In today’s briefing:
- Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
- Gemvax & Kael – Rights Offering of 249 Billion Won
Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
- Q225 saw solid growth & improving margins, driven by strength in China business
- Lawsuit settlement hit net result in Q225, but investors shrugged off the news
- We still think Didi could pursue a new listing later in 2025, probably in HK
Gemvax & Kael – Rights Offering of 249 Billion Won
- On 29 August, Gemvax & Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
- Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares.
- The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering.
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