Announcement • Apr 01
WuXi XDC Cayman Inc. (SEHK:2268) completed the acquisition of 60% stake in BioDlink International Company Limited (SEHK:1875) from a group of shareholders. WuXi XDC Cayman Inc. (SEHK:2268) proposed to acquire 60% stake in BioDlink International Company Limited (SEHK:1875) from a group of shareholders for HKD 1.9 billion on January 14, 2026. A cash consideration valued at HKD 4 per share will be paid by WuXi XDC Cayman Inc.
The Board of Directors of BioDlink International Company Limited formed a special committee for the transaction. The transaction is subject to minimum tender.
The transaction is expected to close on March 27, 2026. As of March 13, 2026 The Offeror received valid acceptances for 46.54% of the company's issued share capital by the first closing date. However, the acceptance condition of holding at least 60% of voting rights was not met, leading to an extension of the offer to March 27, 2026. As of March 17, 2026, the Offeror had received valid acceptances for the Share Offer in respect of 463,672,734 Offer Shares, representing approximately 60% of the total issued share capital of BioDlink International Company Limited. the Offeror had received valid acceptances for the Option Offer in respect of 6,512,600 Share Options representing approximately 85.33% of the total outstanding Share Options. The transaction is expected to close on March 31, 2026.
Citigroup Global Markets Asia Limited acted as financial advisor for WuXi XDC Cayman Inc. Grand Moore Capital Limited act as financial advisor for special committee. Tricor Investor Services Limited acted as Registrar to BioDlink International Company Limited. Grand Moore Capital Limited acted as financial advisor to independent board committee of BioDlink International Company Limited.
WuXi XDC Cayman Inc. (SEHK:2268) completed the acquisition of 60% stake in BioDlink International Company Limited (SEHK:1875) from a group of shareholders on March 31, 2026. New Risk • Mar 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (37% accrual ratio). Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$12.33 (vs NT$1.48 loss in FY 2024) Full year 2025 results: EPS: NT$12.33 (up from NT$1.48 loss in FY 2024). Revenue: NT$1.52b (down 6.3% from FY 2024). Net income: NT$9.32b (up NT$10.4b from FY 2024). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. 
