Position in H Shares of WuXi AppTec Decreases to 4.88% on Aug 20 From 5.53% - HKEX
WuXi AppTec (02359.HK) receives a shareholding increase of 0.5825 million shares by FMR LLC.
According to the latest equity disclosure data from the Hong Kong Stock Exchange, on August 16, 2024, wuxi apptec (02359.HK) acquired 0.5825 million shares at an average price of HKD 33.6006 per share, with a total investment of approximately HKD 19.5723 million. After the acquisition, the latest number of shares held by FMR LLC is 19.91642 million, and the shareholding ratio has increased from 4.99% to 5.15%.
Research Reports: Haitong Sec maintains a rating of 'Outperform' as WuXi AppTec's order growth rate increases rapidly.
Haitong Securities' research report pointed out that Wuxi AppTec (603259.SH) maintains a steady operating trend, with rapid growth in order backlog, and the full-year performance guidance remains unchanged. As of the end of June 2024, the company's order backlog was 43.1 billion yuan, a year-on-year increase of 33.2% excluding specific commercial production projects. The bank expects continued upward momentum in the CRO and CDMO industries, with the company fully leveraging the advantages of an integrated, end-to-end R&D service platform to empower customers in terms of capabilities and scale, and is expected to achieve comprehensive growth in all business lines. EPS for 2024-2026 is expected to be 3.29 and 3.
Hong Kong stock market anomaly | Asymchem Laboratories (06821) fell more than 4%, leading the CRO concept. The industry's performance is generally under pressure due to the decline in investment and financing in the pharmaceutical industry.
CRO concept stocks fell today. As of press time, Asymchem Laboratories (06821) fell 3.74%, at HKD 39.9; Tigermed (03347) fell 3.67%, at HKD 30.2; Pharmaron (03759) fell 3.06%, at HKD 8.55; Wuxi AppTec (02359) fell 2.88%, at HKD 32.05.
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