In this briefing:
- China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle
- Dexin China (德信中国) Post IPO – Poor Trading Liquidity, Top Ten Placees Hold 76% of IPO Shares
1. China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle
China Risun, a leading coking coal refining player in China, is seeking up to USD 243 million via a listing in Hong Kong. In this insight, we will discuss the following topics:
- Company’s business and the value chain of coking coal
- Industry backdrop of the coking coal processing industry in China
- Shareholders and investors
- Thoughts on valuation
2. Dexin China (德信中国) Post IPO – Poor Trading Liquidity, Top Ten Placees Hold 76% of IPO Shares
Dexin China Holdings (2019 HK) raised US$189m in at HK$2.80 per share, at the mid-point of its IPO price range. We have previously covered the IPO in:
- Dexin China (德信中国) Pre-IPO – Related Party Transactions and Partial Asset Listing
- Dexin China (德信中国) IPO Review – Key Issues Remain but 9M Results Showed Strong Growth.
In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.
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