In today’s briefing:
- Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote
- Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations
- SDA: SunCar reports 2024 financial and operating results which showed strong revenue and adjusted EBITDA growth. The company continues to secure multiple business agreements and partnerships.
- Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth
- Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion
Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote
- Soundwill Holdings (878 HK)’s IFA opines that the Foo family’s HK$8.50 offer is fair and reasonable. The vote is on 23 May.
- Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection) and a headcount test. No shareholder holds a blocking stake.
- The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross/annualised spread is 4.3%/44.0%.
Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations
- CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
- In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
- We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.
SDA: SunCar reports 2024 financial and operating results which showed strong revenue and adjusted EBITDA growth. The company continues to secure multiple business agreements and partnerships.
- SunCar Technology Group ((NASDAQ: SDA) is a leading Chinese cloud-based provider of digital enterprise auto services and auto eInsurance services in China.
- The company offers one-stop, fully digital, on-demand automotive service systems to help enterprise clients build up their customer base and serve their end customers (auto owners).
- The company has grown revenues rapidly in recent years, which we expect to continue in the near-to-midterm.
Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth
- Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
- In this note, we look at the company’s past performance.
Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion
- Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.
- GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.
- Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.
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