In today’s briefing:
- Midea Group H Share Listing: The Investment Case
- Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok
- Cloudchain Pre-IPO Tearsheet
Midea Group H Share Listing: The Investment Case
- Midea Group Co Ltd A (000333 CH), the world’s biggest home appliances maker, has filed for a H Share listing to raise US$1 billion, according to press reports.
- Midea is the world’s largest home appliance company in sales volume and revenue in 2022. Its subsidiary, KUKA Group, is one of the world’s “big four” industrial robotics companies.
- The investment case rests on return to growth, margin on an upward trajectory, cash generation, strong balance sheet and undemanding valuation.
Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok
- Ventia (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$174m via selling 11.7% of the company.
- The two investors have pared their stake thrice this year and this will be the final cleanup sale. All the past deals have done ok.
- In this note, we will talk about the deal dynamics.
Cloudchain Pre-IPO Tearsheet
- Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by China Securities International, ABC International, ICBC and Maxa Capital.
- Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.
- According to F&S, it is the largest independent digitalized corporate credit confirming platform in China. Its user base had grown at a CAGR of 75.1% from 2020 to 2022.
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