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Got some WX Wuxi Pharma again

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Wuxi Pharma logo

I bought some Wuxi Pharma (NYSE:WX) shares today, last year I traded it shortly after its IPO in Aug/Sept.

Recent developments
Q4 and full year 2007 results (MSN Money): total net revenues increased 93.3% to $135.2 million (compared to 2006);

Chemsitry CRO of the year by Pfizer;

Q1 2008 results to be released on May 27;

Wuxi postponed secondary offering today; here is F1 prospectus for secondary offering (I have not found its 2007 annual report).

Background (in Chinese)

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Wuxi Pharma Beijing Bank

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I sold Wuxi Pharma Tech (WX) this morning, at $28.81. Not surprisingly the stock continued up after I sold it. I bought it a month ago at $21.80 so I’m happy. The stock is a bit expensive at current price ($30), considering its PE (about 100), profit margin, and its 2007 est. revenue. Another thing to consider is competition. It’s definitely more difficult than open economy hotels (Home Inns, HMIN), but I think it’s still doable (exp. and connections with big pharmas in the west).

Separately, Beijing Bank did IPO today in Shanghai, under tick symbol 601169. It started at 23.00, went as high as 25, and closed at 22.68. At current price, its year 2007 PE is more than 50. Crazy!