In today’s briefing:
- SHEIN and Temu: New Rule Could Crush “De Minimis” Imports | New Front In “War” Vs DTC Platforms
- K Bank IPO Preview
- Weekly Deals Digest (15 Sep) – Midea, Seven & I, Raysum, Haitong/GJTA, Dyna-Mac
- K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise
SHEIN and Temu: New Rule Could Crush “De Minimis” Imports | New Front In “War” Vs DTC Platforms
- Biden Administration rule would make “de minimis” items subject to tariffs
- Besides adding to landed cost of those items, reporting requirements would rise
- In addition, US/EU governments launch probes of SHEIN/Temu product safety
K Bank IPO Preview
- K Bank finally provided its IPO prospectus which includes more details of the IPO than what the company already announced about the IPO several days ago.
- Bankers used KakaoBank, SBI Sumishin Net Bank, and Bancorp Inc as comps. Average PBR of 2.56x was used to value K Bank.
- Some investors will question the inclusion of overseas comps including SBI Sumishin Net Bank and Bancorp in the valuation of K Bank.
Weekly Deals Digest (15 Sep) – Midea, Seven & I, Raysum, Haitong/GJTA, Dyna-Mac
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Midea Group Co Ltd A (000333 CH) upsized H Share listing, Terumo Corp (4543 JP) placement.
- Event-Driven developments: Haitong Securities Co Ltd (H) (6837 HK)/Guotai Junan Securities (2611 HK), Seven & I Holdings (3382 JP), Raysum Co Ltd (8890 JP), Dyna Mac Holdings (DMHL SP).
K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise
- Compared to its overseas peers, K-Bank’s high valuation still stands out due to a significant gap in net income size relative to market cap.
- The offering structure, with 50% secondary sales and weak lock-up commitments, means post-IPO float could spike to around 40%, making a stock price bump unlikely.
- K-Bank’s crypto-focused model might attract investors valuing it as a crypto play, potentially influencing IPO pricing and post-listing stock performance.
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