In today’s briefing:
- Korea Zinc Announces a Third Party Capital Raise of 2.9 Trillion Won & 11 Trillion Won US Investment
- NS Group IPO Trading- Decent Institutional Demand
- B&K (华芢生物科技) IPO: Weak Fundamentals
- CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well
- Pre-IPO InSilico Medicine (PHIP Updates) – Some Points Worth the Attention
- SBI Shinsei Bank IPO Trading – Strong Demand, Peers Mini-Rally Will Help
Korea Zinc Announces a Third Party Capital Raise of 2.9 Trillion Won & 11 Trillion Won US Investment
- On 15 December, Korea Zinc (010130 KS) announced a large scale third party capital raise of 2.85 trillion won (US$2.2 billion).
- Korea Zinc plans to issue 2.21 million new common shares (11.4% of current outstanding shares) at the issue price of 1,291,330 won per share (22.7% lower than current price).
- Korea Zinc announced a strategic partnership with the U.S. government and U.S.-based defense contractors to invest approximately 11 trillion won (US$7.4 billion) in constructing a critical minerals smelter in Tennessee, U.S.
NS Group IPO Trading- Decent Institutional Demand
- NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
- It raised around US$220m in its Japan IPO via an entirely secondary offering.
- In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.
B&K (华芢生物科技) IPO: Weak Fundamentals
- B&K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.
- In this note, we look at its fundamentals briefly, including its core products and its management team.
- We deem the fundamentals of the deal weak and will avoid the deal.
CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well
- CSPC Innovation Pharmaceutical-A (300765 CH) has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.
- The company intends to raise fund for financing biopharmaceuticals R&D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.
- CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.
Pre-IPO InSilico Medicine (PHIP Updates) – Some Points Worth the Attention
- Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.
- Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.
- Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.
SBI Shinsei Bank IPO Trading – Strong Demand, Peers Mini-Rally Will Help
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.
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