Daily BriefsTMT/Internet

TMT: JMDC Inc, Unimicron Technology, Weibo Corp, So-Young, Biel Crystal and more

In today’s briefing:

  • A Really BIG Event for JMDC (4483)
  • FTSE TWSE Taiwan 50 Index Rebalance Preview: Unimicron Should Replace Far Eastern New Century
  • Weibo Secondary Listing – Needs to Come at a Discount
  • So-Young’s Derisory Privatisation Bid
  • Biel Crystal IPO Initiation: Through the Looking Glass

A Really BIG Event for JMDC (4483)

By Travis Lundy

  • JMDC Inc (4483 JP) is an interesting company with a high-flying stock price and valuation. 
  • As one of the larger companies in the TSE Mothers universe, it still had not announced its intentions regarding TSE, and today we have the reason why
  • JMDC will move from Mothers to TSE1 on 29 November, and this will be a biggie. 

FTSE TWSE Taiwan 50 Index Rebalance Preview: Unimicron Should Replace Far Eastern New Century

By Brian Freitas


Weibo Secondary Listing – Needs to Come at a Discount

By Sumeet Singh

  • Weibo plans to raise around US$500-700m in its secondary listing in Hong Kong. 
  • The company won listing approval and filed its PHIP on last week and will look to launch its secondary offering soon.
  • In this note, we’ll take a look at the deal and talk about the impact of the raising.

So-Young’s Derisory Privatisation Bid

By Arun George

  • So-Young (SY US) is a leading Chinese plastic surgery platform. It was listed on 2 May 2019 and raised $162.9 million at $13.80 per ADS. 
  • It has received a non-binding privatisation proposal from Mr Xing Jin (co-founder, Chairman and CEO) at $5.30 per ADS, a 22.7% premium to the last close price. 
  • The offer price is derisory in the context of historical multiples and share prices. Nevertheless, Xing Jin already meets the two-thirds voting power threshold.    

Biel Crystal IPO Initiation: Through the Looking Glass

By Arun George

  • Biel Crystal (0924581D HK) is one of the world’s largest suppliers of cover glass for smartphones. 
  • Biel has won approval for an HKEx IPO to raise $1-2 billion, according to press reports. 
  • Biel’s fundamentals are attractive with solid top-line growth, operating leverage and cash generation. 

Before it’s here, it’s on Smartkarma