Daily BriefsECM

Daily Brief ECM: Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share and more

In today’s briefing:

  • Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share
  • Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO
  • Guming Holdings (Goodme) Pre-IPO – Peer Comparison & Thoughts on Valuation
  • LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing
  • Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B
  • Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection
  • Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO


Chongqing Terminus Smart Technology Pre-IPO: Deteriorating Revenue and Losing Market Share

By Nicholas Tan

  • Chongqing Terminus (2471080D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO.
  • It operates in China’s public realm AIoT (Artificial Intelligence of Things) industry.
  • In this note, we look at the firm’s past performance.

Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

By IPO Boutique

  • American food giant with $14 billion in sales to go public in Q1
  • Company is a spin-off from WH Group which acquired Smithfield in 2013
  • Breaking down key points of the initial prospectus which was filed  on January 6th

Guming Holdings (Goodme) Pre-IPO – Peer Comparison & Thoughts on Valuation

By Clarence Chu

  • Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
  • Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
  • In our earlier notes, we had looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.

LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing

By Sumeet Singh

  • LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
  • LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
  • In this note, we talk about the not-so-positive aspects of the deal.

Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B

By Andrei Zakharov

  • Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI & robotics company plans to raise up to $200M.
  • Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.
  • Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.

Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection

By IPO Boutique

  • Largest Cash Raise for a company since July 2024 marking important event for Equity Capital Markets to start the calendar year
  • Rising and volatile natural gas prices combined with rich valuation nearly prices company to perfection
  • Deal color for potential price sensitive IPOs is crucial in determining near-term performance

Beta Bionic, Inc. (BBNX) – Medical Device Company Targeting the Insulin Market Prepares for Q1 IPO

By IPO Boutique

  • ILet Bionic Pancreas Device autonomously determine every insulin dose without requiring a user to count carbohydrate intake
  • Revenue for the nine months ended September 30, 2024 was $44.7 million, more than 3.5x that of their annual revenue of $12.0 million for the year ended December 31, 2023.
  • We anticipate this company to set terms (share size, price range) in the next week for a late January / early February debut.

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