Daily BriefsTMT/Internet

TMT: Toshiba Tec, CIMC-TianDa Holdings, Alibaba Group, Alphabet Inc Cl C and more

In today’s briefing:

  • Toshiba Tec – Where Is Toshiba Tec Headed?
  • CIMC-Tianda (445 HK): Scheme Offer Lead By CIMC
  • China Internet Weekly (5Oct2020): Internet Revenue Overcame Pandemic, Internet User Base Accelerated
  • India Internet & Consumer Weekly | Indian App Store, Walmart, JioMart

Toshiba Tec – Where Is Toshiba Tec Headed?

By Mio Kato

With the planned IPO for Kioxia being delayed for at least a few months, we wonder whether this brings Toshiba Tec more into play. As the lone listed subsidiary of Toshiba to not have its fate decided yet, Toshiba Tec is in an interesting position, especially because we consider its portfolio of products and services to be quite an interesting asset when moving into the data age.


CIMC-Tianda (445 HK): Scheme Offer Lead By CIMC

By David Blennerhassett

After shares were halted before trading opened on the 29 September pursuant to the Hong Kong Code on Takeovers and Mergers,  CIMC-TianDa Holdings (445 HK) announced on the 4 October an Offer by way of a Scheme primarily from China International Marine Cntnrs Gp (2039 HK) (CIMC). 

The cancellation price is HK$0.266/share, a 20.66% premium to last close. The price is final.

CIMC, together with joint offeror concert parties hold 75.53% of CIMC-Tianda, following the conversion of a CB held by Wison Engineering Services Co (2236 HK). Therefore Scheme Shareholders will comprise 24.47% of shares out.

Conditions to the Scheme are standard – at a Court Meeting, at least 75% of Independent Shares vote FOR the Scheme & not more than 10% of ALL Independent Shares against, or 2.447% of shares out. The headcount applies as CIMC-Tianda is Cayman incorporated.

Despite solid 1H20 earnings, the announcement indicates those earnings were propped up by orders from last year, and it has proven challenging to procure a stable supply of raw materials and to complete new orders. Given this uncertain backdrop – one expected when exposed to the global aviation industry –  pricing appears okay.

As always, more below the fold.


China Internet Weekly (5Oct2020): Internet Revenue Overcame Pandemic, Internet User Base Accelerated

By Ming Lu

  • Internet companies’ revenue increased strongly from May to August.
  • The growth rate of internet user base accelerated in 2Q20.
  • Weibo (WB)’s performance was still weak in 2Q20.
  • Jack Ma resigned as a board member of Alibaba.

India Internet & Consumer Weekly | Indian App Store, Walmart, JioMart

By Pranav Bhavsar

Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.

  • Alphabet Inc Cl C (GOOG US) monopoly is challenged. Indian entrepreneurs and application developers are hell bent on developing India’s local Appstore which will directly compete with the Google PlayStore and Apple Inc (AAPL US) ‘s AppStore. 
  • Walmart (WMT US) eyes its biggest every India investment of USD 25 billion in Tata Group in order to compete in India’s ongoing SuperApp race. 
  • Reliance Industries (RIL IN) ‘s JioMart feels out its subscription commerce model in India.
  • Smartphones to now cost more in India as the government hikes the import duty on displays.

Before it’s here, it’s on Smartkarma