In today’s briefing:
- MoneyHero SPAC Listing: Thoughts on Valuation
- Alibaba Potential IPOs – Part 5 – An Early Look at Local Operations
- Pre IPO MicroPort Cardiac Rhythm Management – The Industry, the Business and the Challenges Ahead
MoneyHero SPAC Listing: Thoughts on Valuation
- Asia-Based leading personal finance aggregation and comparison platform MoneyHero has filed to go public in the US by merging with Bridgetown Holdings and raise proceeds of up to US$154m.
- This would give MoneyHero a pre-money enterprise value of US$200m and an equity value of US$198m with post-money EV of US$342m assuming no redemption by Bridgetown’s public shareholders.
- MoneyHero Global (1534965D HK) plans to use proceeds from the deal to further accelerate growth and capture market opportunity in the region.
Alibaba Potential IPOs – Part 5 – An Early Look at Local Operations
- On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
- Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
- In our previous notes, we highlighted which divisions could list and looked at some of the divisions in more detail. In this note, we will talk about the local operations.
Pre IPO MicroPort Cardiac Rhythm Management – The Industry, the Business and the Challenges Ahead
- MicroPort CRM got into CRM device field with global layout mainly through M&A. However, revenue growth in the past three years was unsatisfactory and losses were increasing year by year.
- The situation where Boston Scientific/Medtronic/Abbott dominate CRM device overseas markets wouldn’t change. Although China market has big potential theoretically, the actual space remains to be seen due to various challenges.
- This IPO application could be aimed at achieving the terms of redemption agreement. Even MicroPort CRM is not in good shape, it is still better than Microport’s other listed subsidiaries.
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