In today’s briefing:
- NWD (17 HK): The Strings Attached To Latest Debt Financing
- CATL Breaks Ground on $6 Billion Indonesian Battery Hub
- Yangtuo Technology Inc. Pre-IPO Tearsheet
- Megatronix Inc. Pre-IPO Tearsheet
- [IO Technicals 2025/28] Bullish Momentum Intensifies
- Lucror Analytics – Morning Views Asia
- Reconova Technologies Co., Ltd. Pre-IPO Tearsheet
NWD (17 HK): The Strings Attached To Latest Debt Financing
- This “rescue package” announcement late last month came as no surprise, as the alternative situation (liquidation/bankruptcy) for New World Development (17 HK), and the ensuing optics were not great.
- Media reports are now coming in that NWD is reportedly seeking to sell – or accelerate the sale – of its real estate projects in China.
- That makes sense. The refinancing afforded NWD some breathing space. However, to strengthen/bolster its balance sheet, NWD needs to offload assets. Yet pinning down a “fair” valuation will take time.
CATL Breaks Ground on $6 Billion Indonesian Battery Hub
- Chinese battery titan Contemporary Amperex Technology Co. Ltd. (CATL) has broken ground on a nearly $6 billion project in Indonesia, marking a bold strategic move to secure crucial materials and expand its manufacturing footprint beyond China.
- The project — a joint venture between CATL subsidiary CBL, Indonesia’s state-owned miner PT Aneka Tambang (Antam), and the state-backed Indonesia Battery Corporation (IBC) — has officially started construction, CATL said Wednesday.
- More than three years in the making, the initiative underscores the ambition of the world’s largest battery manufacturer to reinforce its global standing amid increasingly complex geopolitical dynamics.
Yangtuo Technology Inc. Pre-IPO Tearsheet
- Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
- The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
- YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).
Megatronix Inc. Pre-IPO Tearsheet
- Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
- MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
- It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.
[IO Technicals 2025/28] Bullish Momentum Intensifies
- Iron ore demand remains strong as supply tightens from Australia and Brazil, and China pushes for industrial reforms that could support raw material prices.
- Despite macroeconomic headwinds and Malaysian tariffs on Chinese steel, robust mill profits, and limited production curbs are expected to sustain iron ore demand.
- Prices are trading above key moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish bias.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group
- Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.
- Equities climbed, with the S&P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.
Reconova Technologies Co., Ltd. Pre-IPO Tearsheet
- Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
- RT is an AI company that provides visual AI technologies and products for enterprise clients.
- RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.
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