In today’s briefing:
- Capitaland Ascendas REIT Placement: DPU and NAV Accretive
- 52 Toys Development Co. Ltd Pre-IPO Tearsheet
- EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year
- Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
- Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook
Capitaland Ascendas REIT Placement: DPU and NAV Accretive
- CapitaLand Ascendas REIT (CLAR SP) is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties.
- These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
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.
EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year
- Ebos Group Ltd (EBO NZ) aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings.
- This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
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.
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