SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
China’s online tangible sales growth slowed to +3% during 2Q22 vs 1Q22’s +8.8% due to the ongoing COVID-19 containment measures. Traditional e-commerce companies’ GMV growths were impacted during the quarter, with Alibaba being the most significantly affected. However, we have seen value-for-money platforms gaining meaningful share in the period of time. We expect a gradual recovery in China’s ecommerce sector in 2H22 with PDD as the top pick. We maintain MARKET WEIGHT on the e-commerce sector.
We publish this morning our comprehensive quarterly bible: 182 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings in 21 slides: • In PCs: demand is now weakening across the board with the beginning of a deterioration in demand in high-end and in commercial; a CPU inventory correction at OEMs is now in full swing. • Smartphone demand is deteriorating in the low-end and in China. Expectations remain at risk for smartphone semis. • Mixed signals on Enter...
Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management for residential properties located in first-tier, new first-tier and second-tier cities. OST has m...
Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.
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