In today’s briefing:
- Clarifying KRX’s Confusing Heads-Up Designation System for KOSPI 200/KOSDAQ 150 Review
- Giant Biogene IPO: The Bull Case
Clarifying KRX’s Confusing Heads-Up Designation System for KOSPI 200/KOSDAQ 150 Review
- The KRX gives three heads-up types: WARNING (illegal trading), ADMINISTRATIVE (insolvency), & ATTENTION (inappropriate accounting). Those losing eligibility are ADMINISTRATIVE (KOSPI 200) and ADMINISTRATIVE + ATTENTION (KOSDAQ 150).
- Those designated as WARNING keep the eligibility for KOSPI 200/KOSDAQ 150 unless delisting is decided. We can find these heads-up designations on the KRX website, which is available in English.
- Osstem is currently an ATTENTION issue, so ineligible at this point. Knotus was designated as a WARNING issue in June and underwent a trade suspension. Nevertheless, it maintains eligibility.
Giant Biogene IPO: The Bull Case
- Giant Biogene Holding (GBH HK), a leading professional skin care product manufacturer, has started pre-marketing a US$500 million HKEx IPO.
- According to Frost & Sullivan, Biogene was China’s second-largest professional skin treatment product company by retail sales in 2021.
- The key elements of the bull case rest on a large and growing addressable market, regulatory tailwinds, the core brand’s stellar performance and high cash generation.
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