In today’s briefing:
- Tianqi Lithium H Share Listing: Trading Debut
- SoCar IPO – Highly Competitive Market Coupled with Steep Valuations
- Pre-IPO Huayiwang Technology – The Business Model Is Reasonable, but There Are Also Challenges
- Bharat FIH Pre-IPO – The Positives – A Whole Lot of Promise
Tianqi Lithium H Share Listing: Trading Debut
- Tianqi Lithium (002466 CH) priced its H Share at HK$82.00 per share to raise net proceeds of HK$13,062 million (US$1.7 billion). The H Share will start trading tomorrow.
- The H Share listing (HK$82.00) and grey market price (HK$76.50) imply an AH discount of 45% and 49%, respectively. This compares to Ganfeng Lithium (1772 HK)’s current 35.3% AH discount.
- The relative valuation is attractive. At the H Share listing price, Tianqi Lithium (9696 HK)’s H Share trades at a -6% discount to the median peers’ CY2022 P/B multiple.
SoCar IPO – Highly Competitive Market Coupled with Steep Valuations
- SOCAR (403550 KS) is looking to raise up to US$159m in its upcoming Korea IPO.
- SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing, with approximately 80% domestic market share in the car sharing space.
- The firm remains loss-making with no signs of being profitable in the near/medium term. In this note, we will take a look at its valuations vs that of listed peers.
Pre-IPO Huayiwang Technology – The Business Model Is Reasonable, but There Are Also Challenges
- Huayiwang Technology (1985554D HK) is strong in its digital medical education solutions, which is the cornerstone business for the continuous expansion of other solution offerings and ecosystem.
- HUAYIWANG charges service fees mainly from pharmaceutical companies, which could be a more sustainable profit model than charging from patients directly.
- However, the increasing competition and potential risk of losing medical professionals could shake the foundations of HUAYIWANG’s business.
Bharat FIH Pre-IPO – The Positives – A Whole Lot of Promise
- Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.
- Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables.
- In this note, we will talk about the positive aspects of the deal.
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