In today’s briefing:
- Seeking Clues for a Preemptive Position in the Korean Local Block Deal Market in H2
- LianLian DigiTech IPO: The Bull Case
- Black Sesame Pre-IPO – The Negatives – Losses Remain Wide and Suffers from a Concentration Risk
- Robosense Technology Pre-IPO – The Negatives – Not a Whole Lot of Earnings
- Muthoot Microfin Pre-IPO Tearsheet
Seeking Clues for a Preemptive Position in the Korean Local Block Deal Market in H2
- As the possibility of implementing the pre-disclosure rule in the second half of this year arises, the local block deal market is expected to become more active.
- Specifically, there are observable movements among Kosdaq mid-sized companies that are particularly sensitive to deal execution risk. This suggests that LHJ’s KIS may further solidify its dominance.
- Significant increases in trading volume through KB Securities could serve as potential clues indicating the imminence of block deals in companies where the likelihood of such deals is high.
LianLian DigiTech IPO: The Bull Case
- Lianlian DigiTech (2104619D CH), a digital payment services provider in China, has filed for an HKEx IPO to raise US$500 million, according to press reports.
- Lianlian ranked first among the independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost & Sullivan.
- The key elements of the bull case rest on rising market share, doubling of active customers, resilient core business growth and rapidly growing additional revenue streams.
Black Sesame Pre-IPO – The Negatives – Losses Remain Wide and Suffers from a Concentration Risk
- Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
- Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
- In this note, we will talk about the not so positive aspects of the deal.
Robosense Technology Pre-IPO – The Negatives – Not a Whole Lot of Earnings
- 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 not-so-positive aspects of the deal.
Muthoot Microfin Pre-IPO Tearsheet
- Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. The deal will be run by ICICI-Sec, Axis Capital, JM Financial and SBI Capital.
- Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
- It is the fourth largest NBFC-MFI in India in terms of gross loan portfolio as of 9M23 (ending 31st Dec 2022). It is part of the Muthoot Group.
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