In today’s briefing:
- Dividends, Volatility, and Profits: HSI and HSCEI Heavyweights Reveal Results, 17 – 21 March
- Bama Tea Pre-IPO – Fourth Attempt to Go Public
- Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements
- Lucror Analytics – Morning Views Asia
- Chinese Startup Zhipu AI Raises $207 Million Funding in Less Than a Month
Dividends, Volatility, and Profits: HSI and HSCEI Heavyweights Reveal Results, 17 – 21 March
- Over a dozen Hang Seng Index companies (31% of index weight) report next week, along with significant portions of HSCEI (38%) and Hang Seng TECH Index (32%) components.
- The four index heavy-weights Xiaomi Corp, Tencent, China Mobile, and Meituan all report next week.
- Weekly options expiring March 21 provide targeted instruments for traders looking to capitalize on earnings-related price movements.
Bama Tea Pre-IPO – Fourth Attempt to Go Public
- Bama Tea (BT) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- BT mainly grew through franchising. Its broad portfolio boosts market reach. A shift to online sales and stable tea prices may improve gross margins.
- BT needs capital for expansion but faces challenges: a fragmented, slow-growing industry, declining franchise earnings, weak 9M24 tea-leaf sales, supplier/customer concentration, and this being BT’s fourth attempt at going public.
Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements
- Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
- The company has passed the hearing for the listing and filed a new version of the prospectus.
- We look at the difference between previous filing and current filing.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: New World Development
- In the US, the February final demand PPI came in lower than expected at 0.0% m-o-m (0.3% e / 0.6% revised p) and 3.2% y-o-y (3.3% e / 3.7% revised p). PPI excluding food and energy fell 0.1% m-o-m, but was up 3.4% y-o-y (3.5% e / 3.8% revised p).
- The PPI was weighed down by a 1% decline in trade services. That said, categories that go into the PCE price index (the Fed’s preferred measure of inflation) were largely firmer, which could contribute to a high PCE print (vs. the CPI) later this month.
Chinese Startup Zhipu AI Raises $207 Million Funding in Less Than a Month
- Zhipu AI, a leading Chinese generative artificial intelligence (AI) start-up, has raised 500 million yuan ($69 million) in new funding less than a month after securing 1 billion yuan ($138 million) in its previous round.
- On Thursday, Huafa Group, a conglomerate backed by the Zhuhai city government in Guangdong province, announced its investment in Zhipu AI, to drive technical innovation and business development for Zhipu’s foundation model, GLM.
- The same day, Huafa and the Zhuhai National High-Tech Industrial Development Zone signed a cooperation agreement with Zhipu to speed up the industrial application of its AI models.
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