In today’s briefing:
- Hanwha Aerospace – Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won
- Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk
- LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest
- Chagee IPO: Peer Comp and Thoughts on Valuation
- Jiangsu Zenergy Battery Tech IPO: Forecasts and Valuation
- Beijing Yunji Technology Ltd Pre-IPO Tearsheet
- LG Electronics India Pre-IPO – Thoughts on Valuation
- Park Medi World Pre-IPO Tearsheet
Hanwha Aerospace – Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won
- On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).
- The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore.
- Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.
Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk
- Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.
- We look at the deal dynamics and latest developments in the biotech sector.
- The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.
LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest
- LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
- We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.
Chagee IPO: Peer Comp and Thoughts on Valuation
- Chagee Holdings (CHA US) is planning to raise up to US$500m through its upcoming US IPO.
- It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
- We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.
Jiangsu Zenergy Battery Tech IPO: Forecasts and Valuation
- Jiangsu Zenergy Battery Technologies (JSZENERGY CH) has announced the terms for its IPO. The company plans to issue 121.5m shares at HK$8.27 per share, raising HK$1.0bn (US$130m).
- The company’s earnings have seen strong growth during the last 3-4 years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.
- However, our analysis on the company’s valuation shows that JZBT’s IPO is expensive and with the ongoing geopolitical tensions, we would remain on the sidelines.
Beijing Yunji Technology Ltd Pre-IPO Tearsheet
- Beijing Yunji Technology Ltd (1860671D CH) (BYTL) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic, CBB International.
- BYTL provides hospitality robotic AI agents, using advanced robotics and AI to enhance customer experiences. Its solutions include physical-interaction robots and AI-driven digitalization systems for streamlined decision-making and operational efficiency.
- According to the F&S Report, BYTL ranked first globally in 2024 among robotic AI agent companies with multi-layer adaptable robots, leading in concurrent robot operations and total consumers served.
LG Electronics India Pre-IPO – Thoughts on Valuation
- LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
- LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.
Park Medi World Pre-IPO Tearsheet
- Park Medi World (1605334D IN) is looking to raise at least US$147m in its upcoming India IPO. The deal will be run by Nuvama, CLSA, DAM Capital and Intensive FS.
- It is the second largest private hospital chain in North India, with an aggregate bed capacity of 3,000 beds.
- It the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds located in the state as of 1H25.
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