In today’s briefing:
- Lutronic Tender Offer by Hahn & Company: 2nd Round
- Quiddity Leaderboard ASX Sep 23: Intra-Review Replacement for BKL and Many Other Expected Changes
- Pre-IPO WuXi XDC – The Beautiful Story and the Truth Behind
- Guangdong Archealth Health Industry Group Tearsheet
- New Horizon Health 1H23: Management Call Takeaway
Lutronic Tender Offer by Hahn & Company: 2nd Round
- According to local media (Seoul Economic Daily), Hahn & Company plans to make a second round of tender offer for Lutronic Corp, in order to meet the delisting requirements.
- The tender offer price is 36,700 won, the same as the first tender offer price.
- We believe that Hahn & Co is likely to successfully complete this second round of tender offer of Lutronic and it is likely to be delisted in the coming months.
Quiddity Leaderboard ASX Sep 23: Intra-Review Replacement for BKL and Many Other Expected Changes
- In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run up to the September 2023 Rebalance.
- Blackmores Ltd (BKL AU) could get deleted from the index family, triggering intra-review changes in the next few days.
- Including the intra-review changes, ASX 300 could see 12 ADDs and 10 DELs, ASX 200 could see 4 changes, and ASX 100 could see one change between now and September.
Pre-IPO WuXi XDC – The Beautiful Story and the Truth Behind
- 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 Tearsheet
- 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.
New Horizon Health 1H23: Management Call Takeaway
- New Horizon Health reported a solid set of preliminary results for 1H2023
- We speak to the company’s management post result announcement to figure out the key drivers and summarize the key points in this note.
- The company upgraded its full year guidance and is on track to meet its long term target.
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