Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Kayou Inc., early-mover in the trading card industry in China, filed for an IPO in Hong Kong. The company sells trading cards, toys, figures, badges, pens, and notebooks, among others.</li>
<li>Kayou Inc. received capital of ~$135M from HongShan Capital and Tencent Holdings in 2022. Mr. Li Qibin founded trading card and collectible toy firm in 2011.</li>
<li>Founder led company has delivered 250%+ growth and FCF of $500M+ in 2024. The market opportunity is large enough to support sustained high growth for Kayou for several years.</li>
</ul>


Kayou Inc., early-mover in the trading card industry in China, filed for an IPO in Hong Kong. The company sells trading cards, toys, figures, badges, pens, and notebooks, among others.
Kayou Inc. received capital of ~$135M from HongShan Capital and Tencent Holdings in 2022. Mr. Li Qibin founded trading card and collectible toy firm in 2011.
Founder led company has delivered 250%+ growth and FCF of $500M+ in 2024. The market opportunity is large enough to support sustained high growth for Kayou for several years.


Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China

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.

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Cross Asset Strategy

<ul><li>Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China</li><li>Corruption /: New probe into former Hubei leader brought down by Covid pandemic</li><li>Trade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says</li></ul>

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of ChinaCorruption /: New probe into former Hubei leader brought down by Covid pandemicTrade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China 

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

TongFu Microelectronics   / Equity Bottom-Up

<ul><li>TSMC's new wafer manufacturing technology is changing the advanced packaging industry, causing a forecasted slump in general-purpose memory for Samsung and SK Hynix.</li><li>Micron is leading the way in HBM4 development, aiming for mass production by 2026, while India's semiconductor growth is highlighted by Marvell ahead of VLSI conference.</li><li>China's chip crackdown escalates as global semiconductor landscape evolves, with Tesla Shanghai factory head resigning and Xiaomi denying poaching rumors. Dixon partners with Vivo to boost local production in India.</li></ul>

TSMC's new wafer manufacturing technology is changing the advanced packaging industry, causing a forecasted slump in general-purpose memory for Samsung and SK Hynix.Micron is leading the way in HBM4 development, aiming for mass production by 2026, while India's semiconductor growth is highlighted by Marvell ahead of VLSI conference.China's chip crackdown escalates as global semiconductor landscape evolves, with Tesla Shanghai factory head resigning and Xiaomi denying poaching rumors. Dixon partners with Vivo to boost local production in India.

Tech Supply Chain Tracker (24-Dec-2024): TSMC transforms packaging market with wafer manufacturing 2.0.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>In 2025, Singapore hotels focus on moderation in their practices to adapt to changing market conditions.</li>
<li>DBS selects CapitaLand Ascott Trust as its top choice, indicating confidence in the property trust's performance.</li>
<li>Despite concerns about a potential property market bubble, DBS believes calls for cooling measures in Singapore are premature.</li>
</ul>


In 2025, Singapore hotels focus on moderation in their practices to adapt to changing market conditions.
DBS selects CapitaLand Ascott Trust as its top choice, indicating confidence in the property trust's performance.
Despite concerns about a potential property market bubble, DBS believes calls for cooling measures in Singapore are premature.


Singapore Market Roundup (18-Dec-2024): KGI rates Elite UK REIT 'outperform', target price 37p.

<ul>
<li>DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.</li>
<li>Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.</li>
<li>DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.</li>
</ul>


DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.
Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.
DBS maintains 'buy' rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.


Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

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The Walt Disney Co (DIS US)

Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China

Shanghai-based Kayou Inc., a Chinese trading card and collectible toy company, is seeking to raise capital in Hong Kong. Kayou Inc. has delivered...

Andrei Zakharov

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China When police in East China’s Shandong...

Caixin Global

Tech Supply Chain Tracker (24-Dec-2024): TSMC transforms packaging market with wafer manufacturing 2.0.

TSMC shakes up advanced packaging with new wafer tech; Micron focuses on overcoming memory slump, advancing HBM4 development for mass production in...

Tech Supply Chain Tracker

Singapore Market Roundup (18-Dec-2024): KGI rates Elite UK REIT 'outperform', target price 37p.

In 2025, Singapore hotels practice moderation while DBS selects CapitaLand Ascott Trust as top pick and deems calls for cooling measures in...

Singapore Market Roundup

Singapore Market Roundup (17-Dec-2024): By 2025, Singapore Hotels Moderate

In 2025, Singapore hotels and property market expected to remain steady, with DBS recommending CapitaLand Ascott Trust and office S-REITs as top...

Singapore Market Roundup

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