Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/ckd-corp" target="_blank" data-smartkarma-citation="entities:15225:1" rel="noopener">Ckd Corp (6407 JP)</a> announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.</li>
<li>The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.</li>
<li>The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't <em>dirt</em> cheap and expected growth is slower than you'd like for the multiple.</li>
</ul>


Yesterday, Ckd Corp (6407 JP) announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.
The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.
The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't dirt cheap and expected growth is slower than you'd like for the multiple.


[Japan Offering] CKD (6407 JP) Sees Banks and an Insurer Sell; Buyback but Index Selling Offsets

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>A group of shareholders are looking to raise ~US$130m in a secondary sale of <a href="https://www.smartkarma.com/entities/ckd-corp" target="_blank" data-smartkarma-citation="entities:15225:1" rel="noopener">Ckd Corp (6407 JP)</a>
</li>
<li>Selling shareholders include the banks - Mitsui Trust bank, Mitsui Banking, MUFG etc. Post the deal, they will retain &lt;5% ownership.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise ~US$130m in a secondary sale of Ckd Corp (6407 JP)

Selling shareholders include the banks - Mitsui Trust bank, Mitsui Banking, MUFG etc. Post the deal, they will retain &lt;5% ownership.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: CKD Corp Placement - US$130m Secondary Selldown in an AI/Semicon Name

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we look at who pays as yields climb, follow the squeeze in refined products, and track the unwinding of strategic stakes from Tokyo to Seoul and Singapore.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we look at who pays as yields climb, follow the squeeze in refined products, and track the unwinding of strategic stakes from Tokyo to Seoul and Singapore.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator’s Cut: Debt Gets Dearer, Diesel Runs Dry & Strategic Stakes Come Undone

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Japan

CKD Corporation manufactures pneumatic equipment and control devices including valves, cylinders, filters, and dryers.  The Company also produces automated labor-saving machines such as integrated circuit (IC) production equipment, assembly machines, auto-transport machinery, and packaging machines for pharmaceutical products.

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Ckd Corp (6407 JP)

[Japan Offering] CKD (6407 JP) Sees Banks and an Insurer Sell; Buyback but Index Selling Offsets

CKD sees financial crossholders doing a selldown. There is more behind eventually. Corporates too. Growthy sector. Lower growth projections than...

Travis Lundy

Aequitas: CKD Corp Placement - US$130m Secondary Selldown in an AI/Semicon Name

A group of shareholders are looking to raise ~US$130m in a secondary sale of Ckd Corp (6407 JP). In this note, we will talk about the placement and...

Hong Jie Seow

Curator’s Cut: Debt Gets Dearer, Diesel Runs Dry & Strategic Stakes Come Undone

We see which Asian sectors might be impacted by rising rates, how refiners are benefitting from wide crack spreads, and how strategic stakes are...

Pranav Rao

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

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