In today’s briefing:
- Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record
- Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability
- Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?
Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record
- Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
- It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
- In this note, we provide updates on the firm’s past performance and valuation.
Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability
- Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
- Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?
- Didi’s China business showed solid Y/Y growth, but International worsened dramatically
- Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
- Should it seek an IPO soon, Didi will have to show a path to profits for International segment
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