In today’s briefing:
- Fadu IPO Preview
- Black Sesame Pre-IPO Tearsheet
- TRYT IPO: Valuation Insights
- Senco Gold Ltd IPO- Forensic Analysis
- China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO
- Pre-IPO Wuhan YZY Biopharma – Both R&D and Commercialization Capabilities Have yet to Be Proven
- SF Holdings A/H Listing – Early Look – Front Running
- Amman Mineral International IPO Trading – Looks Attractive with Ample Upside
- Qiniu Pre-IPO Tearsheet
Fadu IPO Preview
- Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023.
- The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.
- Fadu is a system semiconductor fabless company specializing in data centers.
Black Sesame Pre-IPO Tearsheet
- Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.
- BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
- In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost & Sullivan.
TRYT IPO: Valuation Insights
- Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
- We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case.
- In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.
Senco Gold Ltd IPO- Forensic Analysis
- Senco Gold (0655443D IN) ‘s long awaited IPO is scheduled to open this week.
- The company is the largest organized retail jewellery player in the East and has a pan India presence.
- A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and register key trademarks, etc.
China Designer of AI-Based Self-Driving Chips Files for Hong Kong IPO
- Black Sesame International Holding Ltd., a Xiaomi-backed designer of artificial intelligence-based self-driving computing chips, has filed for a Hong Kong IPO
- Black Sesame, which also counts Tencent Holdings Ltd. and SAIC Motor Corp. Ltd. among its major investors, plans to use the IPO proceeds mainly to develop system-on-a-chip (SoC) designs and software for intelligent vehicles in the next three years.
- Bloomberg in January reported that the company expects to raise $200 million through the share sale, citing people familiar with the matter.
Pre-IPO Wuhan YZY Biopharma – Both R&D and Commercialization Capabilities Have yet to Be Proven
- YZY is a company that is serious about drug development However, there is actually high R&D risk of its pipeline candidates. So, YZY’s R&D capability has yet to be proven.
- There are still many unanswered questions in the whole direction of bispecific antibody. If YZY’s candidates fail to prove better marginal clinical benefits, they won’t have good commercialization performance.
- YZY has a long way to go based on its pipeline situation. Considering Wuhan YZY Biopharma (YZY HK) has no product in commercialization stage, its valuation may not be high.
SF Holdings A/H Listing – Early Look – Front Running
- S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
- SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Amman Mineral International IPO Trading – Looks Attractive with Ample Upside
- Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO.
- Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
- In this note, we will talk about the trading dynamics and valuation.
Qiniu Pre-IPO Tearsheet
- Qiniu Limited (1045102D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- Qiniu Limited (Qiniu) is a one-stop scenario-based intelligent audiovisual service provider.
- According to iResearch, the firm is the third largest audiovisual platform as a service (PaaS) provider in China in terms of FY22 revenue, with a market share of 5.7%.
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