In today’s briefing:
- Lens Technology A/H Listing – Pricing Looks Decent
- Lens Technology H Share Listing (6613 HK): The Investment Case
- Shortlist Of High Conviction Ideas Across China, Japan, India – June 2025
- Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
- Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion
- Tencent Music (TME): Quick Note – Acquisition of Ximalaya
- Midea Group(300 HK): Upcoming Spin-Off & IPO of ‘Annto’,Ongoing and Proposed Buyback, Strong Outlook
- 3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?
- JD.com (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment
- Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions
Lens Technology A/H Listing – Pricing Looks Decent
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m 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.
- 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.
Lens Technology H Share Listing (6613 HK): The Investment Case
- Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
- In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
- The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation.
Shortlist Of High Conviction Ideas Across China, Japan, India – June 2025
- We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
- Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)
- Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN)
Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
- Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
- It is a leader in the global autonomous mobile robots (AMR) market.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion
- Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
- He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
- 5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.
Tencent Music (TME): Quick Note – Acquisition of Ximalaya
- TME proposed to acquire 100% shares of Ximalaya, a long audio app.
- TME has been exploring the long audio market since 2020.
- We believe Ximalaya has advantages in monthly active users and car radio.
Midea Group(300 HK): Upcoming Spin-Off & IPO of ‘Annto’,Ongoing and Proposed Buyback, Strong Outlook
- Annto IPO: Midea Group (300 HK)plans to spin off its subsidiary Annto Logistics via a domestic IPO to unlock value in its fast-growing logistics platform.
- Share Buyback:Midea Group Co Ltd A (000333 CH) announced a RMB 5–10 billion A-share buyback in June 2025, signaling confidence and supporting shareholder returns through disciplined capital allocation.
- B2B Transition: Shifting from a B2C appliance maker to a tech-led B2B solution provider. With B2B contribution over 30% of revenue, it positions it for long-term, higher-margin, solution-led global growth
3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?
- 3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
- Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
- Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.
JD.com (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment
- Context: Over the past five trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
- Highlights: Diagonal Spreads continue to enjoy popularity. Plus, an out of the money butterfly at near zero premium demonstrates a creative application of this popular option combination.
- Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,
Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions
- Wuhan Dazhong Dental Medical launched IPO aiming to raise up to HK$232 million (US$30 million). The company plans to sell 10.8 million shares at HK$20–HK$21.4 per share.
- Wuhan Dazhong Dental Medical is a private dental services provider in Central China providing dental services under the direct chain model.
- The IPO price is set at a premium (23%) to the price realized during Series B funding. Valuation looks attractive. But there are a few concerns to take into account.
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