Core Viewpoint - Logistics giant Prologis is planning an initial public offering (IPO) in Hong Kong, potentially in the first half of 2026, with investment banks Citigroup, Deutsche Bank, Jefferies, and Morgan Stanley selected for the arrangement [1] Group 1: Company Background - Prologis was established in 2009 and is headquartered in Singapore, focusing on supply chain, big data, and new energy infrastructure, with an asset management scale of approximately $80 billion [1] - The company operates around 450 logistics, warehousing, and manufacturing facilities across 70 regions in China, with an IT load of about 1,400 megawatts (MW) and a new energy development scale exceeding 2 gigawatts (GW) [1] Group 2: Historical Context - Prologis was previously listed on the Singapore Stock Exchange in 2010, raising SGD 3.9 billion, making it the largest real estate IPO at that time, with cornerstone investors including China Investment Corporation and Alibaba [2] - In 2017, Prologis was acquired by a Chinese consortium for SGD 16 billion, setting an Asian acquisition record, and completed its privatization process in 2018, delisting from the Singapore Stock Exchange [2] Group 3: Recent Developments - In September, it was reported that Prologis is seeking to list its China operations in 2026, as stated by a partner from its investment firm, Hopu Investment [2] - In 2023, Prologis sold its non-China business, GLP Capital Partners Inc., to Ares Management Corp. for $5.2 billion and attempted to sell its China business but did not reach an agreement with state-owned buyers [2] - In August 2024, Prologis received a $1.5 billion investment from the Abu Dhabi Investment Authority [2]

Core Viewpoint - The Philippine Stock Exchange (PSE) is experiencing a significant decline in initial public offerings (IPOs) for 2025, attributed to uncertainties surrounding U.S. tariffs and corruption scandals impacting investor confidence [1] Group 1: IPO Activity - The number of IPOs in the Philippines for 2025 is expected to drop to only two, specifically Top Line Business Development Corp and Maynilad Water Services, Inc. [1] - The overall market environment in the Philippines is described as unfavorable, with a year-to-date decline of 7.25% in the local market [1] Group 2: Market Performance - The average daily net trading volume in the Philippine market is reported to be 5.92 billion pesos [1] - The Philippine stock market is noted to be the worst performer in Southeast Asia, indicating high volatility in 2025 [1]

Core Viewpoint - Medline, a major U.S. medical supplies company, experienced a significant stock price increase of over 41% on its first day of trading on NASDAQ, reaching $41 per share, resulting in a market capitalization exceeding $32 billion [1] Group 1: IPO Details - Medline's IPO involved the sale of over 216 million shares, raising $6.26 billion, making it the largest IPO globally for the year [1] - The company was founded in 1966 and is headquartered in Northfield, Illinois [1] Group 2: Business Overview - Medline manufactures and sells approximately 335,000 types of medical and surgical supplies, including gloves, masks, surgical knives, and wheelchairs [1] - The company's products are distributed to customers in over 100 countries worldwide [1] Group 3: Marketing Strategy - CEO Jim Boyle indicated that the company has historically invested little in advertising and marketing, and the IPO will enhance brand visibility, allowing more markets to understand its business scope [1]

Core Viewpoint - The scarcity of assets, such as precious metals and private tech companies, significantly contributes to their value, leading investors to pay high valuations for companies like SpaceX and OpenAI [2][8]. Investment Landscape - Wealth managers and fund executives have profited by connecting clients with hot private investment projects, resulting in substantial gains for some clients so far [2][8]. - Many of the companies receiving investments are in highly competitive industries and are burning cash, making future profitability uncertain [2][8]. IPO Considerations - There is speculation that SpaceX and Anthropic may launch IPOs in 2026, followed by OpenAI, which could diminish their current scarcity and lead to a drop in valuations [2][8]. - Historical examples indicate that once assets become widely available, their valuations may decline, as seen in the cryptocurrency and real estate markets [2][9]. Performance of Assets - The performance of assets like cryptocurrencies and SPACs has been disappointing, serving as a warning for potential investors considering buying into private tech giants at current valuations [3][9]. - The average market value of companies that went public via SPACs from 2021 to 2024 has decreased by two-thirds, highlighting the risks associated with such investments [10]. Real Estate Investment Trusts (REITs) - Blackstone's REIT, which once reached a size of $70 billion, faced challenges as rising interest rates and declining commercial real estate prices led to investor redemption attempts being restricted [5][11]. - Many investors entered the market at unfavorable times, missing out on gains and instead facing losses as the market turned [12]. Market Trends - The majority of newly listed stocks this year have not provided significant returns to public market investors, with many experiencing substantial declines post-IPO [12]. - The high valuations of current private companies suggest that individual investors may struggle to achieve even short-term gains after their IPOs, as the focus shifts from scarcity to scrutiny of profitability and growth potential [12].

Core Viewpoint - SpaceX is entering a regulatory quiet period as it moves closer to its planned initial public offering (IPO) in 2026, requiring employees to refrain from discussing the company's listing plans and related topics to comply with SEC regulations [1] Group 1 - SpaceX has informed employees about the regulatory quiet period, which is a significant step towards its IPO [1] - The company has requested employees to avoid comments, discussions, or promotions regarding the IPO, including topics related to company growth or valuation [1] - This restriction applies to various platforms, including social media, interviews, conferences, and public appearances [1]

Group 1: Medline's IPO Details - Medline has priced its IPO at $29 per share, above the midpoint of the initial pricing range, raising $6.3 billion by issuing 216 million shares [3] - The company initially planned to issue 170 million shares, with the proceeds expected to be used for share buybacks from existing shareholders [3] - The fully diluted market capitalization of Medline is estimated at $38.7 billion, which is 4% higher than previous expectations [3] Group 2: Medline's Business Operations - Medline is a major distributor and manufacturer of medical surgical products, offering approximately 335,000 products across two main business segments: Medline brand products and supply chain solutions [4] - About one-third of Medline's branded products are produced in its 33 global manufacturing facilities, while the rest are sourced from over 500 suppliers [4] - The company operates a distribution network with 69 distribution centers and over 2,000 trucks, enabling it to serve approximately 95% of U.S. customers within a day [4] Group 3: Underwriters and Coordinators - Goldman Sachs, Morgan Stanley, Bank of America Securities, and JPMorgan Chase are serving as global coordinators and lead underwriters for the IPO [5] - A range of other banks, including Barclays, Citigroup, and Deutsche Bank Securities, are acting as book managers for the offering [5] Group 4: One Universe Acquisition SPAC - One Universe Acquisition, a SPAC led by Chinese executives, has filed for an IPO to raise up to $60 million by offering 6 million shares at $10 each [6] - The SPAC aims to acquire companies with strong management teams, mature products, and reliable revenue sources [7] - One Universe Acquisition plans to list on NASDAQ under the ticker symbol ONEU and was established in 2025 [7]

Group 1: Tesla Performance - Tesla's stock price surged by 3.07%, reaching a record high of $489.88, with a total market capitalization of $1.6293 trillion [5][13] - Year-to-date, Tesla's stock has increased by 21% [5][13] - Elon Musk's net worth rose to approximately $684 billion, making him the world's richest person, following an increase of $8.2 billion in one night [7][15] Group 2: Economic Indicators - The U.S. non-farm payroll report for November showed an increase of 64,000 jobs, exceeding market expectations, but the unemployment rate rose to 4.6%, the highest in over four years [4][12] - Retail sales in October remained flat, primarily due to weak automobile and gasoline sales [4][12] - Concerns about the U.S. economic outlook have led to cautious investor sentiment [4][12] Group 3: Oil Market - Oil prices have declined for four consecutive trading days, with WTI crude oil dropping below $55, marking the lowest level since early 2021 [8][16] - As of the latest report, WTI crude oil was priced at $55.17, while ICE Brent crude was at $58.84 [8][16]

Joining us now is Eric Mandal from Guggenheim. Eric, I mean, you got Warner Brothers Discovery, you've got Service Now that just closed a deal and was rumored to be doing another one. What's driving this pace.Why do you think it can continue. >> Yeah, it's great to be here with you, John Morgan. Thank you for having me again.There are two things going on right now that uh kind of feel like they fly in the face of one another, but creates an environment that likely drives more M&A. The first is we have this ...

The biggest IPO in four years is going to price after the close today. Medline, the medical and surgical product company, might not be just the biggest since Rivian four years ago. It could also be one of the biggest IPOs ever.And yet, there's very little hoopla surrounding it. Leslie Picker has more on the stakes here. Hi, Leslie.Hey, Kelly. Yeah, it's almost like we forgot to how to spell IPO, but I am hearing that this one is expected to price toward the upper half of the range. Medline manufactures and ...

格隆汇12月16日｜有媒体援引知情人士透露，中国移动储能设备公司EcoFlow（正浩）计划在美国进行 首次公开募股（IPO）。知情人士说，在HSG（原名红杉资本中国）的支持下，EcoFlow正与顾问合 作，可能通过股票发行筹集至少3亿美元。 ...