In today’s briefing:
- Bloks Group Pre-IPO Tearsheet
- CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?
- Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update
Bloks Group Pre-IPO Tearsheet
- Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and Huatai International.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys. Its portfolio contains both self-developed and renowned licensed intellectual property (IPs).
- According to F&S, Bloks was China’s largest player in the assembly character toy segment with an approximate gross merchandise value (GMV) of RMB1.8bn in 2023.
CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?
- After CaiNiao halted IPO in late March, company reported lower Q4 margins
- What drove Q4 margin deterioration, retention payments or weaker X-border?
- With IPO off the table, supporting AliExpress becomes CaiNiao’s main role
Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update
- Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.
- The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.
- CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.
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