In today’s briefing:
- Robotis – Rights Offering of 100 Billion Won
- Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well
- Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
- Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point
- Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
- GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target
- Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive
- Banma Network Technology Pre-IPO Tearsheet
Robotis – Rights Offering of 100 Billion Won
- On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
- Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued.
- The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.
Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well
- XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
- The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
- Lynas Corp Ltd (LYC AU) is looking to raise up to US$488m in a primary placement.
- The deal is a relatively small one, representing 9.8 days of the stock’s three month ADV, and 5.5% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point
- OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
- We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
- Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.
Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
- Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
- Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target
- GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
- In this note, we look at the company’s core products, GFH925 and GFH375.
- We also look at the company’s pre-IPO investors and management team.
Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive
- Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
- The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
- Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.
Banma Network Technology Pre-IPO Tearsheet
- Banma Network Technology (1657648D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
- Banma Network Technology is a leader in smart cockpit solutions.
- It focuses on cockpit development with its proprietary automotive operating system (AOS) and full-stack Yan AI architecture.
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