Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Didi on Monday announced that it will hold an EGM of shareholders on 23rd May for a vote on the voluntary delisting of the company’s ADS’ from the NYSE.</li>
<li>The company has mentioned that it will not apply for listing it shares on any other stock exchange before the completion of delisting.</li>
<li>Didi also has reported its 4Q2021 results and we take a look at the company’s recent results in this insight.</li>
</ul>


Didi on Monday announced that it will hold an EGM of shareholders on 23rd May for a vote on the voluntary delisting of the company’s ADS’ from the NYSE.
The company has mentioned that it will not apply for listing it shares on any other stock exchange before the completion of delisting.
Didi also has reported its 4Q2021 results and we take a look at the company’s recent results in this insight.


Didi – A Quick Look at Latest Results Before Delisting

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Shanghai / Cover Story: The disrupted lifelines of the Shanghai outbreak</li><li>GDP / China’s first-quarter GDP growth beats expectations with 4.8% rise</li><li>Banking / China Merchants Bank president removed from his position</li></ul>

Shanghai / Cover Story: The disrupted lifelines of the Shanghai outbreakGDP / China’s first-quarter GDP growth beats expectations with 4.8% riseBanking / China Merchants Bank president removed from his position

CX Daily: The Disrupted Lifelines of the Shanghai Outbreak

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The company was told a year ago that it had data problems. It was then told in June it had serious data problems and was given 15 days to fix.</li>
<li>It did not. It listed itself, against the wishes of the regulators. Then it got in serious hot water. And it has only been getting hotter. </li>
<li>A hoped-for HK Listing By Introduction was nixed 5 weeks ago. Now the Company is simply going to delist to try to solve its problems behind closed doors before relisting.</li>
</ul>


The company was told a year ago that it had data problems. It was then told in June it had serious data problems and was given 15 days to fix.
It did not. It listed itself, against the wishes of the regulators. Then it got in serious hot water. And it has only been getting hotter. 
A hoped-for HK Listing By Introduction was nixed 5 weeks ago. Now the Company is simply going to delist to try to solve its problems behind closed doors before relisting.


DIDI Decides To Delist - Now It Gets Messy

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses</li>
<li>Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) </li>
<li>We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes</li>
</ul>


Vision Fund's public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses
Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) 
We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes


Softbank Group - Early Read on Q4 Portfolio Performance

China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)

Didi – A Quick Look at Latest Results Before Delisting

Didi on Monday announced that it will hold an EGM of shareholders on 23rd May for a vote on the voluntary delisting of the company’s ADS’ from the...

Shifara Samsudeen, FCMA, CGMA

CX Daily: The Disrupted Lifelines of the Shanghai Outbreak

Cover Story: The disrupted lifelines of the Shanghai outbreak. China’s first-quarter GDP growth beats expectations with 4.8% rise

Caixin Global

DIDI Decides To Delist - Now It Gets Messy

DIDI Chuxing had serious data issues in early 2021 and IPOed against regulators' wishes, then got spanked. Chickens are coming home to roost. The...

Travis Lundy

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

Softbank Group - Early Read on Q4 Portfolio Performance

Portfolio losses were steep and may very well exceed the record quarterly erosion set in Q2 as well-known public losses are matched with private...

Kirk Boodry

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