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Smartkarma Daily Briefs

Jun 14
0

Daily Brief Industrials: Zhejiang Sanhua Intellignt Controls, Zhejiang Sanhua Intelligent Controls, Oswal Pumps, U-Haul Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
  • Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
  • Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
  • UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

By Sumeet Singh

  • Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
  • ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
  • We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

By Arun George

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

By Rahul Jain

  • Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
  • Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
  • Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

By Zacks Small Cap Research

  • U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
  • U-Haul is also the third largest self-storage operator in North America.
  • U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

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Jun 14
0

Daily Brief TMT/Internet: Advanced Micro Devices, Nexon, Nanya Technology, Koninklijke KPN and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
  • Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?
  • Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
  • What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

By Nicolas Baratte

  • AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
  • AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
  • AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

  • Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
  • The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price. 
  • Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp. 

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear

By Vincent Fernando, CFA

  • DRAM — Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
  • NAND Flash — Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
  • Conclusion — Short-Term Gains vs. Long-Term Growth in Memory Markets

What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

By The IDEA!

  • In this edition: • KPN | more behind the VodafoneZiggo / Delta Fiber access deal than meets the eye?
  • • Odido | IPO expected to be postponed until after the summer • Triodos Bank | intends to focus more on the Netherlands

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Jun 14
0

Daily Brief Energy/Materials: New World Resources, Crude Oil, Shandong Gold Mining Co., Ltd, Iron Ore, RHI Magnesita India, SGX Rubber Future TSR20, Santacruz Silver Mining and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • New World Resources (NWC AU)’s Possible Interloper
  • Key Markets Tactical Outlooks After Israel Strike on Iran
  • Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
  • [IO Technicals 2025/24] Downward Momentum Lingers
  • RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
  • EU Opens Tire Duty Probe Against China, Straining Trade Environs
  • SCZ: Q1 Financials Beat on Major Cost Improvements

New World Resources (NWC AU)’s Possible Interloper

By David Blennerhassett

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins

By Rahul Jain

  • EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
  • Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.
  • Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.

[IO Technicals 2025/24] Downward Momentum Lingers

By Umang Agrawal

  • The U.S. will impose a 55% tariff on Chinese goods; China responds with 10%, as part of a deal addressing trade and fentanyl concerns.
  • China’s steelmakers face pressure as EV price wars cut margins. Platts to lower iron ore spec to 61% in 2026, prompting SGX contract adjustments.
  • Prices hold below key moving averages, reflecting downside momentum, while the MACD staying under its signal line supports the ongoing bearish outlook. 

RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

By Rahul Jain

  • Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
  • The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
  • Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

EU Opens Tire Duty Probe Against China, Straining Trade Environs

By Vinod Nedumudy

  • Investigation covers HS codes 40111000 and 40112010  
  • China criticizes EU protectionism, warns of market impact  
  • EU tire makers to benefit but consumers may feel the pinch

SCZ: Q1 Financials Beat on Major Cost Improvements

By Atrium Research

  • SCZ reported Q1 financial results that beat our estimates due decreased costs and the increased silver price.
  • Santacruz reported Q1 revenue of $70.3M (+34% YoY) vs. our estimate of $69.9M and adjusted EBITDA of $27.5M (vs. negative numbers in Q1/24) beating our estimate of $14.4M.
  • Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year.

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Jun 14
0

Daily Brief Thematic (Sector/Industry): AUCTUS ON FRIDAY – 13/06/2025 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • AUCTUS ON FRIDAY – 13/06/2025
  • [Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector
  • [Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News
  • European Software: Q1 2025 Takeaways – Gradual Improvement

AUCTUS ON FRIDAY – 13/06/2025

By Auctus Advisors

  • Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float.
  • This highlights the strength of the business and the cashflow.
  • Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been extended by two years to November 2027.

[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector

By Ying Pan

  • PDD US: TEMU Surpasses Allegro in User Numbers in Poland in May (+)
  • 700 HK: Reports Claim Tencent is Attempting to Acquire South Korean Game Developer Nexon for $15 Billion (+)
  • 1439927D CH/1024 HK/BABA US/JD US: Douyin Commerce Announces Full “Zero Deposit” Entry for New Merchants (+/-/-/-)

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News

By Eric Wen

  • XPEV US:G7 Pre-sale Opens, Priced on the Higher Side (-)
  • NIO US: NIO US Tightens Service Policy Standards (+ )
  • New Energy Vehicle:Major Automakers Commit to Shortening Payment Terms to 60 Days(+)

European Software: Q1 2025 Takeaways – Gradual Improvement

By Gregory Ramirez

  • Software companies see a slow improvement in revenue growth, with Europe narrowing the performance gap. However, growth remains below post-lockdown levels, and a return to high double-digit rates is unlikely.  
  • The best-performing vendors are those focused on defence, large-scale data handling, AI infrastructure, cybersecurity, financial services digitisation, and modern accounting platforms. US firms still lead in absolute growth numbers.   
  • While the number of software M&A deals above USD 200m has declined, total deal value is on track for a record year in 2025, driven primarily by strategic acquirers.

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Jun 14
0

Daily Brief ECM: Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible and more

By | Daily Briefs, ECM

In today’s briefing:

  • Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
  • Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
  • Hann Holdings, Inc. Pre-IPO Tearsheet
  • Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain
  • Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market
  • Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
  • Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

By Sumeet Singh

  • Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
  • ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
  • We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains

By Sumeet Singh

  • Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
  • Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

Hann Holdings, Inc. Pre-IPO Tearsheet

By Troy Wong

  • Hann Holdings, Inc. is looking to raise about US$232mn in its upcoming Philippines IPO. The deal will be run by BDO, CLSA, China Bank, PNB Cap, and Asia United Bank.
  • It operates the leading integrated gaming, hospitality, and luxury resort business in Clark, Philippines, with the highest market share (47.3%) in Clark’s land-based casino market.
  • It owns and operates two of the only three five-star hotels in Central Luzon: Clark Marriott Hotel and Swissôtel Clark Philippines.

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

By Sumeet Singh

  • Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
  • This is the company’s 17th placement since it listed in June 2017.
  • In this note, we talk about the updates since then and run the deal through our ECM Framework.

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

By Shifara Samsudeen, FCMA, CGMA

  • Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
  • Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
  • With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

By Arun George

Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

By IPO Boutique

  • Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
  • The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
  • Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

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Jun 14
0

Daily Brief Health Care: Wuxi Biologics, Medtronic Plc, Kitazato, Cyberdyne Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain
  • Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
  • Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market
  • Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

By Sumeet Singh

  • Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
  • This is the company’s 17th placement since it listed in June 2017.
  • In this note, we talk about the updates since then and run the deal through our ECM Framework.

Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business

By Garvit Bhandari

  • The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
  • Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.
  • The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

By Shifara Samsudeen, FCMA, CGMA

  • Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
  • Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
  • With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.

Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss

By Astris Advisory Japan

  • Cleared two major hurdles, accelerating the path to profitability – Management executed a large-scale restructuring of the U.S. subsidiary RISE Healthcare Group (RHG) and completed the divestiture of the underperforming LeyLine business.
  • These actions have materially contributed to narrowing operating losses and advancing the group’s overall turnaround.
  • Overseas drove the growth of the Product Rental business – FY results showed strong overseas performance in the Product Rental segment, led by demand from Ukraine and Malaysia.

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Jun 14
0

Daily Brief Industrials: Zhejiang Sanhua Intellignt Controls, Zhejiang Sanhua Intelligent Controls, Oswal Pumps, U-Haul Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
  • Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
  • Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
  • UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

By Sumeet Singh

  • Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
  • ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
  • We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

By Arun George

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

By Rahul Jain

  • Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
  • Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
  • Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

By Zacks Small Cap Research

  • U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
  • U-Haul is also the third largest self-storage operator in North America.
  • U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

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Jun 14
0

Daily Brief Financials: Hann Holdings, Inc., Bitcoin, Jefferson Capital, Ping An Insurance (H), Seazen (Formerly Future Land) and more

By | Daily Briefs, Financials

In today’s briefing:

  • Hann Holdings, Inc. Pre-IPO Tearsheet
  • Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
  • Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO
  • Ping An (2318 HK): Strategic Insights and Top Option Trades
  • Lucror Analytics – Morning Views Asia

Hann Holdings, Inc. Pre-IPO Tearsheet

By Troy Wong

  • Hann Holdings, Inc. is looking to raise about US$232mn in its upcoming Philippines IPO. The deal will be run by BDO, CLSA, China Bank, PNB Cap, and Asia United Bank.
  • It operates the leading integrated gaming, hospitality, and luxury resort business in Clark, Philippines, with the highest market share (47.3%) in Clark’s land-based casino market.
  • It owns and operates two of the only three five-star hotels in Central Luzon: Clark Marriott Hotel and Swissôtel Clark Philippines.

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

  • Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
  • US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

  • Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

By IPO Boutique

  • Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
  • The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
  • Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

Ping An (2318 HK): Strategic Insights and Top Option Trades

By Gaudenz Schneider

  • Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.
  • Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.
  • Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
  • The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
  • Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

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Jun 14
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
  • The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
  • Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

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Jun 14
0

Daily Brief Event-Driven: New World Resources (NWC AU)’s Possible Interloper and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • New World Resources (NWC AU)’s Possible Interloper
  • Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

New World Resources (NWC AU)’s Possible Interloper

By David Blennerhassett

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

  • Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
  • The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price. 
  • Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp. 

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