In today’s briefing:
- SBI Shinsei Bank (8303 JP) IPO: Trading Debut
- OmniVision Integrated Circuits Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations
- Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals
- Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25
- Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) – Some Points Worth the Attention
- Hashkey Group IPO Trading: Muted Insti Demand
- Nanhua Futures A/H Listing: Some near Term Domestic Weakness
SBI Shinsei Bank (8303 JP) IPO: Trading Debut
- SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
- I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
- The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.
OmniVision Integrated Circuits Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
- OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations
- Superbank (SUPA IJ) has raised US$168m in its Indonesia IPO.
- Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
- In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.
Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals
- Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.
- In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.
- We also look at the company’s pre-IPO investors and management team.
Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25
- Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
- SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.
Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) – Some Points Worth the Attention
- FOREST CABIN’s been subject to administrative penalties for false advertising. The natural ingredient that consumers truly pursue holds the highest premium in essence oil, but its content/efficacy is exaggerated.
- Pre-IPO valuation reached over RMB3.8bn. Some investors may believe that, given that FOREST CABIN’s profitability has initially been proven, its valuation is attractive. However, think FOREST CABIN have some issues.
- Valuation of FOREST CABIN should be lower than Mao Geping. A comfortable range could be P/E of 20-30x. If future growth declined/profit margin deteriorates, valuation may fall to 10-20x P/E.
Hashkey Group IPO Trading: Muted Insti Demand
- HashKey (3887 HK) raised around US$200m in its Hong Kong IPO.
- It operates the largest licensed crypto exchange in Hong Kong.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Nanhua Futures A/H Listing: Some near Term Domestic Weakness
- Nanhua Futures Co Ltd (603093 CH) aims to raise up to US$220m in its Hong Kong IPO.
- It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
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