In today’s briefing:
- China ADRs Delisting – Tide Is Turning with CSRC Showing Signs of a Compromise
- SK Shieldus IPO: Industry Dynamics of Four Business Units
- SK Shieldus IPO Initiation: Track and Shield
China ADRs Delisting – Tide Is Turning with CSRC Showing Signs of a Compromise
- On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
- On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
- In this note, we’ll talk about the latest developments and its implications.
SK Shieldus IPO: Industry Dynamics of Four Business Units
- In this insight, we provide further details of the four main business units of SK Shieldus, which is a leading one-stop shop provider for security services in Korea.
- The company has been able to improve the customer churn rate of the Physical Security (CMS) unit from 14.7% in 2019 to 11.7% in 2021.
- The leading global cybersecurity stocks have been outperforming the market this year by a big margin which should have a positive impact on the SK Shieldus IPO.
SK Shieldus IPO Initiation: Track and Shield
- SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.
- SK shieldus is offering 27.1 million shares with a primary/secondary split of 53/47 at an indicative price range of KRW31,000- 38,800 per share.
- SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.
Before it’s here, it’s on Smartkarma
