In today’s briefing:
- Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling
- Antengene (6996.HK) 22H1-Defective Business Model and Uncompetitive Pipeline; Bearish on the Outlook
- Hong Kong CEO & Director Dealings: 7th Oct – Luk Fook, Zhongsheng Group, Kowloon Development
- ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay
Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling
- Country Style Cooking Restaurant Chain (1985552D HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- Country Style Cooking Restaurant Chain (CSCRC) is a Chinese quick service restaurant (QSR) chain situated in China. It operates two brands, namely: CSC and Rice Space, which are all self-operated.
- In this note, we talk about the not-so-positive aspects of the deal.
Antengene (6996.HK) 22H1-Defective Business Model and Uncompetitive Pipeline; Bearish on the Outlook
- There’s an “insurmountable obstacle” to license-in business model. Antengene (6996 HK) has to go all the way to the end. Otherwise, Antengene won’t end up well.
- Considering the pipeline quality/speed of clinical advancement/high cost of license-in/fierce competition/just APAC rights/limited cash balance, the biggest problem Antengene has to face is how to “survive this winter” .
- Theoretically, Antengene is undervalued, so if willing to, investors could do short-term trade. However, due to the concerns, we are still bearish on Antengene’s outlook overall.
Hong Kong CEO & Director Dealings: 7th Oct – Luk Fook, Zhongsheng Group, Kowloon Development
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
- These insights may also flag those companies where shares have been pledged. Stocks mentioned include Luk Fook Holdings Intl (590 HK), Zhongsheng Group (881 HK), and Kowloon Development (34 HK).
ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, HK IPOs continued to struggle with CALB (3931 HK) joining Leapmotor (9863 HK) and Onewo (2602 HK) with its tepid performance.
- Given the mid-week HK holiday and the ongoing golden week, there weren’t any large placements this week.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
