In today’s briefing:
- Giant Biogene Placement – Great Track Record but Previous Deal Didn’t Do Well
- Rigaku IPO Lockup – Large PE Investors Can Still Break Even
- CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry
- Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower
- Pre-IPO TCMTech – The Business Model and the Outlook
Giant Biogene Placement – Great Track Record but Previous Deal Didn’t Do Well
- Giant Biogene (2367 HK) aims to raise up to US$250m via a top-up placement.
- We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash and the previous deal didn’t go well.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Rigaku IPO Lockup – Large PE Investors Can Still Break Even
- Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
- Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
- In this note, we will talk about the lockup dynamics and possible placement.
CR Beverage (2460 HK): Keep Calm Heading into the Lock-Up Expiry
- China Resources Beverage (2460 HK) trades 4.0% below its IPO of HK$14.50 per share. The first six-month lock-up period expires on 22 April.
- At the end of the first lock-up expiry, shares representing 727.1m (30.32% of outstanding) will be eligible for sale. However, there is a low risk of substantial sales.
- The fundamentals remain good, with margin improvement, beverage’s fast-paced growth, narrowing of the margin gap with Nongfu and undemanding valuation.
Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower
- Manycore Tech (KOOL US) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- Manycore (MC) is a fast-growing, disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.
- In this note, we look at the firm’s past performance.
Pre-IPO TCMTech – The Business Model and the Outlook
- TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model.
- The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.
- Considering Gushengtang’s scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.
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