In today’s briefing:
- 3SBio (1530 HK)’s Spin-Off and Listing of Mandi Inc.
- Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle
3SBio (1530 HK)’s Spin-Off and Listing of Mandi Inc.
- Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK) on the HKEx.
- 3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out.
- Mandi (MANDI HK), a ” hair loss and weight management treatments” solutions provider, accounted for 17% of 3SBio’s revs in the 1H25, and 12.5% of profit.
Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle
- Starting next week, the tax subcommittee is set to hash out the 25% proposal, and with the opposition unlikely to block it, the 25% top rate is basically locked in.
- The street’s treating 30% payout as base case, betting on more upside. The committee may pick it up next week, with headlines likely hitting the KRX tape fast.
- Locals are already chasing 30%+ payout, deep-value names, with gov’t aiming for a Taiwan-style re-rating. If dividend-tax headlines drop next week, these screened names could rip.
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