In today’s briefing:
- NSDL Pre-IPO – The Positives – Dominant Position, Strong Revenue Growth
- WuXi XDC Cayman Pre-IPO – The Positives – Sales Have Surged Leading to Market Share Gains
- Pre-IPO Mirxes Holding Company – The Profit Model in the Post Pandemic Era Needs to Be Verified
- LianLian Digitech Pre-IPO – Declining Profitability with No End in Sight Just Yet
- NSDL Pre-IPO – The Negatives – Margins Could Drag
NSDL Pre-IPO – The Positives – Dominant Position, Strong Revenue Growth
- National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO.
- It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
- In this note, we talk about the positive aspects of the deal.
WuXi XDC Cayman Pre-IPO – The Positives – Sales Have Surged Leading to Market Share Gains
- WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
- In this note, we will talk about the positive aspects of the deal.
Pre-IPO Mirxes Holding Company – The Profit Model in the Post Pandemic Era Needs to Be Verified
- Although Mirxes has already commercialized its products, its total revenue fluctuated greatly. When the market demand for COVID-19 testing kits sharply declined, the Company’s financial position deteriorated immediately.
- With the highest incidence rate of gastric cancer worldwide, PRC market is important to Mirxes. How to gain recognition from doctors and enter hospital market is a challenge for GASTROClear.
- Mirxes is facing survival problem and eager for an IPO. Before Mirxes establishes a clear/visible path to commercialization and a successful profit model in post-COVID era, we would remain cautious.
LianLian Digitech Pre-IPO – Declining Profitability with No End in Sight Just Yet
- Lianlian DigiTech (2104619D CH) is looking to raise up to US$500m in its upcoming HK IPO.
- LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.
- Lianlian’s digital payments segment has historically been its largest revenue contributor. However, profitability has been declining on the back of lower gross margins and mounting losses from its Liantong JV.
NSDL Pre-IPO – The Negatives – Margins Could Drag
- National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO.
- It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
- In this note, we talk about the not-so-positive aspects of the deal.
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