In today’s briefing:
- Yamazen Secondary Offer (8150 JP) – 5 Banks Sell To Make This a Future Activism Target
- IMotion Automotive Pre-IPO – Refiled PHIP Updates – Lack of Competitive Edge Starting to Show
- Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao
Yamazen Secondary Offer (8150 JP) – 5 Banks Sell To Make This a Future Activism Target
- On Monday after the close, trading house Yamazen Corp (8051 JP) announced a secondary offering where five bank shareholders would sell ~6.7mm shares (including greenshoe).
- It appears as if most of the banks are selling everything, making it about US$50mm, 50 days of ADV, and about 7% of shares out.
- But this should get swallowed pretty easily. The stock is DIRT CHEAP. The caveat? Crossholders and insiders will still own 45-48% post-offer.
IMotion Automotive Pre-IPO – Refiled PHIP Updates – Lack of Competitive Edge Starting to Show
- IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
- The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
- We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.
Beyond ASP Declines, Additional Dynamic Undermines Yunda | We Explain Roles of STO, BABA, CaiNiao
- Recently, Yunda Holding has lost volume share to rival STO Express
- One reason could be Alibaba’s transfer of its 25% stake in STO to CaiNiao
- For Yunda, this dynamic adds to intense near-term pressure on margins
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