In today’s briefing:
- Zijin Gold IPO: The Good, The Bad and Valuations. For the Gold Bulls.
- Berkshire Hathaway Dumps All Its Stake in BYD – Impact on the Chery Auto IPO
- The Pinkfong Company IPO Preview
- Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation
- Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold
- Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium
- Lendbuzz Inc. (LBZZ): Peeking at the IPO Prospectus of an AI-Powered Lender
- Jain Resource Recycling Pre-IPO – Robust Growth but Inorganic Moves Lack Full Value
- Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable
- Pre-IPO Banu International Holding – The Pain Points and the Outlook
Zijin Gold IPO: The Good, The Bad and Valuations. For the Gold Bulls.
- Zijin Gold (2259 HK) IPO offers investors with a bullish outlook on gold prices a timely entry into a pure play gold miner with a globally diversified asset base.
- At HKD71.59/share, Zijin Gold IPO is set to raise US$3.2 billion with cornerstone investors already committing about half the deal (US$1.6 billion).
- At current gold prices, IPO valuations leave a reasonable buffer; however, a pullback toward year-ago levels would pose significant downside.
Berkshire Hathaway Dumps All Its Stake in BYD – Impact on the Chery Auto IPO
- Warren Buffett’s Berkshire Hathaway completely exited its stake in BYD (1211 HK).
- We highlight four major reasons why Berkshire may have exited its entire position including valuations, tariffs, competition and lower profit margins, and greater risk prospects on economic stagnation in China.
- Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of Chery Auto IPO.
The Pinkfong Company IPO Preview
- The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025.
- The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.
- At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).
Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation
- Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.
- It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
- The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering.
Zijin Gold IPO: Gold Price Sensitivity Analysis. A High Beta Proxy for Gold
- Zijin Gold (2259 HK) ’s US$3.2 billion IPO closes tomorrow, Wednesday, September 29.
- The pure-play gold miner, backed by Zijin Mining, is priced at an EV/Reserves multiple in the top quartile of global peers.
- With high sensitivity to gold price movements, Zijin Gold offers amplified upside potential — and downside risk — versus bullion itself.
Butong Group IPO Trading: Significant Retail Demand Despite Steep Premium
- Butong Group (BUTONG HK) raised around US$100m in its Hong Kong IPO.
- Butong focuses on the mid to high-end segment of China’s nursery product market.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
Lendbuzz Inc. (LBZZ): Peeking at the IPO Prospectus of an AI-Powered Lender
- Lendbuzz filed for an IPO on September 12th for a potential October debut.
- They serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores® of 601-719).
- They had total revenue of $101.3 million, $175.4 million, and $281.5 million and net income of $15.0 million, $11.2 million, and $24.3 million in 2022, 2023, and 2024, respectively.
Jain Resource Recycling Pre-IPO – Robust Growth but Inorganic Moves Lack Full Value
- Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
- The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
- In this note, we take a quick look at the company’s past performance
Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable
- Wakefit Innovations (1684049D IN) is looking to raise US$231m in its upcoming India IPO.
- Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. It mainly sells mattresses, furniture and furnishings.
- In this note, we look at the company’s past performance.
Pre-IPO Banu International Holding – The Pain Points and the Outlook
- Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn’t a good signal for chain brands
- The label of “high price” cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.
- The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than Haidilao but higher than Xiabuxiabu Catering.
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