In today’s briefing:
- Alibaba Cloud IPO: Regulatory Optimism Amidst Stability Challenges
- JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
- CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators
- Kokusai Electric Pre-IPO – Peer Comparison
Alibaba Cloud IPO: Regulatory Optimism Amidst Stability Challenges
- Last week, the Cyberspace Administration of China (CAC) put forth a proposal to relax certain stringent regulations concerning the transfer of sensitive data to foreign countries.
- This could be advantageous for Alibaba Group Holding (9988 HK)‘s Cloud business, especially as a potential candidate for an IPO following the recent IPO filing of the logistics arm, Cainiao.
- Despite improved regulations, concerns about stability, leadership, and financial performance pose hurdles for Alibaba Cloud’s IPO.
JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
- JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
- JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
- We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.
CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators
- Business model: how does CaiNiao get paid, and by whom, and for what?
- Key relationships with parent Alibaba and with China’s listed express companies
- Differentiators: what makes CaiNiao different from other e-comm logistics names?
Kokusai Electric Pre-IPO – Peer Comparison
- KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
- KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
- In our previous notes we have looked at the company’s past performance. In this note, we will undertake a peer comparison.
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