In today’s briefing:
- Deewin Tianxia IPO – Losing Market Share in a Fragmented Market, Coupled with Pricey Valuation
- SoCar Pre-IPO – Peer Comparison – Highly Competitive Market with Thin Margins
- Weilong Delicious IPO: Not Very Delicious
- WCP IPO Preview
Deewin Tianxia IPO – Losing Market Share in a Fragmented Market, Coupled with Pricey Valuation
- Deewin Tianxia (2418 HK) is looking to raise up to US$147m in its Hong Kong IPO.
- Deewin Tianxia (DT) is a service provider in the commercial automobile service industry in China.
- Listing sentiment hasn’t been the greatest as of late and the tepid cornerstone list doesn’t help.
SoCar Pre-IPO – Peer Comparison – Highly Competitive Market with Thin Margins
- SOCAR (403550 KS) is looking to raise up to US$159m in its upcoming Korea IPO.
- While SoCar seeks to be an all-in-one mobility solution provider, the bulk of its revenues still come from its car sharing segment.
- The car sharing market remains highly competitive with existing players that are already profitable. In this note, we will undertake a peer comparison of SoCar vs its listed peers
Weilong Delicious IPO: Not Very Delicious
- Weilong Delicious is a is a leading spicy snack food company in China with a market share of 6.2% and ranked first among all spicy snack food enterprises in China.
- The company’s application for a HKEx IPO has been approved and plans to raise proceeds of about US$500m.
- Our analysis on the company’s financials reveal that its top line growth is slowing down while margins have come under pressure. We discuss the details below.
WCP IPO Preview
- WCP is getting ready for an IPO in Korea in August. This is expected to be one of the largest IPOs in Korea post LG Energy Solution (373220 KS).
- The IPO price range is from 80,000 won to 100,000 won. The IPO base deal size is from $560 million to $700 million.
- WCP is a leading maker of separators which are key materials used in EV batteries.
Before it’s here, it’s on Smartkarma
