In today’s briefing:
- Daiichi Sankyo Placement – US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well
- Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance
- Wanguo Gold Group Placement – Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small
- Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline
- Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
- Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
- StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public
Daiichi Sankyo Placement – US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well
- A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind, the last deal in the stock didn’t do well.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance
- Hansoh Pharmaceutical Group (3692 HK) is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&D of new innovative drugs.
- Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.
- Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.
Wanguo Gold Group Placement – Industry Momentum Strong, Stock Run-Up Quite a Bit, but Deal Is Small
- Wanguo International Mining (3939 HK) is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare down another 0.7%, to raise US$32m.
- The company intends to use the proceeds towards funding the expansion of its Gold Ridge Mine in the Solomon Islands, along with other business development purposes.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline
- Ascletis Pharma Inc (1672 HK) announced the placement of 52.4M shares for subscription at HK$16.45 per share.
- The company intends to use 90% of proceeds for further R&D of its drug candidates with respect to both subcutaneously injected peptides and oral peptides, into clinical trials for obesity.
- The company will take time to cash in fully from the commercialization efforts in near future, given the limited opportunity it has in terms of the drug pipeline basket.
Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
- The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
- The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
- With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.
Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
- Megatronix Inc. (1888582D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
- MI is an 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.
- In this note, we look at the company’s past performance.
StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public
- StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.
- The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.
- I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.
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