In today’s briefing:
- ZIP Acquisition and Unlinked Placement – Too Many Things at Once
- SBI Sumishin Net Bank Pre-IPO – Peer Comparison – One of the Largest but Also One of the Slowest
- Pre-IPO Yunkang Group – Lack of New Growth Point
ZIP Acquisition and Unlinked Placement – Too Many Things at Once
- ZIP announced that it would acquire Sezzle in an all-stock deal. It also announced its earnings and that it would raise A$149m (A$107m) from a placement.
- We have also covered the Oct 2020 placements in our earlier note, Zip Placement – Sorry, It’s Not You. It’s Me.
- In this note we will talk about the recent developments and run the deal through our ECM framework.
SBI Sumishin Net Bank Pre-IPO – Peer Comparison – One of the Largest but Also One of the Slowest
- SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
- SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm.
- The deal, if successful, would be Japan’s first online-only bank to go public. In this note, we compare the company with some of its peers.
Pre-IPO Yunkang Group – Lack of New Growth Point
- Benefiting from the opportunities brought to the healthcare industry by the COVID-19 pandemic in 2020, Yunkang Group (YK HK) took a ride and ushered in a turning point in performance.
- As the pandemic stabilizes and gets gradually under control, the revenue generated from COVID-19 tests may significantly decrease, which means Yunkang may return to net loss again in the future.
- We currently haven’t seen any new growth point with high certainty. Therefore, we are conservative about Yunkang’s outlook.
Before it’s here, it’s on Smartkarma
