In today’s briefing:
- China’s Real Estate Crisis: Threatening Headwinds on Onewo IPO
- WCP IPO: Valuation Uncompelling
China’s Real Estate Crisis: Threatening Headwinds on Onewo IPO
- Onewo Space-Tech (ONEWO HK) is getting ready to complete an IPO in Hong Kong in the coming weeks. The company is seeking to raise nearly US$2 billion in this IPO.
- Onewo is one of the leading property management service providers in China with a market share of 4.3% in the US$16 billion industry in China.
- The major real estate downturn in China is one of the biggest headwinds on the Onewo IPO.
WCP IPO: Valuation Uncompelling
- WCP (WCP KS), a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million).
- We last discussed the IPO in WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range.
- Although the de-rating of peer multiples resulted in a decline in the syndicate’s intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.
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