In today’s briefing:
- Samsung SDI Rights Trade Period & Short Ban: Quick Clarity
- Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago
- Sichuan Biokin A/H Listing: Good Time for Listing
- Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper
- Pre-IPO Green Tea Group (PHIP Updates) – Some Points Worth the Attention
- Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation
- Golden Sovereign Mines
- PegBio 派格生物 Pre-IPO: R&D Deceleration
- American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO
Samsung SDI Rights Trade Period & Short Ban: Quick Clarity
- Samsung SDI kept the trading window open until May 12, not May 9 — so stock rights will trade for a total of six sessions.
- If all shorts are closed by May 16, we can still subscribe. Spot hedging isn’t allowed, but outright shorts for pricing plays are fine.
- Entry cost is effectively capped at 146,200 won, and it’s still very unlikely the final price exceeds that, so using it as the rights entry cap still makes sense.
Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago
- Hainan Drinda Automotive Trim (002865 CH) plans to raise up to US$234m via its A/H listing.
- HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
- In this note, we look at the company’s recent performance and other deal dynamics, as well as valuations.
Sichuan Biokin A/H Listing: Good Time for Listing
- Sichuan Biokin reported 2024 results, with a large chunk of revenue from its product licensing to BMS.
- We analyzed its key products’ current clinical trials and upcoming milestones. We also look at peer performance.
- Overall, we are of the view that many factors bode well for Biokin’s H-share listing
Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper
- Eco-Shop Marketing (ECO MY) is looking to raise up to US$241m in its upcoming Malaysia IPO.
- It is the largest dollar chain in Malaysia, as per the number of stores it operates, as of 31 October 2024.
- We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.
Pre-IPO Green Tea Group (PHIP Updates) – Some Points Worth the Attention
- The decline in Green Tea’s performance in 2024 cannot be solely attributed to external factors such as economic downturn and the decline in consumption. There are deeper reasons behind it.
- The growth is mainly contributed by delivery service. However, commission fee is high and average spending per order is lower than dine-in services.So delivery service has limited contribution to profits.
- The aggressive expansion of restaurants may further dilute the performance of individual restaurant. We shared our three-year forecast.Valuation of Green Tea could be lower than Xiaocaiyuan and the industry average
Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation
- A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.
- This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
- For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.
Golden Sovereign Mines
- Golden Sovereign Mines (GSM) is a pre-IPO opportunity to invest in a gold consolidation vehicle focused on the toll treatment of ore, mined by African artisanal miners.
- The company is adopting a proven business model that has been well-tested in Africa.
- The rollout of GSM’s strategy is well-timed as many African nations are creating national action plans to transform the artisanal and small-scale mining (ASM) gold sector.
PegBio 派格生物 Pre-IPO: R&D Deceleration
- PegBio is looking at raising up to USD 100m to list in Hong Kong.
- We have previously covered the company’s fundamentals and a brief valuation.
- We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.
American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO
- American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.
- Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024.
- The underwriting lineup on this sector, led by Keefe Bruyette & Woods, has a strong track record of pricing and placing transactions in this sector.
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