In today’s briefing:
- CATL (300750 CH): Index Inclusion Post H-Share Listing
- Timee US$280m Lockup Expiry – Scattered List of Financial Investors Coming Unlocked
- A Hostile M&A Fight for T’Way Air
- Keppel Ltd: Part V – Transforming into a Global Asset Manager
- CATL A/H Listing – Early Look – US$5bn Could Be Hong Kong’s Largest This Year
- What’s News in Amsterdam – 20 January (KPN | InPost | Ebusco | PostNL)
- Paycloud Holdings (4015 JP) – A High-Growth Retail Marketing Platform Operator
CATL (300750 CH): Index Inclusion Post H-Share Listing
- Contemporary Amperex Technology (CATL) (300750 CH) has announced plans for an H-share listing with media reports indicating a raise of at least US$5bn. Shareholders have approved the issuance.
- CATL (300750 CH) was designated as a Chinese Military Company earlier this year by the U.S. Department of Defense but is still not on the NS-CMIC list.
- The CATL (300750 CH) H-shares should get Fast Entry to the global indices and iShares China Large-Cap (FXI US) ETF. Inclusion in the HSCEI and HSI will take longer.
Timee US$280m Lockup Expiry – Scattered List of Financial Investors Coming Unlocked
- Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.
- Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
A Hostile M&A Fight for T’Way Air
- An M&A fight for T’Way Air has officially erupted as Daemyung Sono Group sent a letter to the current management requesting several management improvement measures including resignation of existing management.
- Currently, T’Way Air’s largest shareholders are T’Way Holdings and Yelimdang which combined have 30.07% stake in T’Way Air. Daemyung Sono is the second largest shareholder with a 26.77% stake.
- From Daemyung Sono Chairman Seo Jun-Hyeok perspective, entering the aviation industry is attractive because it can create synergy with existing hotels and resort businesses.
Keppel Ltd: Part V – Transforming into a Global Asset Manager
- Keppel’s Vision 2030, announced in May 2020, envisages that it would become a global asset manager and operator, with Funds Under Management (“FUM”) of S$200bn.
- In this report we are focusing on Keppel’s private funds, which account for 70% of its current FUM.
- Based on Keppel’s publicly released materials, Keppel’s strategy to reach their goal is separated into 3 key components.
CATL A/H Listing – Early Look – US$5bn Could Be Hong Kong’s Largest This Year
- Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
- CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
What’s News in Amsterdam – 20 January (KPN | InPost | Ebusco | PostNL)
- In this edition: • KPN | ACM: stricter supervision on information obligations for telecom companies • InPost | plans to invest GBP 600m in the UK between 2025 and 2029 • Ebusco | auctioning part of its inventory • PostNL | FY24 result falls short of guidance; mainly because of Mail
Paycloud Holdings (4015 JP) – A High-Growth Retail Marketing Platform Operator
- Paycloud Holdings Inc. (hereafter, “the Company”) primarily serves major retail and restaurant chains, as well as consumer-related businesses, through its three main businesses: 1) cashless service, 2) digital signage-related, and 3) IT solutions.
- By integrating DX solutions across these three businesses, the Company pursues a retail marketing platform strategy focused on supporting to strengthen consumer touchpoints both inside and outside of retail stores.
- It is establishing itself as a leading domestic player with its Dokuji Pay (branded currency payment + marketing) service, where clients act as issuers, and delivering end-to-end digital signage-related solutions.
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