Daily Brief TMT/Internet: Meituan, Cainiao Smart Logistics, Socionext and more

In today’s briefing:

ECM Weekly (2nd Apr 2023) – Meituan, Rakuten Bank, SBI, Merdeka, ZJLD, Trial Hol, DPC, WCP, MLT
TRACKING TRAFFIC/Alibaba Logistics Arm CaiNiao May Seek HK IPO Soon
Socionext Lock-Up – Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

ECM Weekly (2nd Apr 2023) – Meituan, Rakuten Bank, SBI, Merdeka, ZJLD, Trial Hol, DPC, WCP, MLT

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Alibaba (ADR) (BABA US)‘s restructuring news caused some exiciting in the IPO market this week, with Hong Kong filings picking up as well.
On the placements front, all eyes remain on Meituan (3690 HK) and whether Prosus (PRX NA) will do a placement.

Alibaba (ADR) (BABA US)‘s multi-faceted logistics unit Cainiao Smart Logistics (1437124D HK) may seek an IPO in Hong Kong before the end of 2023, according to media reports
In this piece we look at why CaiNiao is being spun off now, what the company actually does (and doesn’t do), what its likely comps are, and more
CaiNiao is unique, but we can begin to understand its position and its valuation by comparing it to JD Logistics (2618 HK) and S.F. Holding (002352 CH)

Socionext (6526 JP) was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation in 2015.
Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.

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