In today’s briefing:
- Lalatech IPO: The Bear Case
- The Format of the AGM Also Reveals a Part of the Company’s Attitude Toward Its Shareholders
- Rookie International Pre-IPO Tearsheet
- NEU Battery Materials Scores US$3.7M for Sustainable Recycling of Li-Ion Batteries
Lalatech IPO: The Bear Case
- Lalatech Holdings Co Ltd (LALA HK), a leading logistics transaction platform, has filed for an HKEx IPO to raise US$1 billion, according to press reports.
- In Lalatech IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on market share pressure, KPIs declining growth, declining revenue visibility, maiden profitability built on a shaky foundation and barely positive underlying FCF.
The Format of the AGM Also Reveals a Part of the Company’s Attitude Toward Its Shareholders
- Even if attendance increases somewhat since 92.1% of AGMs in 2022 had less than 100 attendees, the reluctance to hold an online voting AGM due to technical issues isn’t reasonable.
- With 84.8% of companies having Q&A sessions lasting less than 30 minutes, many companies want to end their Q&A sessions in as short a time as possible.
- Companies that want to keep Q&A sessions short tend to hold hybrid on-site and online sessions that can prioritize questions from on-site attendees and limit questions from online participants.
Rookie International Pre-IPO Tearsheet
- Rookie International (1962144D CH) is looking to raise at least US$100m in its upcoming HK IPO. The deal will be run by Citic Securities and CMBI.
- Rookie International is a fully-integrated operator of childrenswear brands in Greater China. It operates a portfolio of childrenswear brands, by designing, manufacturing and distributing branded products in Greater China.
- It generates revenue primarily by selling licensed products which it has self-designed or curated under the brands (for which it has access to licenses) in Greater China.
NEU Battery Materials Scores US$3.7M for Sustainable Recycling of Li-Ion Batteries
- NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has secured US$3.7 million in an oversubscribed seed funding round led by SGInnovate.
- ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors also joined.
- These funds will accelerate the deployment of NEU Battery Materials’s automated recycling line, which will lower operational manpower requirements.
💡 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
