In today’s briefing:
- JF Wealth IPO Trading – Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends
- Pavilion REIT Placement – MY$2.2bn (US$487m) Acquisition Expected to Increase Distributable Income
- Fangda Carbon New Material GDR Listing – Share Price Has Outperformed Index over the past 3 Months
- Doosan Robotics (Number One Player in Collaborative Robots in Korea) & NAV Analysis of Doosan Corp
- DPC Dash IPO: No Match For Pizza Hut
- Beisen IPO Preview and Valuation Analysis
JF Wealth IPO Trading – Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends
- JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
- JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
- We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.
Pavilion REIT Placement – MY$2.2bn (US$487m) Acquisition Expected to Increase Distributable Income
- Pavilion Real Estate Investment Trust (PREIT MK) is expected to raise MYR$1.27bn (US$280m) to partially fund its acquisition of Pavilion Bukit Jalil mall (PBJ mall).
- Non-Interested unitholders will vote on the planned acquisition in the next EGM to be held on 22 March 2023.
- In this note, we will discuss the deal dynamics, details on the planned acquisition, and the REIT’s recent financial performance.
Fangda Carbon New Material GDR Listing – Share Price Has Outperformed Index over the past 3 Months
- Fangda Carbon New Material Co, Ltd. (600516 CH) is looking to raise around US$124m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal.
- The firm is offering 13.91m GDRs (1 GDR to 10 A-shares) for sale at US$8.63-8.9/GDR, or at a 8.3-11.1% discount to last close on the A-share leg.
- As per the firm, it plans to use the net proceeds from the offering to support its business expansion, repay debt, supplement working capital and for general corporate purposes.
Doosan Robotics (Number One Player in Collaborative Robots in Korea) & NAV Analysis of Doosan Corp
- The Doosan Group is aiming to complete the IPO of Doosan Robotics in 2H 2023. Doosan Robotics is expected to be one of the largest IPOs in Korea in 2023.
- The local media have mentioned that Doosan Robotics could receive at least 1 trillion won (US$0.8 billion) in market cap valuation.
- Established in 2015, Doosan Corp owns a 90.9% stake in Doosan Robotics, which is the largest collaborative robot manufacturer in Korea.
DPC Dash IPO: No Match For Pizza Hut
- After giving up the IPO plan late last year, DPC Dash (1405 HK) has restarted its IPO with hopes of capitalising on China’s reopening boom.
- DPC Dash is not positioned to benefit from the ending of lockdowns. It also didn’t outperform Pizza Hut when dine-in demand was absent.
- Therefore, DPC Dash is likely going to remain a minor player in a segment dominated by Pizza Hut.
Beisen IPO Preview and Valuation Analysis
- China-Based HCM technology unicorn Beisen Holdings (1667838D CH) filed for an IPO in Hong Kong. Morgan Stanley and CICC are leading the upcoming offering.
- Beisen Holdings (1667838D CH) is the leading provider of integrated HR SaaS and talent management platform with ~12% market share of the overall cloud-based HCM industry in China.
- We believe the company’s expected IPO valuation may reach $1B, making it one of the largest providers of cloud-native HCM solutions in China scheduled to go public this year.
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