Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.</li>
<li>China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. </li>
<li>It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.</li>
</ul>


Prices for Neon have been rising rapidly recently, in the short term, global semiconductor companies have 6 months inventory of the noble gas.
China, as a major steel producer, has mature purification technology and production process for these noble gases,  around 30% of noble gases for wafers above 8-inch  are Chinese suppliers. 
It takes 3 to 6 months to find replacement due to the complex process of chip lithography; this crisis will accelerate the domestic substitution  of Chinese semiconductor material manufacturers.


How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>Since the announcement of the US$840 million secondary offering, <a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a>’s shares have been down 3.9% from the undisturbed price of JPY5,160 per share (26 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. So far, Sanrio’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$840 million secondary offering, Sanrio (8136 JP)’s shares have been down 3.9% from the undisturbed price of JPY5,160 per share (26 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. So far, Sanrio’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> has announced a secondary offering of up to 85.4 million shares (98.2 million including overallotment), worth around US$800 million (US$920 million including overallotment).</li>
<li>Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering around all-time highs.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 December (likely 10 December).</li>
</ul>



Hulic Co Ltd (3003 JP) has announced a secondary offering of up to 85.4 million shares (98.2 million including overallotment), worth around US$800 million (US$920 million including overallotment).
Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering around all-time highs.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 December (likely 10 December).


Hulic (3033 JP): A US$800 Million Secondary Offering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a> has announced a secondary offering of up to 25.9  million shares (29.8 million including overallotment), worth around US$840 million (US$970 million including overallotment). </li>
<li>Sanrio's goal with the secondary offering is (i) to reduce cross-shareholdings and (ii) to expand and diversify the shareholder base, which should further enhance liquidity.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 13 December (likely 10 December).</li>
</ul>



Sanrio (8136 JP) has announced a secondary offering of up to 25.9  million shares (29.8 million including overallotment), worth around US$840 million (US$970 million including overallotment). 
Sanrio's goal with the secondary offering is (i) to reduce cross-shareholdings and (ii) to expand and diversify the shareholder base, which should further enhance liquidity.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 13 December (likely 10 December).


Sanrio (8136 JP): A US$840 Million Secondary Offering

Kansai Electric Power / Equity Capital Markets

<ul>
<li>Since the US$3.5 billion primary/secondary offering announcement, <a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a>’s shares have been down 20.6% from the undisturbed price of JPY2,397 per share (13 November).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, KEPCO’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 26 November. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the US$3.5 billion primary/secondary offering announcement, Kansai Electric Power (9503 JP)’s shares have been down 20.6% from the undisturbed price of JPY2,397 per share (13 November).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, KEPCO’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 26 November. The average large Japanese placement tends to generate positive returns.


Kansai Electric Power (9503 JP): The Current Playbook

Japan

Resonac Holdings Corporation manufactures and distributes chemical products. The Company produces synthetic resins, petrochemical products, inorganics, and other related products. Resonac Holdings also produces ceramics, metals, carbon, electronic materials, and other products.

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Resonac Holdings (4004 JP)

How Semiconductor Supply Chain in China Stands to Benefit from Ukraine Crisis

As the Ukraine standoff intensifies, a little-known industry is set for an upset, leaving western buyers in a lurch and Chinese producers...

Evelyn Zhang

Sanrio (8136 JP): The Current Playbook

The offering will likely be priced on 10 December. The average large Japanese placement tends to generate positive returns.

Arun George

Hulic (3033 JP): A US$800 Million Secondary Offering

Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering...

Arun George

Sanrio (8136 JP): A US$840 Million Secondary Offering

The offering as a percentage of outstanding shares and ADV is small compared to the recent large Japanese placement. Looking at recent large...

Arun George

Kansai Electric Power (9503 JP): The Current Playbook

The offering will likely be priced on 26 November. KEPCO's share decline is the second-highest among recent large placements. The average large...

Arun George

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