In today’s briefing:
- Midea Group (300 HK): Cornerstone Lock-Up Expiry and Upcoming Index Flows
- Chagee Holdings (CHA US) IPO: Valuation Insights
- TV Asahi Placement – Mini Share Buyback Should Buffer Deal
- Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
- Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)
- Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries
- China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
- General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?
- Kyberlife lands US$3M to scale regional healthcare marketplace | e27
Midea Group (300 HK): Cornerstone Lock-Up Expiry and Upcoming Index Flows
- Midea Group listed in September 2024 by selling 650.85m shares (including the overallotment option) and raising HK$35.7bn (US$4.6bn). A large part of the offering was allocated to cornerstone investors.
- Given the large company market cap and a free float that met the inclusion threshold, Midea Group (300 HK) was added to global indices via Fast Entry.
- The lock-up expiry on cornerstone investors will increase the float for the stock in the global indices and Hang Seng TECH Index (HSTECH INDEX) over the next two months.
Chagee Holdings (CHA US) IPO: Valuation Insights
- Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.
- We previously discussed the IPO in Chagee Holdings (CHA US) IPO: The Bull Case and Chagee Holdings (CHA US) IPO: The Bear Case.
- There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.
TV Asahi Placement – Mini Share Buyback Should Buffer Deal
- A group of shareholders are looking to raise US$133m from selling their respective stakes in TV Asahi Holdings (9409 JP) .
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
- A typical Chinese family needs quick-frozen foods and Anjoy is the largest producer.
- Fresh foods and well-done foods compete with quick frozen foods.
- Customers are concerned that producers may use too much preservative.
Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
- The underwriters and company came to market with a manageable size transaction and an attractive valuation.
- The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines.
Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)
- Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.
- We decided to add a tool to the repertoire to show this past quarter’s flows per Northbound-eligible stock in a variety of ways.
- Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)
Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries
- Dongwon Group’s decision to merge Dongwon F&B and Dongwon Industries into one company is a positive move.
- Dongwon F&B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
- Post stock swap between Dongwon Industries and Dongwon F&B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.
China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
- China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.
- China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
- In this note, we will talk about the lockup dynamics and possible placement.
General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?
- General Motors is facing turbulent headwinds in 2025, driven primarily by a resurgent trade war between the U.S. and Canada.
- The Detroit automaker recently suspended production at its BrightDrop electric vehicle (EV) plant in Ingersoll, Ontario, triggering nearly 500 indefinite layoffs and marking a significant blow to Canada’s already struggling auto sector.
- This move comes amid the fallout from President Donald Trump’s 25% tariff on foreign-made cars, which has forced Canada to retaliate with its own 25% duties on U.S.-built vehicles.
Kyberlife lands US$3M to scale regional healthcare marketplace | e27
- The Kyberlife team Kyberlife, a Singapore-based B2B healthcare e-commerce platform, has announced closing a US$3 million investment round.
- The funding was spearheaded by local VC firm 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.
- The newly secured funding will fuel Kyberlife’s next phase of regional growth, focusing on several key initiatives: Expansion into Indonesia: Kyberlife aims to onboard Indonesian vendors onto its platform, offering them cross-border business growth opportunities.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
