In today’s briefing:
- Poor Performance Before UK Lawmakers Is SHEIN’s Latest Stumble on Journey To London (Or HK?) IPO
- ECM Weekly (13th Jan 2025) – LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi
- HUTCHMED to Divest 45% Stake in Non-Core Joint Venture with Shanghai Pharma

Poor Performance Before UK Lawmakers Is SHEIN’s Latest Stumble on Journey To London (Or HK?) IPO
- SHEIN’s general counsel frustrated UK lawmakers by refusing to answer certain questions
- It’s the latest in a series of potential obstacles that could derail a planned London IPO
- Add growing concerns over cotton supply chain & new threat from Amazon to existing risks
ECM Weekly (13th Jan 2025) – LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi
- 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, Bloks Group picked up where Mao Geping Cosmetics had left off.
- On the placements front, there were selldowns in Adani Wilmar (AWLTD IN) and WuXi XDC Cayman (2268 HK). We also looked at Shift Up (462870 KS) lockup release.
HUTCHMED to Divest 45% Stake in Non-Core Joint Venture with Shanghai Pharma
- HUTCHMED announced the disposal of 45% equity interest in SHPL for US$608 million, including selling 35% equity interest to GP Health Service Capital and 10% equity interest to Shanghai Pharma.
- There’re synergies between SHPL and Shanghai Pharma regarding TCM business. It’s necessary for HUTCHMED to sell non-core JV to reserve cash flow in advance to focus on innovative drug business.
- The entire valuation of SHPL reaches RMB10 billion, or about 15x P/E. If HUTCHMED’s innovative drug business can bear fruit, its valuation has more room to grow in the future.