In today’s briefing:
- Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic
- Foshan Haitian Flavouring A/H Listing – Strong Cornerstone, Weak Momentum
- Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective
- Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights
- Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024
- Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
- Bharat Coking Coal Ltd Pre-IPO Tearsheet
- Pre-IPO Foshan Haitian Flavouring & Food Company – Thoughts on the IPO Pricing
- Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic
- Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
- Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Foshan Haitian Flavouring A/H Listing – Strong Cornerstone, Weak Momentum
- Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.
- FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective
- Fundamentals first, Foshan Haitian Flavouring & Food Company (3288 HK)‘s IPO is interesting given a positive growth outlook – 1Q25 growth accelerated to 14.8% with margin expansion.
- We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.
- It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap.
Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights
- Foshan Haitian Flavouring & Food Company (3288 HK) has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.
- I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
- The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.
Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024
- Saint Bella, a premium postpartum care and recovery provider, moves toward Hong Kong IPO following strong +43% y/y revenue growth in 2024.
- The company is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.
- I believe Saint Bella has the potential to become one of the key postpartum care and recovery providers targeting HNW, high income and young middle class families in China
Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
- Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
- The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
- The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.
Bharat Coking Coal Ltd Pre-IPO Tearsheet
- Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
- BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
- According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.
Pre-IPO Foshan Haitian Flavouring & Food Company – Thoughts on the IPO Pricing
- The essence of Haitian’s business is “hard-earned money”.Although performance rebounded in 2024, more observations on net profit are needed.It’s time to take a look at Haitian from a different angle.
- The past high valuation of Haitian is due to the market’s high expectations for it, or rather, the market’s optimism about its performance growth. However, Haitian’s moat is not deep.
- A comfortable valuation range is 20-30x P/E. Based on the IPO pricing and 2025 forecast, P/E is about 27.5-28.5x. So, we think the IPO pricing range of Haitian is reasonable.
Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open
- Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
- The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
- This insurance company was a pure-play E&S with higher regards given to this niche area by sector-dedicated investors.