In today’s briefing:
- Lygend Resources & Technology Pre-IPO – Resting Its Hopes and Dreams on a JV with a Singular Partner
- Atour Lifestyle Holdings IPO Analysis
- Shanghai/Shenzhen Southbound Connect: Weekly Moves (28 October 2022)
- Shanghai/Shenzhen Northbound Connect: Weekly Moves (28 October 2022)
Lygend Resources & Technology Pre-IPO – Resting Its Hopes and Dreams on a JV with a Singular Partner
- Lygend Resources & Technology (LR HK) is looking to raise about US$800m in its Hong Kong IPO.
- Lygend Resources & Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
- With the Obi Project expanding the firm’s capacity into the higher margin production segment, Lygend expects sales and profitability to pick up.
Atour Lifestyle Holdings IPO Analysis
- Atour Lifestyle Holdings (ATAT US) is a leading upper midscale hotel chain group in China is getting ready for an IPO in the US.
- We believe that a valuation range of RMB12.8 billion ($1.8 billion) to RMB16.9 billion ($2.3 billion) is appropriate for Atour Lifestyle Holdings.
- Unless the IPO is priced sufficiently lower than the intrinsic value of the company, many institutional investors will likely pass on the IPO given the Bearish market sentiment.
Shanghai/Shenzhen Southbound Connect: Weekly Moves (28 October 2022)
- Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
- Overall, the net inflow over the past week was ~HK$3.65bn, split (+HK$1.78bn) for Shanghai and (+HK$1.87bn) for Shenzhen.
- The largest inflows were in Tencent (700 HK) and Meituan (3690 HK). The largest outflows were in China Shenhua Energy (1088 HK) and China Overseas Land & Investment (688 HK).
Shanghai/Shenzhen Northbound Connect: Weekly Moves (28 October 2022)
- Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
- Overall, net outflow over the past week was ~US$2.7bn, split between Shanghai (-US$1.8bn) and Shenzhen (-US$0.9bn).
- The largest inflows were into Tianqi Lithium (002466 CH) and Shenzhen Mindray Bio-Medical (300760 CH). The largest outflows were in Kweichow Moutai (600519 CH) and Ping An Insurance (601318 CH).
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