In today’s briefing:
- 52 Toys Development Co. Ltd Pre-IPO Tearsheet
- STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two
- Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
- Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook
- Lucror Analytics – Morning Views Asia
52 Toys Development Co. Ltd Pre-IPO Tearsheet
- 52TOYS Development (TOY HK) is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.
- 52Toys was established in 2015. The firm is one of the leading IP toy company in China.
- According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.
STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two
- There could be 1 constituent change (maybe 2) for the STAR&CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.
- Anker Innovations Technology could replace Suzhou Maxwell Technologies in the index. If AVIC Chengdu Aircraft is added to the index, Wuxi Lead Intelligent Equipment could be deleted.
- Anker Innovations Technology could have opposite flow and Suzhou Maxwell Technologies could have same way flow from passive trackers of other indices on the same day.
Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook
- Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
- Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
- Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.
Lucror Analytics – Morning Views Asia
- US treasuries climbed yesterday, with yields declining in the long end.
- This came on the back of a solid auction of 2Y notes, as well as a rally in JGBs on signs that the Japanese government may adjust debt issuance to ease market volatility.
- The yield on the 2Y UST edged down 1 bp to 3.98%, while that on the 10Y UST fell 7 bps to 4.45%.
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