In today’s briefing:
- [Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End
- Isuzu Motors Placement – Relatively Small Deal Along with Buyback
- Shein IPO: Hong Kong Yes, London No
- Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)
- Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims
- Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market
[Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End
- In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in Isuzu Motors (7202 JP).
- Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it’s ¥57bn/US$400mm.
- It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.
Isuzu Motors Placement – Relatively Small Deal Along with Buyback
- A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).
- Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Shein IPO: Hong Kong Yes, London No
- Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed.
- Due to tariff war and ending de minimis for shipments from China and Hong Kong by the U.S. government, the valuation of Shein could decline to less than $50 billion.
- Now, as long as the valuation is not excessive but reasonable, there could be a decent demand for this IPO of Shein in Hong Kong.
Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)
- In this insight, we provide our initial thoughts on The Pinkfong Company IPO which is expected to be completed in KOSPI in 2H 2025.
- The Pinkfong Company is the creator of the Baby Shark brand. Its original “Baby Shark Dance” is the most viewed Youtube video ever (15.9 billion views as of May 2025).
- The Pinkfong Company’s valuation was more than 1 trillion won in 2021 (Series B investment round).
Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims
- Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
- In this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
- While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.
Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market
- After the success of Hinge Health, Omada Health is now testing the IPO waters.
- Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th.
- The size of the transaction is manageable and the company is backed by major VC players in the industry.
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