In today’s briefing:
- SBI Shinsei Bank (8303 JP) IPO: The Investment Case
- Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy
- Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile
- Pre-IPO Guangdong CHJ Industry – The Business Model, the Concerns and the Outlook
- Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring
SBI Shinsei Bank (8303 JP) IPO: The Investment Case
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
- In December 2021, Shinsei Bank was privatised by SBI Holdings (8473 JP) through a contentious tender offer at JPY2,800 per share.
- The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.
Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy
- Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.
- The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.
- As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.
Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile
- Sify Infinit Spaces Ltd (2026850D IN) is looking to raise US$484m in its upcoming India IPO.
- Sify Infinit Spaces Ltd is a provider of data center colocation services in India.
- In this note, we look at the company’s past performance.
Pre-IPO Guangdong CHJ Industry – The Business Model, the Concerns and the Outlook
- CHJ’s business model integrates franchise stores and self-operated stores. Franchising as the main approach is beneficial for achieving rapid expansion, while self-operation as a supplement helps to enhance brand image.
- Due to increasing competition, future growth of CHJ may not be benefit from the high gold prices, but may be under pressure due to rising raw material costs/reduced customer demand.
- We think valuation of CHJ should be lower than Laopu, but could be higher than Zhou Liu Fu (6168 HK) due to CHJ’s higher performance growth in the short term.
Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring
- Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing. The sole sponsor is CICC.
- In our previous note, we briefly looked at the company’s fundamentals.
- In this note, we analyzed the latest changes in the company and the challenges faced by the company.
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