In today’s briefing:
- Weekly Deals Digest (23 Jul) – Rakuten Securities, Tryt, EbixCash, Lalatech, 111, Newcrest, Origin
- Pre-IPO Edding Group – CSO Model Is Hard to Sustain, but Business Transformation Faces Challenges
- SATP Holding IPO Preview: Bringing SaaS And Automation To 50M+ SMBs In China
- Black Sesame Pre-IPO – The Positives – Catering to a Growing Demand for Automotive Automation
Weekly Deals Digest (23 Jul) – Rakuten Securities, Tryt, EbixCash, Lalatech, 111, Newcrest, Origin
- 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), Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN), Lalatech Holdings Co Ltd (LALA HK), Alibaba (ADR) (BABA US)‘s Cainiao & Cloud Intelligence Group IPOs.
- Event-Driven developments – 111 Inc (YI US), Healius (HLS AU), Invocare Ltd (IVC AU), Newcrest Mining (NCM AU), Origin Energy (ORG AU).
Pre-IPO Edding Group – CSO Model Is Hard to Sustain, but Business Transformation Faces Challenges
- Vancocin/Ceclor/FPN are currently the “cash cow” for Edding, but they’re facing the challenges of generics, VBP and increasing competition. Their current market leading position may be lost in the future.
- Edding seeks business transformation as its CSO model doesn’t work under domestic negative policies. But peak sales of three innovative drugs Vascepa/Mulpleta/EDP 125 may not reach the level of Vancocin/Ceclor.
- Edding’s core advantage still lies in sales capabilities. Its R&D capabilities have always been questioned. It’s unsure whether the market would give high valuation to a company without core competitiveness.
SATP Holding IPO Preview: Bringing SaaS And Automation To 50M+ SMBs In China
- SATP Holding, a leading China-based SMB finance and taxation solution provider, filed to go public in Hong Kong. The company is led by visionary Founder and CEO Shugang Zhang.
- SATP Holding offers scalable SaaS-based bookkeeping and taxation solutions to SMBs in China. The proprietary SaaS system (SATP) automates tax filings and financial statement submissions.
- According to Pitchbook and the company’s IPO prospectus, the founder-led software provider has raised ~$226M in funding across nine funding rounds.
Black Sesame Pre-IPO – The Positives – Catering to a Growing Demand for Automotive Automation
- 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 positive aspects of the deal.
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