In today’s briefing:
- Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms
- HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week
- MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025
- Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels
- Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks
- EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO
- Smarttech247 Group PLC – Hybridan Small Cap Feast: 28/04/2025
- Simplex Holdings (4373 JP) – Disciplined Delivery and Expecting Sales Growth Acceleration
- Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud
Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms
- Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
- There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.
- NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.
HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week
- Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. The first three weeks in April were HK$168bn. The next two weeks flat.
- Two weeks ago saw SOEs sold quite heavily in somewhat weaker volume. This past week saw only 3 days of SOUTHBOUND trading and saw net selling of big internet names.
- This week threatens to be quiet as well, as tariff news moves away from China for a little while, and towards foreign auto exporters, Canada, Mexico, and “trade frameworks.”
MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025
- MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.
- Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.
- Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.
Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels
- TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread
- UMC: -1.8% Discount; Also Near a Level to Go Long the Spread
- CHT: -2.2% Discount; Good Level to Go Long the Spread
Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks
- On the 17th March, eftpos terminal provider Smartpay (SPY NZ/SMP AU) announced the receipt of two NBIOs
- One from Tyro (TYR AU) (@ NZ$1.00/share) and one from a third party (believed to be Shift4 (FOUR US)). Both parties were granted a limited period of commercial due diligence.
- After Shift4 (if indeed them) bumped terms to NZ$1.20/share/A$1.12/share, it was granted exclusivity on the 2nd May. Tyro has now walked.
EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO
- The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
- BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus.
- The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.
Smarttech247 Group PLC – Hybridan Small Cap Feast: 28/04/2025
- Our daily digest of news from UK Small Caps 28th April 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Last Friday (25th April), The Smarter Web Company (AQSE:SWC), announced its first day of dealings on the on the Aquis Stock Exchange.
- The Smarter Web Company is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence.
- Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development.
Simplex Holdings (4373 JP) – Disciplined Delivery and Expecting Sales Growth Acceleration
- Results in line, demonstrating resilience – FY3/25 results were in line with guidance, as Simplex responded effectively in driving a notable earnings recovery in H2 FY3/25.
- Orders and backlog growth were robust, denoting high earnings visibility.
- Management provided clarity over the insurance business, which will continue as part of Financial Retail, and FY3/26 guidance points to sustained sales and earnings growth YoY in the high teens.
Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud
- Nemetschek has partnered with Google Cloud to embed AI into its AEC/O and media software, expand global market access through digital marketplaces, and promote sustainability in design and construction workflows.
- For Q1 2025, it reported better-than-expected revenue growth, though EBITDA was temporarily impacted by the insolvency of a payment service provider; underlying margins remain strong, and full-year guidance was reaffirmed.
- Nemetschek remains one of Europe’s fastest-growing software firms, driven by a successful transition to subscriptions, with strong visibility through 2027–2028.
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