October 24, according to an announcement
from Xinyi Solar.
It is understood that Xinyi Energy’s IPO has
won listing approval and pre-marketing is
likely to start after the shareholder meeting.
People involved told IFR earlier that the
deal could raise about US$300m.
Established in 2015, Xinyi Energy owns
and operates ground-mounted solar farm
projects initially developed and constructed
by Xiniyi Solar. The company has a portfolio
of nine solar farms with a combined
capacity of 954MW.
Following the spin-off, Xinyi Solar will
continue to be the largest shareholder and
controlling shareholder of Xinyi Energy
with a 75% stake.
BNP Paribas is the sole sponsor of the deal.
CNFINANCE LAUNCHES SMALLER NYSE IPOCNFINANCE HOLDINGS has launched a smaller-
than-expected NYSE IPO to raise up to
US$55m with newly appointed
underwriters.
The deal comprises 6.5m American
depositary shares in an indicative price
range of US$7.50–$8.50 each.
The transaction size is now 73% smaller
THANûTHEûPREVIOUSû53MûlLEDûWITHûTHEû
Securities and Exchange Commission.
Roth Capital Partners and Shenwan Hongyuan
Securities are replacing Credit Suisse and JP
-ORGANûASûTHEûLEADSûONûTHEûmOAT
Several investors have each expressed
interest in purchasing over 5% of the
offering shares, or up to US$60m.
!CCORDINGûTOûANûEARLIERûlLING ûTHEû
company facilitates loans by connecting
micro and small-enterprise owners with its
funding partners, which are mainly trust
companies. In 2016 and 2017, the company
originated home equity loans with an
aggregate principal amount of Rmb8.3bn
(US$1.2bn) and Rmb17.1bn, respectively.
It posted net income of Rmb533m in
2017, a 126% increase from a year earlier. It
EARNEDû2MBMûFORûTHEûlRSTûTHREEûMONTHSû
of 2018.
BABYTREE VALUATION REACHES US$4.3bn#HINASûLEADINGûONLINEûPARENTINGûlRMû
BABYTREE GROUP, backed by e-commerce giant
Alibaba Group, has been valued in a
US$2.53bn–$4.3bn range by banks working
ONûITSû(ONGû+ONGûmOATûOFûUPûTOû53M
Joint sponsor Morgan Stanley gives the
company a valuation of US$2.53bn–$3.26bn,
according to pre-deal research reports seen
by IFR. The range implies a forecast 2019 P/E
of 23–30.
Financial adviser UBS values the company
at US$3.5bn–$4.3bn, representing a 29.8–
37.0 2019 P/E.
The more aggressive estimation is based
on Babytree’s strong advertising and
e-commerce businesses, with a forecast 2019
NETûPROlTûOFû2MBMû53M ûONû
revenues of Rmb1.6bn.
Taking into account the fair value change
OFûlNANCIALûLIABILITIES û5"3ûFORECASTSûTHEû
company’s 2018 net loss will amount to
2MBBN ûWITHûANûADJUSTEDûNETûPROlTûOFû
Rmb271m.
The company started pre-marketing last
week.
Babytree says it is China’s largest
maternity and child-focused online
community and had 139 million monthly
active users last year, according to
PRELIMINARYûREGULATORYûlLINGS
Alibaba in late May invested US$214m in
"ABYTREE ûVALUINGûTHEû
YEAR
OLDûlRMûATû
Rmb14bn. The company also counts
conglomerate Fosun International among its
backers.
China Merchants Securities, Haitong
International and Morgan Stanley are joint
sponsors for the IPO.WANKA ONLINE VALUE MAY HIT HK$13.1bnA sponsor of WANKA ONLINE’s US$400m–
$500m Hong Kong IPO has valued the
mobile advertising service provider at
HK$11.1bn–$13.1bn (US$1.4bn–$1.7bn).
ICBC International estimates Wanka will
POSTûANûADJUSTEDûNETûPROlTûOFû2MBMû
(US$7.74m) in 2018 and Rmb321m in 2019.
The valuation range implies a forecast
2019 P/E of 30.7–36.3.
Wanka started pre-marketing last week.
The company provides advertising
services for various industries. It marketed
2,817 mobile apps in 2017 and recently
expanded into the online game co-
publishing and online-video distribution
BUSINESSES ûACCORDINGûTOûREGULATORYûlLINGS
Wanka’s executive directors Gao Dinan
and Zheng Wei have a combined controlling
interest of 39.7% in the company.
CICC, Citigroup, ICBC International and
Macquarie are joint sponsors on the proposed
mOATMOBVISTA TARGETS US$300m–$400m
FOR IPOThe joint sponsors of IPO hopeful MOBVISTA
have valued the company in a US$2bn–
$3.3bn range, according to pre-deal research
reports seen by IFR.
CMB International gives the mobile
marketing company a HK$15.9bn–$22.3bn
(US$2bn–$2.8bn) post-money valuation,
representing a forecast 2019 P/E of 30–42.
UBS values the company at US$2.3bn–
$3.3bn, equal to an EV/Ebitda range of
18.3–21.8. The bank estimates thecompany’s 2018 net income will amount to
53M ûmATTISHûVERSUSû53MûINû
But its gross margin is forecast to improve
from 21.5% in 2018 to 29.1% next year,
putting Mobvista’s net income at US$66.5m
in 2019 and US$103.6m in 2020.
The company, which is seeking to list in
Hong Kong, is already listed on the over-the-
counter market the National Equities
Exchange and Quotations, China’s third
board.
It started pre-marketing last week for its
IPO plan to raise US$300m–$400m.
CMB International and UBS are the joint
sponsors.
In April, NEEQ and Hong Kong Exchanges
and Clearing signed a memorandum of
understanding which allows NEEQ-listed
companies to list in Hong Kong without
delisting from the third board.INDIA
AIRTEL AFRICA SAYS LSE IPO ON TRACKAIRTEL AFRICA, a subsidiary of India’s biggest
mobile carrier Bharti Airtel, has denied a
media report that its IPO has been delayed.
“We would like to categorically state that
Airtel Africa IPO preparations are
proceeding as per plan and there is no
change in plans. The new board is in place
with new investor’s representatives and we
REMAINûVERYûCONlDENTûABOUTûTHEû)0/û
process,” Airtel Africa said in a statement.
Earlier this month Airtel Africa raised
US$1.25bn from global investors including
SoftBank, Warburg Pincus, Singapore
Telecommunications and Temasek.
Citigroup, JP Morgan and UBS are the banks
ONûTHEû,ONDONû)0/û4HEûSIZEûOFûTHEûmOATûANDû
timing has not yet been decided.
The African business represents just over
a quarter of the revenue of the listed entity,
which has a market capitalisation of
Rs1.2trn (US$16bn).
Bharti Airtel owns telecoms assets in 14
African countries. In the quarter ending
June 2018, revenue from Africa was Rs201bn
and earnings before interest, tax,
depreciation and amortisation Rs68bn.SINGAPORE
CROMWELL EUROPEAN REIT PLANS
RIGHTSSingapore-headquartered CROMWELL EUROPEAN
REAL ESTATE INVESTMENT TRUST has announced a
38-for-100 €224m (US$254m) rights offer at
€0.373 per unit.
The offer price represents a 32% discount
to the pre-deal close of €0.545.