In today’s briefing:
- Rakuten Securities IPO: The Bear Case
- LianLian DigiTech Pre-IPO Tearsheet
- Qiniu Pre-IPO – Widening Losses and Dwindling Market Share
- Robosense Technology Pre-IPO – The Positives – A Whole Lot of Potential
Rakuten Securities IPO: The Bear Case
- Rakuten Securities (RAKUSEC JP), a leading Japanese online brokerage, seeks to raise US$500 million. Rakuten Group (4755 JP) (80.01%) and Mizuho Financial Group (8411 JP) (19.99%) are its shareholders.
- In Rakuten Securities IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on rapidly slowing operating revenue and commissions growth, lowest per-account monetisation rates vs peers and mid-tier profitability.
LianLian DigiTech Pre-IPO Tearsheet
- Lianlian DigiTech is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.
- 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.
- The firm ranked first among all independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost & Sullivan.
Qiniu Pre-IPO – Widening Losses and Dwindling Market Share
- Qiniu Limited (1045102D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- Qiniu is an intelligent audiovisual service provider. According to iResearch, the firm is the third largest audiovisual platform as a service (PaaS) provider in China in terms of FY22 revenue.
- Qiniu’s revenue has primarily been driven by its MPaaS segment over the track record period. However, the firm’s losses are still widening while its balance sheet health deteriorates.
Robosense Technology Pre-IPO – The Positives – A Whole Lot of Potential
- Robosense Technology (ROBO HK) (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO.
- As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
- In this note, we talk about the positive aspects of the deal.
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