In today’s briefing:
- ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu
- Zhihu Dual-Primary Listing: A Question of Judgment
ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- This week we looked at the South Korean SK twins that are looking to list. In addition, LIC appears to be testing waters again.
- Placement flows slowed down a bit with the mid-week HK holiday, although Australia and India blocks have continued to flow-in.
Zhihu Dual-Primary Listing: A Question of Judgment
- Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. Zhihu will not receive any of the net proceeds as it is offering from selling shareholders.
- Zhihu shares are down 73% from the IPO price of $9.50 per ADS (March 2021) largely due to the tech sell-off and regulatory uncertainty on ADR listings.
- While a loss-making Chinese tech name is not everybody’s cup of tea in the current environment, Zhihu has delivered resilient performance and the valuation is undemanding.
Before it’s here, it’s on Smartkarma
