In today’s briefing:
- HDFC AMC Placement – It’s a Cleanup but the Momentum Is Very Weak
- Far EasTone Placement – Parent Selling, Recent Momentum Has Been Strong
- J&T Global Express Pre-IPO Tearsheet
- J&T Global Express IPO: The Bull Case
- Shiyue Daotian (十月稻田) Pre-IPO: Aggressive Brands – A Local Viewpoint
- Mobvoi IPO: Rapidly Growing AI Unicorn And Creator of Universal LLM “Xuliehouzi.”
HDFC AMC Placement – It’s a Cleanup but the Momentum Is Very Weak
- Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN).
- We have covered one of the past deals in HDFC AMC Placement/OFS – Forced to Sell, but It’s Not the Best of Times to Be Selling or Buying.
- In this note, we will run the deal through our ECM framework and comment on other deal dynamics.
Far EasTone Placement – Parent Selling, Recent Momentum Has Been Strong
- Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.
- As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.
- In this note, we will run the deal through our ECM framework and comment on other deal dynamics.
J&T Global Express Pre-IPO Tearsheet
- J&T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- J&T Global Express (J&T) is a global logistics service provider.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
J&T Global Express IPO: The Bull Case
- J&T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.
- J&T is the number one express delivery operator in Southeast Asia by parcel volume from 2020 to 2022, according to Frost & Sullivan.
- The key elements of the bull case rest on large addressable markets, market share gains, robust reported revenue growth and narrowing losses which set a path to profitability.
Shiyue Daotian (十月稻田) Pre-IPO: Aggressive Brands – A Local Viewpoint
- The company mainly sells its products online and spends much of its advertising budget online.
- The rice market is fragmented and there are two main competitors, Arawana and Fortune.
- We believe the company’s dry food can use the reputation of its rice to boost sales.
Mobvoi IPO: Rapidly Growing AI Unicorn And Creator of Universal LLM “Xuliehouzi.”
- Mobvoi, the innovative Chinese AI company backed by Google, Volkswagen Group, and top-tier VC firms, filed for a Hong Kong IPO. The company plans to raise between $200M and $300M.
- Mobvoi is a rapidly growing AI unicorn. Revenue from AI software solutions skyrocketed 400%+ y/y in 2022. The company will launch AI painting assistant and AI writing assistant 2.0. soon.
- China-Based startup chose CICC and CMB international to tap capital markets to develop universal LLM, market expansion, strategic alliances, acquisitions, and working capital.
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