Nayuki Holdings IPO: Valuation First-Look
Nayuki is pre-marketing an HKEx IPO to raise up to $500 million, according to press reports. In this note, we take the first look at Nayuki's...
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China ADRs - A New Act Aims to Put an End to China ADR IPOs
On 27th May 2021, U.S. Senators Marco Rubio and Bob Casey introduced the No IPOs for Unaccountable Actors Act, which aims to prohibit IPO on U.S....
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Yum China (YUMC and 9987.HK): Pizza Hut Recovered Faster than Market Expectation
The biggest earning surprise is that Pizza Hut is starting to fully reap the benefits of multiple years of revitalization efforts. We raise TP for...
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Haidilao (6862 HK): Hot Pots Don't Pivot Easily.
Downside risks outweigh upside potential given the expected slower pace of sales recovery versus peers and premium valuations. Difficult to pivot...
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Yum China (YUMC and 9987.HK): Strategic Investment in Sunner to Strengthen Supply Chain Management
Yum China announced its strategic investment on Fujian Sunner. This transaction will enhance Yum China's supply chain security and strengthen the...
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