Smartkarma Daily Briefs

I tally 38 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
One new deal was discussed on Smartkarma this week – Pacific Industrial (7250 JP)‘s Tender Offer. Although I’m expecting an Offer for Cromwell Property (CMW AU).
Key updates/news took place on Insignia Financial (IFL AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Shandong Fengxiang (9977 HK), Frasers Hospitality Trust (FHT SP).

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Jul 27

Daily Brief Equity Bottom-Up: Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers? and more

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

In today’s briefing:

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?
JD.com Splashes Cash on Robotics AI Startups
IEX Ltd: Over-Reaction on Market Coupling?
CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!
Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!
D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!
Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?
Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?
General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?
CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

Intuitive Surgical’s recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.
The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.
The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.

JD.com Splashes Cash on Robotics AI Startups

By Caixin Global

Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).
Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.
While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.

IEX Ltd: Over-Reaction on Market Coupling?

By Nitin Mangal

This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management’s stance on market share remains positive even though there is uncertainty involved.
Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.

CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!

CoStar Group’s second quarter of 2025 showcased a mix of significant achievements and potential challenges.
The company reported a robust revenue of $781 million, marking a 15% increase from the previous year, and achieved a notable adjusted EBITDA of $85 million, representing a 108% increase year-over-year.
These figures surpassed consensus estimates, indicating strong operational performance and efficient management.

Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!

Domino’s Pizza reported a strong second quarter performance, marked by market share gains and growth in both U.S. and international markets, despite a challenging macroeconomic environment.
In the U.S., Domino’s saw positive results in its delivery and carryout businesses, driven by strategic innovations and improvements in customer value propositions.
The launch of the Parmesan Stuffed Crust pizza was highlighted as a significant contributor, attracting new customers and performing well operationally due to prior training investments.

D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!

D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.
The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.
Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.

Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?

Danaher Corporation’s second-quarter 2025 results provided a comprehensive view of their financial performance, strategic initiatives, and market positioning.
The quarter was marked by notable achievements and some challenges, set within a complex macroeconomic environment.
From a financial perspective, Danaher reported sales of $5.9 billion, with core revenue growth of 1.5% year-overyear.

Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?

Halliburton’s second quarter of 2025 presented a mixed financial and operational performance, with notable challenges and some opportunities.
Despite volatile commodity markets and global economic uncertainties, the company reported a 2% increase in total revenue, reaching $5.5 billion compared to the first quarter of 2025.
Operating income totaled $727 million, yielding an operating margin of 13%.

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.
The company’s financial position and strategic maneuvers present a complex picture for potential investors to consider.
On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.

CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid

CSX Corporation’s recent financial performance showcases a company in recovery, marked by deliberate efforts to address operational challenges and improve service delivery.
The second-quarter results reflect a mix of successes and ongoing hurdles within their business framework.
Positively, CSX Corporation has demonstrated a strong recovery from earlier disruptions, with notable improvements in network performance metrics including velocity, dwell time, and trip plan compliance.

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Jul 27

Daily Brief Indonesia: Bank Central Asia and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices

IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices

There are 2 constituent changes each for the IDX30 Index and the LQ45 Index, and 3 constituent changes for IDX80 Index to be implemented at the close on 31 July.
The largest passive flows are expected in Bank Central Asia, Bank Rakyat Indonesia, PT Adaro Andalan Indonesia, Mitra Adiperkasa, XLSMART Telecom Sejahtera, Indo Tambangraya Megah and Bank Mandiri Persero.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Jul 27

Daily Brief Event-Driven: Last Week In Event SPACE: Prosus/Tencent and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I
(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality
Weekly Deals Digest (27 Jul) – CK Hutchison, Pacific Industrial, FHT, Abacus, PointsBet, NSDL

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

Prosus NV (PRX NA) is elevated vs. Tencent (700 HK) as the accretion trade unfolds.
As rates go up, investors may opt for direct exposure to Japan Post Bank (7182 JP), as opposed to Japan Post Holdings (6178 JP) indirectly, contributing to short squeezing JPB.
Expect near-term weakness in CK Hutchison Holdings (1 HK), IF the exclusivity with Blackrock/MSC ends this weekend without resolution.

(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

I tally 38 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
One new deal was discussed on Smartkarma this week – Pacific Industrial (7250 JP)‘s Tender Offer. Although I’m expecting an Offer for Cromwell Property (CMW AU).
Key updates/news took place on Insignia Financial (IFL AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Shandong Fengxiang (9977 HK), Frasers Hospitality Trust (FHT SP).

Weekly Deals Digest (27 Jul) – CK Hutchison, Pacific Industrial, FHT, Abacus, PointsBet, NSDL

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: NSDL (NSDL IN) is seeking to raise US$464 million.
Event-Driven developments: CK Hutchison Holdings (1 HK), Pacific Industrial (7250 JP), Frasers Hospitality Trust (FHT SP), Abacus Storage King (ASK AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU).

💡 Before it’s here, it’s on Smartkarma

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✓ Company Data and News
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Jul 27

Most Read: Mazagon Dock Shipbuilders , 3SBio Inc, Doosan Corp, Cloud Village, Maxio Technology Hangzhou, Meitu Inc, LIG Nex1 Co, NIFTY Index, Bank Central Asia, Telix Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names
3SBio (1530 HK): Global Index Inclusion as Stock Soars
Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade
Netease Cloud Music (9899 HK): Stock Up; Short Interest Up; Global Index Inclusion
STAR Chip Index Rebalance Preview: Forecast Changes for September
Meitu (1357 HK): AI-Driven Global Index Inclusion
LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next
NIFTY50 Index Outlook Amid Ongoing Rebalance Review
IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices
Telix Pharmaceuticals (TLX AU): Why Negative Impact of SEC Probe Is A Temporary Setback

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.

3SBio (1530 HK): Global Index Inclusion as Stock Soars

3SBio Inc (1530 HK)‘s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.
3SBio Inc (1530 HK) has gone from middle/bottom of the pack to best performer among its peer group over the last two months.
There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade

A doubling of the stock price over the last 3 months could lead to Doosan Corp (000150 KS) being included in a global index in August.
Doosan Corp (000150 KS) has outperformed its peers over the last few months and now trades at a huge valuation premium to its peer group.
The stock is 17% off its recent highs and that provides an opportunity for a relative value trade heading into the index inclusion event.

Netease Cloud Music (9899 HK): Stock Up; Short Interest Up; Global Index Inclusion

Cloud Village (9899 HK)‘s stock price has doubled over the last quarter and the increased market cap should lead to global index inclusion in August.
Short interest in Cloud Village (9899 HK) is at an all-time high and has increased in lockstep with the stock price.
Cloud Village (9899 HK) has outperformed Tencent Music Entertainment Group (1698 HK) and now trades at much higher valuations. A pair trade looks attractive here.

STAR Chip Index Rebalance Preview: Forecast Changes for September

There could be 2 constituent change for the STAR Chip Index at the September rebalance. There will also be a few capping changes.
Estimated one-way turnover is 1.4% resulting in a round-trip trade of CNY 983m (US$137m). Passives need to trade between 0.4-1.9x ADV in the potential changes.
Both forecast inclusions are newly eligible for index inclusion and the passive buying could provide some support following the drop in the stock price post listing.

Meitu (1357 HK): AI-Driven Global Index Inclusion

Meitu Inc (1357 HK)‘s stock price has more than tripled over the last few months and the significantly higher market cap should lead to global index inclusion in August.
Shorts covered a lot in 2024 and that has continued this year as the stock price has moved higher.
Meitu Inc (1357 HK) has outperformed its peers significantly and there could be a pullback in the stock following index inclusion.

LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next

LIG Nex1 Co (079550 KS)‘s stock price has doubled over the last 3 months, and the increased market cap could now result in a global index inclusion.
LIG Nex1 Co (079550 KS) has outperformed most of its peers over the last few months and now trades expensive on a range of metrics.
While momentum could take the stock higher, there is a risk of pullback as positioning in the stock is unwound.

NIFTY50 Index Outlook Amid Ongoing Rebalance Review

By Nico Rosti

As outlined by Brian Freitas , the NIFTY Index ‘s September rebalance ends July 31st, the announcement of the changes will take place end August and implemented on September 29th.
The index has been pulling back for 3 weeks, it’s oversold according to our model, 75% probability of reversing up this week.
Lower support limit would be 24319, while a rally could take the index to 25642 across a couple of weeks. The rally won’t last more than 2 weeks probably.

IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices

There are 2 constituent changes each for the IDX30 Index and the LQ45 Index, and 3 constituent changes for IDX80 Index to be implemented at the close on 31 July.
The largest passive flows are expected in Bank Central Asia, Bank Rakyat Indonesia, PT Adaro Andalan Indonesia, Mitra Adiperkasa, XLSMART Telecom Sejahtera, Indo Tambangraya Megah and Bank Mandiri Persero.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.

Telix Pharmaceuticals (TLX AU): Why Negative Impact of SEC Probe Is A Temporary Setback

By Tina Banerjee

Telix Pharmaceuticals (TLX AU) received a subpoena from the SEC seeking various documents and information primarily relating to the company’s disclosures regarding the development of prostate cancer therapeutic candidates.
Telix is in the process of responding to the information request. The company has elected to notify the Australian Securities and Investments Commission of the SEC’s information request.
SEC subpoena will not affect the normal business operation of Telix. While the matter is ongoing, Telix will continue clinical development programs for its prostate cancer therapy candidates.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Analytics and News
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Jul 27

Daily Brief United States: Intuitive Surgical, Coca Cola Co, Dr Horton Inc, Csx Corp, Danaher Corp, Domino’s Pizza, Costar Group, General Motors, Halliburton Co, Cleveland-Cliffs Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?
The Coca-Cola Company’s Dairy Gamble with Fairlife Is Working—But Will It Last?
D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!
CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid
Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?
Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!
CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!
General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?
Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?
Cleveland-Cliffs: An Insight Into Its Vertical Integration Efforts & Domestic Independence!

Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

Intuitive Surgical’s recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.
The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.
The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.

The Coca-Cola Company’s Dairy Gamble with Fairlife Is Working—But Will It Last?

Coca-Cola Company’s second-quarter 2025 results illustrate both achievements and challenges within a dynamic operating environment.
The company experienced a modest 1% decline in volume, attributed to difficult prior-year comparisons and adverse weather affecting key markets, coupled with some consumer pressure.
However, Coca-Cola achieved a 5% organic revenue growth and 4% earnings per share growth, even amidst currency headwinds and a higher effective tax rate.

D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!

D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.
The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.
Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.

CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid

CSX Corporation’s recent financial performance showcases a company in recovery, marked by deliberate efforts to address operational challenges and improve service delivery.
The second-quarter results reflect a mix of successes and ongoing hurdles within their business framework.
Positively, CSX Corporation has demonstrated a strong recovery from earlier disruptions, with notable improvements in network performance metrics including velocity, dwell time, and trip plan compliance.

Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?

Danaher Corporation’s second-quarter 2025 results provided a comprehensive view of their financial performance, strategic initiatives, and market positioning.
The quarter was marked by notable achievements and some challenges, set within a complex macroeconomic environment.
From a financial perspective, Danaher reported sales of $5.9 billion, with core revenue growth of 1.5% year-overyear.

Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!

Domino’s Pizza reported a strong second quarter performance, marked by market share gains and growth in both U.S. and international markets, despite a challenging macroeconomic environment.
In the U.S., Domino’s saw positive results in its delivery and carryout businesses, driven by strategic innovations and improvements in customer value propositions.
The launch of the Parmesan Stuffed Crust pizza was highlighted as a significant contributor, attracting new customers and performing well operationally due to prior training investments.

CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!

CoStar Group’s second quarter of 2025 showcased a mix of significant achievements and potential challenges.
The company reported a robust revenue of $781 million, marking a 15% increase from the previous year, and achieved a notable adjusted EBITDA of $85 million, representing a 108% increase year-over-year.
These figures surpassed consensus estimates, indicating strong operational performance and efficient management.

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.
The company’s financial position and strategic maneuvers present a complex picture for potential investors to consider.
On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.

Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?

Halliburton’s second quarter of 2025 presented a mixed financial and operational performance, with notable challenges and some opportunities.
Despite volatile commodity markets and global economic uncertainties, the company reported a 2% increase in total revenue, reaching $5.5 billion compared to the first quarter of 2025.
Operating income totaled $727 million, yielding an operating margin of 13%.

Cleveland-Cliffs: An Insight Into Its Vertical Integration Efforts & Domestic Independence!

Cleveland-Cliffs recently reported its second-quarter financial results for 2025, showcasing a mixed set of outcomes that highlight both strategic progress and ongoing challenges.
The company achieved significant operational efficiency, increasing its adjusted EBITDA by $271 million compared to the previous quarter.
This improvement was driven by higher shipment volumes, enhanced production efficiency, and strategic cost-cutting initiatives.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 27

Daily Brief India: Indian Energy Exchange Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

IEX Ltd: Over-Reaction on Market Coupling?

IEX Ltd: Over-Reaction on Market Coupling?

By Nitin Mangal

This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management’s stance on market share remains positive even though there is uncertainty involved.
Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 27

Daily Brief China: JD.com , Tencent, HSBC Holdings, CK Hutchison Holdings, Everest Medicines and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

JD.com Splashes Cash on Robotics AI Startups
Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I
HSBC (5 HK) Earnings on 30 July: Price Action and Option Strategies
Weekly Deals Digest (27 Jul) – CK Hutchison, Pacific Industrial, FHT, Abacus, PointsBet, NSDL
China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement

JD.com Splashes Cash on Robotics AI Startups

By Caixin Global

Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).
Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.
While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I