Smartkarma Daily Briefs

Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance. Sinochem has provided an undertaking not to tender its remaining 29.2% stake.
Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.

Korea M&A Outlook in 2023: What’s for Sale?

By Douglas Kim

More than 20 trillion won (US$16 billion) worth of deals are up for M&As in 2023.
However, due to high interest rates and differences on valuations among buyers and sellers, the M&A market in Korea is likely to continue to be weak in 2023.
In this insight, we discuss 24 companies that are up for M&As this year in Korea, including Hanon Systems, SK Shieldus, and K Car.

Warrego: Gina Bumps As MinRes (Potentially) Circles

Talk about a crowded register. Gina Rinehart’s Hancock has 25.91%, Strike Energy (STX AU) has 19.9%, and now a new player, possibly MinRes (MIN AU), has taken a ~15% stake.
186mn shares in Warrego, or 15.2% were crossed in after market yesterday at HK$0.35/share. Regal Funds is understood to be one large seller. No shareholding disclosure has emerged.
Not one to rest on its laurels, Hancock immediately bumped the Offer to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.

EQD | Tencent (700 HK): Use Derivatives to Protect Recent Gains

By Simon Harris

Stock is up over 80% from October lows and almost 10% in 2023 already
Sentiment over fundamentals appears to be driving the rally and stock is back in the worlds top 10 most valuable companies
We consider some option strategies to roll profits and reduce exposure

Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

By Arun George

Hancock increased its Warrego Energy (WGO AU) off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.
Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be Mineral Resources (MIN AU)).
Strike Energy (STX AU)’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.

Backtracing Korea NPS Trades on Local Stocks Through KRX FAIR

By Sanghyun Park

Last year, NPS raised the weighting of defense, renewables, and reopening (entertainment and leisure) stocks. In contrast, NPS mainly reduced exposure to construction, banking, and semiconductors.
In December, NPS is building a fairly aggressive long position in China Reopening. In addition, trading assumed to be portfolio rebalancing for the local chemical sector was detected.
NPS’ stake in most major holdings exceeds 5%. This allows us to monitor NPS’ trading history almost in real time through KRX FAIR.

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Jan 06

Daily Brief Crypto: A Look at Gemini USD and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

A Look at Gemini USD

A Look at Gemini USD

By Kaiko

The fall of the FTX and Alameda house of cards built atop a seemingly innocuous token – FTT – has raised skepticism about centralized exchanges and the tokens that they issue.
Attention was first turned to Binance, BNB, and BUSD; as a result, BUSD’s market cap fell from $23.5bn to $16.5bn in just 90 days, though Binance has seemingly passed its stress test.
Attention has now turned to Gemini, Genesis, and Digital Currency Group (DCG).

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Jan 06

Daily Brief ECM: Weimob Placement – Share Price Momentum over the past Few Months Have Been Strong and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Weimob Placement – Share Price Momentum over the past Few Months Have Been Strong
Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High
Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed

Weimob Placement – Share Price Momentum over the past Few Months Have Been Strong

Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&D, upgrade marketing systems, and for general working capital purposes.
On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High

Vikram Solar (0490158D IN) is looking to raise around US$260m in its upcoming India IPO.
Vikram Solar (VS) is an integrated solar photo-voltaic (PV) modules producer and an integrated solar energy solutions provider.
As per CRISIL, it was one of India’s largest module manufacturers and held a 19% domestic market share, as per operational module capacity.

Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed

By Xinyao (Criss) Wang

The government has changed its tone and started to encourage social capital to run hospitals, indicating that the previous concerns about the policy risk on Hygeia has been relieved.
At this stage, Hygeia has more investment value, greater expansion space and higher market demand than Aier Eye Hospital. Meanwhile, the Company performs better in trans provincial expansion than Topchoice.
Due to large investment/“heavy asset” model, Hygeia would continue to face capital pressure. Its expansion pace may not be as fast as expected if it hopes to control expansion quality.

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Jan 06

Daily Brief Credit: JSW Steel – Tear Sheet – Lucror Analytics and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

JSW Steel – Tear Sheet – Lucror Analytics
Morning Views Asia: Fosun International, Hopson Development, Lippo Karawaci

JSW Steel – Tear Sheet – Lucror Analytics

By Trung Nguyen

We view JSW Steel as “Low Risk” on the LARA scale. The company has demonstrated a strong and resilient track record throughout the cycle. JSW’s large and growing scale, with increasing vertical integration, partly offsets the industry’s cyclicality as well as JSW’s aggressive expansion plan and acquisitions. The group has weathered the challenging operating environment well, despite a sharp slowdown in the Indian economy in 2019 and the COVID-19 pandemic. Furthermore, the company’s improving vertical integration (in terms of captive iron ore and coal supplies) has reduced exposure to supply and price volatility for raw materials. We note positively the Indian government’s continued willingness to support the domestic steel market, which has partly offset cheap exports from steel-surplus countries (e.g. China, Russia, South Korea and Japan). We also view favourably JSW’s position as the largest player in the Indian market, with a low cost base. The company has managed to turn around Bhushan Power & Steel, which had been acquired in bankruptcy court proceedings.

Our fundamental Credit Bias is “Negative”, due to the sharp deterioration in the operating environment. This was in turn driven by high coking coal prices and increased energy costs.

Controversies are “Immaterial”. While JSW has faced some issues (e.g. villagers’ protests against plants or controversial land sales by local governments to the company), such events are immaterial and quite common in India. The ESG Impact on Credit is “Neutral”. The metals & mining industry is exposed to regulatory and geopolitical risks, and the nature of the extraction process places JSW under scrutiny from environmental agencies and investors. However, the company has managed these well, considering the significant ESG efforts it has made.

Morning Views Asia: Fosun International, Hopson Development, Lippo Karawaci

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Fosun International
Hopson Development
Lippo Karawaci
Lippo Malls Indonesia Retail Trust

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Jan 06

Daily Brief Equity Bottom-Up: Tencent(700.HK) 4Q22 Preview:Turning Points Are Emerging and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Tencent(700.HK) 4Q22 Preview:Turning Points Are Emerging
Taste Gourmet: Growth <6x PE with 10% Div Yield and China Reopening Boost
Meidong: Capital Raise, There’s Never a Right Time
Bajaj Finance: Key Q3FY23 Updates
CSRC Sanction Is Likely Darkness Before Dawn
Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost
Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect
Chinese Intel Alternative Makes Consumer Play With Retail Store
ATEN: Shifting to a Second Half Event

Tencent(700.HK) 4Q22 Preview:Turning Points Are Emerging

Our Tencent 4Q22’s rev. is in line, while non-IFRS net income would beat cons. by 5.2%. We estimate that top and bottom line will grow 13%/14% YoY in 2023.
We suggest major business lines see turning points in 4Q22, supported by rebound of Peacekeeper Elite’s gross billings, approval of new game codes, monetization of Wechat Video Account, etc.
Tencent is one of our top picks. Video Account, global game publishing, and margin beat are three major catalysts. Our TP HK$ 407 implies 26.1X PE in 2023.

Taste Gourmet: Growth <6x PE with 10% Div Yield and China Reopening Boost

By Sameer Taneja

Taste Gourmet Group (8371 HK) is an excellent play on China/HK reopening with a 5.7x/4.2x FY23/24 PE and 10+% dividend yield, with 25% of the mkt cap in net cash.
Reopening of China and HK borders after Jan 8th will provide a boost to the revenue and margins. The company will also resume its expansions in China (3 restaurants).
Channel checks suggest a solid Q3 2023, with the company expanding to 38 restaurants in HK (34 in Q2 2023), with a surge in revenue likely due to seasonality.

Meidong: Capital Raise, There’s Never a Right Time

By Sameer Taneja

China MeiDong Auto (1268 HK) raised 800mn HKD in a top placement (px~15 HKD/share), resulting in a ~4% dilution, citing an opportunistic raise for M&A.
While the company asserts there is a well-defined pipeline, it was not very specific on the size and scope of its targets which was not taken well by the market.
We continue to like the company, trading at a 15x/9x PE FY22e/23e, with a 5.2%/8.8% dividend yield (assuming an 80% payout ratio), with the optionality of M&A potential.

Bajaj Finance: Key Q3FY23 Updates

By Ankit Agrawal, CFA

Bajaj Finance Ltd (BAF IN) reported key performance metrics for Q3FY23. AUM growth came in weak with incremental AUM addition at just 12,500cr vs 14,700cr YoY.
QoQ, the AUM growth looks decent at 5.5%+, however, given that the Q3FY23 was a festive season quarter, QoQ comparison is not as relevant.
However, BAF did a good job on customer acquisition. It acquired 3.1mm new customers (highest ever quarterly increase) vs 2.56mm YoY, a growth of 21%+.

CSRC Sanction Is Likely Darkness Before Dawn

CSRC’s rectification on FUTU to suspend new user registration from mainland China while allow service continuation to existing user is well expected. We believe the market over-reacted;
FUTU caters to overseas Chinese and populations falling outside of major currency zones. This market supports a paying user growth of 12% and revenue growth of 19% CAGR to 2025.
We maintain BUY and cut TP from US$58.5 to US$50 due to moderate decline in mainland China users.

Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost

Ant Group Co. Ltd.’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5 billion), marking a key step forward in the fintech giant’s government-driven, year-long revamp
The approval was granted a month and a half after some of the unit’s shareholders disclosed the plan, underscoring the recent pledge by authorities to promote healthy development
Ant Group, backed by billionaire Jack Ma’s e-commerce giant Alibaba Group Holding Ltd., has been conducting a rectification required by the government since a regulatory storm saw its planned blockbuster IPO suspended in November 2020

Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect

By Tina Banerjee

Universal Vision Biotechnology (3218 TT) recorded revenue growth of 34% YoY to TWD2.5B during nine month ended Sept’22, driven by increasing number of refractive and cataract surgeries performed in Taiwan.
With 12M addressable patient population and just 0.16% penetration, refractive treatment market in Taiwan has favorable trend. With ~50% market share, the company is well-positioned to grab the opportunity.
This year, the company has renovated two existing centers and added four new centers. UVB is targeting 50 Universal Eye Centers by 2025 from 28 now.

Chinese Intel Alternative Makes Consumer Play With Retail Store

Loongson Technology Corp. Ltd., a Chinese chip architecture developer, took a major step into the consumer market by opening its first brick-and-mortar pop-up store
Loongson is also exhibiting its development kits and solutions for printers, smart door locks, and treadmills in the store
This is not the first time Loongson has attempted to enter the consumer market. The firm opened an online store on e-commerce platform JD.com in October 2021, selling laptops, desktops, and their components like motherboards and memory kits

ATEN: Shifting to a Second Half Event

By Hamed Khorsand

The recent wave of layoff related headlines along with companies putting greater scrutiny on cash outflows could result in ATEN experiencing slower than expected revenue growth in 2023
When there are layoffs and changes to employees working more from the office it is likely to reduce the number of security devices purchased
Our lowered revenue outlook comes with the expectation ATEN would be able to ramp revenue in the second half of the year

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Jan 06

Daily Brief Macro: Inflation Watch: 5 Charts Showing that Inflation Has Peaked in Europe and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Inflation Watch: 5 Charts Showing that Inflation Has Peaked in Europe
CX Daily: Debt-Plagued Local Financing Vehicle in China Gets ‘Unprecedented’ Extension

Inflation Watch: 5 Charts Showing that Inflation Has Peaked in Europe

By Andreas Steno

European inflation has peaked and it is now turning into a global phenomenon.
.. but the European Central Bank is yet to admit to it
Expect economists and markets to forget about inflation in 6-9 months from now in the US and Europe.

CX Daily: Debt-Plagued Local Financing Vehicle in China Gets ‘Unprecedented’ Extension

Debt-plagued local financing vehicle in China gets ‘unprecedented’ extension to repay loans within 20 years
Citic Securities cleared for new asset management unit
Guangzhou records first drop in leased office space in a decade

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Jan 06

Daily Brief TMT/Internet: Artspark Holdings, Weimob Inc., Tencent, SK Square, Futu Holdings Ltd, Ant Financial Services Group, Loongson Technology, FTX Token, A10 Networks and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

TOPIX Inclusions: Who Is Ready (Jan 2023)
Weimob Placement – Share Price Momentum over the past Few Months Have Been Strong
Tencent(700.HK) 4Q22 Preview:Turning Points Are Emerging
Korea M&A Outlook in 2023: What’s for Sale?
EQD | Tencent (700 HK): Use Derivatives to Protect Recent Gains
CSRC Sanction Is Likely Darkness Before Dawn
Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost
Chinese Intel Alternative Makes Consumer Play With Retail Store
A Look at Gemini USD
ATEN: Shifting to a Second Half Event

TOPIX Inclusions: Who Is Ready (Jan 2023)

By Janaghan Jeyakumar, CFA

Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
This insight is a follow-up to TOPIX Inclusions: Who Is Ready (Dec 2022).
Our latest top pick for TOPIX Inclusion pre-events is Artspark Holdings (3663 JP).

Weimob Placement – Share Price Momentum over the past Few Months Have Been Strong

Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&D, upgrade marketing systems, and for general working capital purposes.
On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Tencent(700.HK) 4Q22 Preview:Turning Points Are Emerging

Our Tencent 4Q22’s rev. is in line, while non-IFRS net income would beat cons. by 5.2%. We estimate that top and bottom line will grow 13%/14% YoY in 2023.
We suggest major business lines see turning points in 4Q22, supported by rebound of Peacekeeper Elite’s gross billings, approval of new game codes, monetization of Wechat Video Account, etc.
Tencent is one of our top picks. Video Account, global game publishing, and margin beat are three major catalysts. Our TP HK$ 407 implies 26.1X PE in 2023.

Korea M&A Outlook in 2023: What’s for Sale?

By Douglas Kim

More than 20 trillion won (US$16 billion) worth of deals are up for M&As in 2023.
However, due to high interest rates and differences on valuations among buyers and sellers, the M&A market in Korea is likely to continue to be weak in 2023.
In this insight, we discuss 24 companies that are up for M&As this year in Korea, including Hanon Systems, SK Shieldus, and K Car.

EQD | Tencent (700 HK): Use Derivatives to Protect Recent Gains

By Simon Harris

Stock is up over 80% from October lows and almost 10% in 2023 already
Sentiment over fundamentals appears to be driving the rally and stock is back in the worlds top 10 most valuable companies
We consider some option strategies to roll profits and reduce exposure

CSRC Sanction Is Likely Darkness Before Dawn

CSRC’s rectification on FUTU to suspend new user registration from mainland China while allow service continuation to existing user is well expected. We believe the market over-reacted;
FUTU caters to overseas Chinese and populations falling outside of major currency zones. This market supports a paying user growth of 12% and revenue growth of 19% CAGR to 2025.
We maintain BUY and cut TP from US$58.5 to US$50 due to moderate decline in mainland China users.

Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost

Ant Group Co. Ltd.’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5 billion), marking a key step forward in the fintech giant’s government-driven, year-long revamp
The approval was granted a month and a half after some of the unit’s shareholders disclosed the plan, underscoring the recent pledge by authorities to promote healthy development
Ant Group, backed by billionaire Jack Ma’s e-commerce giant Alibaba Group Holding Ltd., has been conducting a rectification required by the government since a regulatory storm saw its planned blockbuster IPO suspended in November 2020

Chinese Intel Alternative Makes Consumer Play With Retail Store

Loongson Technology Corp. Ltd., a Chinese chip architecture developer, took a major step into the consumer market by opening its first brick-and-mortar pop-up store
Loongson is also exhibiting its development kits and solutions for printers, smart door locks, and treadmills in the store
This is not the first time Loongson has attempted to enter the consumer market. The firm opened an online store on e-commerce platform JD.com in October 2021, selling laptops, desktops, and their components like motherboards and memory kits

A Look at Gemini USD

By Kaiko

The fall of the FTX and Alameda house of cards built atop a seemingly innocuous token – FTT – has raised skepticism about centralized exchanges and the tokens that they issue.
Attention was first turned to Binance, BNB, and BUSD; as a result, BUSD’s market cap fell from $23.5bn to $16.5bn in just 90 days, though Binance has seemingly passed its stress test.
Attention has now turned to Gemini, Genesis, and Digital Currency Group (DCG).

ATEN: Shifting to a Second Half Event

By Hamed Khorsand

The recent wave of layoff related headlines along with companies putting greater scrutiny on cash outflows could result in ATEN experiencing slower than expected revenue growth in 2023
When there are layoffs and changes to employees working more from the office it is likely to reduce the number of security devices purchased
Our lowered revenue outlook comes with the expectation ATEN would be able to ramp revenue in the second half of the year

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Jan 06

Daily Brief Energy/Materials: Warrego Energy, JSW Steel Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Warrego: Gina Bumps As MinRes (Potentially) Circles
Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large
JSW Steel – Tear Sheet – Lucror Analytics

Warrego: Gina Bumps As MinRes (Potentially) Circles

Talk about a crowded register. Gina Rinehart’s Hancock has 25.91%, Strike Energy (STX AU) has 19.9%, and now a new player, possibly MinRes (MIN AU), has taken a ~15% stake.
186mn shares in Warrego, or 15.2% were crossed in after market yesterday at HK$0.35/share. Regal Funds is understood to be one large seller. No shareholding disclosure has emerged.
Not one to rest on its laurels, Hancock immediately bumped the Offer to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.

Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

By Arun George

Hancock increased its Warrego Energy (WGO AU) off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.
Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be Mineral Resources (MIN AU)).
Strike Energy (STX AU)’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.

JSW Steel – Tear Sheet – Lucror Analytics

By Trung Nguyen

Our fundamental Credit Bias is “Negative”, due to the sharp deterioration in the operating environment. This was in turn driven by high coking coal prices and increased energy costs.

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Jan 06

Daily Brief Health Care: HDmall, Hygeia Healthcare Group, Universal Vision Biotechnology and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding
Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed
Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect

HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding

By e27

HD will use the funding to expand its team and develop its technology, enabling over 5,000 healthcare providers and thousands of surgeries by 2024.
HD, a Bangkok-headquartered startup operating the healthcare and surgery marketplace HDmall in Thailand and Indonesia, has received US$6 million in new funding.
HD is an online marketplace that powers over 1,500 healthcare providers, including hospitals. It connects patients to hospitals, clinics, operating rooms, and surgeons.

Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed

By Xinyao (Criss) Wang

The government has changed its tone and started to encourage social capital to run hospitals, indicating that the previous concerns about the policy risk on Hygeia has been relieved.
At this stage, Hygeia has more investment value, greater expansion space and higher market demand than Aier Eye Hospital. Meanwhile, the Company performs better in trans provincial expansion than Topchoice.
Due to large investment/“heavy asset” model, Hygeia would continue to face capital pressure. Its expansion pace may not be as fast as expected if it hopes to control expansion quality.

Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect

By Tina Banerjee

Universal Vision Biotechnology (3218 TT) recorded revenue growth of 34% YoY to TWD2.5B during nine month ended Sept’22, driven by increasing number of refractive and cataract surgeries performed in Taiwan.
With 12M addressable patient population and just 0.16% penetration, refractive treatment market in Taiwan has favorable trend. With ~50% market share, the company is well-positioned to grab the opportunity.
This year, the company has renovated two existing centers and added four new centers. UVB is targeting 50 Universal Eye Centers by 2025 from 28 now.

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Jan 06

Daily Brief Industrials: Halcyon Agri, Vikram Solar and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Halcyon Agri: MGO One Step Closer As SASAC Approves SPA
Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High

Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance. Sinochem has provided an undertaking not to tender its remaining 29.2% stake.
Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.

Vikram Solar Pre-IPO – Has Diversified Its Sales, Although Concentration Risk Remains High