In today’s briefing:
- GMO Internet (4784) DropDown Holdco Gone Ballistic – Squeezed on Truly Tiny Float
- ECM Weekly (22 Apr 2025) – Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi
- BenQ BM Pre-IPO: PHIP Updates – Performance Continues to Deteriorate
GMO Internet (4784) DropDown Holdco Gone Ballistic – Squeezed on Truly Tiny Float
- Gmo Ad Partners (4784 JP) has become GMO Internet as of 1 January 2025. On that day, it merged with the “internet infrastructure business” of GMO Internet (9449 JP).
- It was a kind of reverse takeover – a backdoor listing – and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.
- The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.
ECM Weekly (22 Apr 2025) – Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Duality Biotherapeutics delivered a strong listing, while Jiangsu Zenergy Battery Technologies was still holding on to its deal price.
- On the placements front, we looked at number of upcoming lockup expiries.
BenQ BM Pre-IPO: PHIP Updates – Performance Continues to Deteriorate
- BenQ BM Holding Cayman Corp. (BBHC HK) is looking to raise at least $US100m in its upcoming Hong Kong IPO.
- BenQ is a leading private for-profit general hospital group in mainland China, operating two general hospitals – Nanjing BenQ Hospital and Suzhou BenQ Hospital.
- In this note, we provide updates on the firm’s past performance.
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