In today’s briefing:
- Shinhan Financial Group Placement – Recent Selldowns Have Held up Since, Momentum Is Strong as Well
- ARM Holdings (ARM US): Lock up Expiry on 12 March
- Angel Robotics: IPO Preview
- Pre-IPO Auntea Jenny (Shanghai) Industrial – An IPO Is a Must, but Success Is Not Guaranteed
Shinhan Financial Group Placement – Recent Selldowns Have Held up Since, Momentum Is Strong as Well
- EQT (EQT SS) , via Supreme, is looking to raise US$311m from selling its stake in Shinhan Financial (055550 KS).
- Momentum on the stock has been strong over the past few months, and the recent selldowns in the stock have held up by the end of the week.
- The share sale here will be a cleanup one, and a small one to digest at just 5.3 days of ADV.
ARM Holdings (ARM US): Lock up Expiry on 12 March
- Softbank Group (9984 JP)’s 180-day lock-up period on its 89.75% ARM Holdings (ARM US) shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.
- SoftBank will likely monetise its ARM stake using the Alibaba (ADR) (BABA US) playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares.
- ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to NVIDIA Corp (NVDA US), despite forecasted lower growth and margin.
Angel Robotics: IPO Preview
- Angel Robotics is getting ready to complete its IPO in KOSDAQ in March. The IPO price range is from 11,000 won to 15,000 won.
- The IPO offering amount is from 17.6 billion won to 24 billion won. At the IPO price range, the company’s valuation ranges from 154 billion won to 210 billion won.
- Angel Robotics is likely to be compared to Doosan Robotics and Rainbow Robotics.
Pre-IPO Auntea Jenny (Shanghai) Industrial – An IPO Is a Must, but Success Is Not Guaranteed
- Auntea Jenny is positioned in the same league as Guming. Both have similar business model/strategy. However, in terms of the number of stores/revenue scale/profitability, Auntea Jenny lags behind its peers.
- China’s freshly-made beverage industry has developed to the stage of capitalization. Auntea Jenny has to obtain more funds to strengthen barriers, improve supply chain, accelerate expansion.The real competition just begins.
- Pre-IPO valuation of Auntea Jenny was already RMB5.1 billion, but the market seems not optimistic about the franchising model. Valuation of Auntea Jenny should be lower than that of Guming/MIXUE.
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