In today’s briefing:
- Weekly Deals Digest (18 May) – CATL, Hengrui, ESR, OneConnect, Mayne, Nissin, Nippon Road, TechnoPro
- ECM Weekly (19 May 2025) – CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM
- GMO Internet Placement: Extremely Overvalued at the Moment
- Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention
Weekly Deals Digest (18 May) – CATL, Hengrui, ESR, OneConnect, Mayne, Nissin, Nippon Road, TechnoPro
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Contemporary Amperex Technology (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) launch H Share listings.
- Event-Driven developments: ESR Group (1821 HK), Oneconnect Financial Technology (6638 HK), Mayne Pharma (MYX AU), Nissin Corp (9066 JP), Nippon Road (1884 JP), Technopro Holdings (6028 JP).
ECM Weekly (19 May 2025) – CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
- On the placements front, Japan deals appear to be picking up again.
GMO Internet Placement: Extremely Overvalued at the Moment
- GMO Internet Group (9449 JP) is looking to sell its 33.4% stake in its subsidiary GMO Internet (4784 JP) to meet free-float requirements.
- Shares are very overvalued at the moment and should be worth a mere fraction of its current trading value.
- We have looked at the company’s deal dynamics in our earlier notes. In this note, we discuss the firm’s outlook as well as valuation.
Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention
- GASTROClear’s clinical application may be limited by doctors’ lack of sufficient trust/recognition. GASTROClear could mainly be commercialized in the non-clinical market in China first. However, the competition is more intense.
- The dual pressure of lack of medical insurance reimbursement and higher pricing may lead to lower-than-expected market penetration.It’s not easy for Mirxes’ revenue to return to the level of 2021.
- Short-Term valuation depends on market sentiment, but in long term, it still depends on the commercialization performance and the improvement of cash flow. The IPO pricing is expensive.
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