Deloitte China assists spin-off listing of WuXi XDC on SEHK

Deloitte China assisted the spin-off listing of WuXi XDC Cayman Inc. (WuXi XDC, stock code: 02268.HK) on the Stock Exchange of Hong Kong (SEHK) on 17 November 2023. This is Hong Kong's largest life science and health care IPO and 3rd largest IPO overall year-to-date. It is also another listed company under Wuxi Pharma that Deloitte China has helped to go public.

WuXi XDC offered approximately 178 million shares at HKD20.60 per share, raising about HKD3.676 billion.

(from left) Cynthia Qiu, Deloitte China’s Audit and Assurance (A&A) senior; Peter Tao and Joshua Huang, A&A managers; Dick Kay, Offering Services leader of Capital Market Services Group; Xiaojie Xi, WuXi XDC’s CFO; Dr. Zhisheng Chen, WuXi Biologics’s CEO and Board Chairman of WuXi XDC; Dr. Jincai Li, WuXi XDC’s CEO; Jingwei Zhang, WuXi XDC’s COO; David Leung, Eastern Region Offering Services partner of Capital Market Services Group and signing partner of WuXi XDC’s IPO engagement of Deloitte China; Roger Luo and Maggie Shun, A&A senior managers; Raphael Zheng, Risk Advisory associate director; and Greg Xia, A&A manager attended the listing ceremony of Wuxi XDC.

(from left) Joshua Huang and Greg Xia, Deloitte China’s A&A managers; Roger Luo, A&A senior manager; Dick Kay, Capital Market Services Group’s Offering Services leader; David Leung, Eastern Region Offering Services partner of Capital Market Services Group and signing partner of WuXi XDC’s IPO engagement; Maggie Shun, A&A senior manager; Cynthia Qiu, A&A senior; and Peter Tao, A&A manager attended the listing ceremony of WuXi XDC.

Client overview

WuXi XDC, spun off from WuXi Biologics Cayman Inc. (WuXi Biologics, stock code: 02269.HK), is a contract research, development and manufacturing organisation (CRDMO) focused on the global antibody-drug conjugate (ADC) and broader bioconjugate market and dedicated to providing integrated, comprehensive services.

Leveraging expertise in biologics and small molecules, WuXi XDC offers interdisciplinary and comprehensive services, covering bioconjugate discovery, research, development and manufacturing. WuXi XDC provides these services from proximately located and dedicated laboratories and manufacturing facilities, leading to a reduction of development timelines and costs.

Source: WuXi XDC’s IPO prospectus published on 7 November 2023

Deloitte's role

WuXi XDC is another IPO service milestone for Deloitte China, following our support for the listings of WuXi AppTec, WuXi Biologics and WuXi STA.Deloitte China served WuXi XDC throughout its IPO journey with a high-quality philosophy of "diligence and excellence" and provided consistent professional services at every stage of the IPO to support the successful listing of WuXi XDC in Hong Kong.

After kicking off the IPO application of WuXi XDC, Deloitte China promptly established a multi-disciplinary engagement team, leveraging their years of professional experience in serving WuXi Biologics and WuXi AppTec. To meet the pressing listing schedule, the engagement team cooperated closely with other professional parties and communicated with regulatory authorities. It took the company just eight months to list on SEHK’s Main Board. This demonstrates Deloitte China's commitment to serving the life sciences industry, putting service quality first, and our excellence in resource integration and professional services.

Deloitte China congratulates WuXi XDC on its successful listing on SEHK. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.