In today’s briefing:
- Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?
- Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms
- Aequitas: Ingenic Semiconductor A/H Listing – Relatively Cheap Valuation; A-Share Momentum
- Mech-Mind Robotics (梅卡曼德) Pre-IPO: Tearsheet
- Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects
- Kakao Mobility – The BOD Approves An ADR Issue
- Aequitas: Transwarp Technology A/H Listing – Topline and Margins Improved, Still Unprofitable
- Lalitha Jewellery IPO – On Ground Feedback From Chennai
- Aequitas: Shenzhen Longsys Electronics A/H Listing – Memory Driving, Surging Stock and Earnings
- COSMOPlat IoT (卡奥斯物联科技) Pre-IPO: Tearsheet
Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?
- In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).
- I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO.
- What makes this decision so challenging for SK Hynix’s management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon.
Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms
- Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
Aequitas: Ingenic Semiconductor A/H Listing – Relatively Cheap Valuation; A-Share Momentum
- Ingenic Semiconductor (INGC HK) is looking to raise up to US$410m in its upcoming Hong Kong IPO.
- Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Mech-Mind Robotics (梅卡曼德) Pre-IPO: Tearsheet
- Mech-Mind, a supplier of AI and 3D vision-guided robot components, has passed the HKEX listing hearing and is seeking a Main Board listing. CSI and CITIC are the joint sponsors.
- We look at the company’s core segments: intelligent robotic guidance and intelligent inspection and measurement.
- We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.
Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects
- Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.
- Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.
- Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.
Kakao Mobility – The BOD Approves An ADR Issue
- On 17 August, it was reported that Kakao Mobility’s BOD has approved a plan to issue ADRs.
- The primary reason for this is so that the TPG consortium (Kakao Mobility’s second largest shareholder) could sell some of its stake in the company.
- If Kakao Mobility achieves a high valuation on NASDAQ, this could actually positively impact both Kakao Mobility and Kakao Corp.
Aequitas: Transwarp Technology A/H Listing – Topline and Margins Improved, Still Unprofitable
- Transwarp Technology (688031 CH) , an AI infrastructure software provider, aims to raise around US$100m in its H-share listing.
- Transwarp Technology Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to build AI infrastructure software that drives intelligent transformation and business model innovation across industries.
- In this note, we talk about the company’s past performances.
Lalitha Jewellery IPO – On Ground Feedback From Chennai
- Lalithaa Jewellery Mart Ltd (1607844D IN)‘s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.
- In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.
- We finally conclude our findings and present our view on the IPO.
Aequitas: Shenzhen Longsys Electronics A/H Listing – Memory Driving, Surging Stock and Earnings
- Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.
- SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
COSMOPlat IoT (卡奥斯物联科技) Pre-IPO: Tearsheet
- COSMOPlat IoT, an industrial IoT controller and data intelligence solutions provider, has filed its prospectus with the HKEX. CICC and HSBC are the joint sponsors.
- We look at the company’s core segments: IoT products and data intelligence solutions.
- We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.
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