Daily Brief ECM: Weekly Deals Digest (16 Jul) - Socionext and more

In today’s briefing:

Weekly Deals Digest (16 Jul) – Socionext, Tryt, IMAX, Shougang Resources, Invocare, Musgrave
Pre-IPO WuXi XDC – The Beautiful Story and the Truth Behind
Guangdong Archealth Health Industry Group Tearsheet

Weekly Deals Digest (16 Jul) – Socionext, Tryt, IMAX, Shougang Resources, Invocare, Musgrave

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 – Tryt Inc (9164 JP), Alibaba (ADR) (BABA US)‘s Cainiao & Cloud Intelligence Group, J&T Global Express (1936374D CH) IPOs & Socionext (6526 JP)‘s secondary placement.
Event-Driven developments – Chindata Group (CD US), IMAX China Holding (1970 HK), Shougang Fushan Resources (639 HK), Invocare Ltd (IVC AU), Musgrave Minerals (MGV AU).

Although WuXi XDC has financing needs, we’re more inclined to view this spin-off listing as another capital operation of WuXi AppTec/WuXi Bio, who may not want to take risks alone.
Global ADC/broader bioconjugate market is at a nascent stage of development, with high R&D risks/commercialization uncertainties. We cannot guarantee whether WuXi XDC will maintain its industry-leading position in the future.
Although high growth can bring good stories, we’re not sure how much actual market space WuXi XDC will have in the future,which is the key to determining the valuation ceiling.

Guangdong Archealth Health Industry Group (GAHI HK) is looking to raise around US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and ABCI.
Guangdong Archealth Health Industry Group (GAHI) is a digital health management provider.
According to F&S, the firm ranked first in the weight management industry and first in the digital weight management industry in China as per 2022 sales.

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