Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax</a>, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.


MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. </li>
<li>The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.</li>
<li>At fair FY27F P/S of 48.8x, this equals 18% discount to the <a href="https://www.smartkarma.com/entities/moore-threads-intelligent-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Intelligent (688795 CH)</a> and 35% premium to <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a>. </li>
</ul>



MiniMax (100 HK) is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. 
The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.
At fair FY27F P/S of 48.8x, this equals 18% discount to the Moore Threads Intelligent (688795 CH) and 35% premium to Shanghai Biren Technology (6082 HK). 


MiniMax Group (100 HK) IPO: Estimate of Fair Value

Biren Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Intelligent Tech (6082 HK)</a> is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.</li>
<li>Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  </li>
<li>Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. </li>
</ul>



Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  
Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. 


Biren Technology (6082 HK) IPO: What Valuations?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the IPO price range.</li>
<li>We have used Moore Threads and MetaX Integrated Circuits as comps. Our P/S multiple of 104x is 40% discount to the comps' average P/S multiple of 173x in 2025.</li>
<li>We estimate Biren Technology's sales to increase to RMB0.8 billion  in 2025 (up 145% YoY), RMB1.6 billion in 2026 (up 91% YoY), and RMB2.9 billion (up 87% YoY) in 2027.</li>
</ul>


Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the IPO price range.
We have used Moore Threads and MetaX Integrated Circuits as comps. Our P/S multiple of 104x is 40% discount to the comps' average P/S multiple of 173x in 2025.
We estimate Biren Technology's sales to increase to RMB0.8 billion  in 2025 (up 145% YoY), RMB1.6 billion in 2026 (up 91% YoY), and RMB2.9 billion (up 87% YoY) in 2027.


Biren Technology HK IPO Valuation Analysis

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Biren Technology, a Shanghai-based developer of GPGPU chips and GPGPU-based intelligent computing solutions, is expected to price the offering next week.</li>
<li>The company’s Global Offering puts the initial price range per share at HK$17.00 to HK$19.60, implying a market cap of ~HK$44.6B or ~$5.7B at midpoint on a fully diluted basis.   </li>
<li>After enjoying years of technological and market share dominance in the GPU space in China, NVIDIA faces growing competition from “four little dragons” – MetaX, Moore Threads, Biren and Enflame.</li>
</ul>


Biren Technology, a Shanghai-based developer of GPGPU chips and GPGPU-based intelligent computing solutions, is expected to price the offering next week.
The company’s Global Offering puts the initial price range per share at HK$17.00 to HK$19.60, implying a market cap of ~HK$44.6B or ~$5.7B at midpoint on a fully diluted basis.   
After enjoying years of technological and market share dominance in the GPU space in China, NVIDIA faces growing competition from “four little dragons” – MetaX, Moore Threads, Biren and Enflame.


Biren Technology IPO (6082.HK): Signals Investor Conviction With Higher Valuation Vs. Prior Funding

China

Moore Threads Technology Co., Ltd. develops application products. The Company provides visual computing applications, edge computing servers, artificial intelligence applications, and other products. Moore Threads Technology offers its services throughout China.

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Moore Threads Technology (688795 CH)

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

Biren Technology (6082 HK) IPO: What Valuations?

Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...

Osbert Tang, CFA

Biren Technology HK IPO Valuation Analysis

Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the...

Douglas Kim

Biren Technology IPO (6082.HK): Signals Investor Conviction With Higher Valuation Vs. Prior Funding

High growth GPU maker Biren Technology disclosed terms of its IPO in Hong Kong. The offering signals investor conviction with IPO valuation more...

Andrei Zakharov

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52-week Range

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MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

​MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

Biren Technology (6082 HK) IPO: What Valuations?

​Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...

Osbert Tang, CFA

Biren Technology HK IPO Valuation Analysis

Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the...

Douglas Kim

Biren Technology IPO (6082.HK): Signals Investor Conviction With Higher Valuation Vs. Prior Funding

​High growth GPU maker Biren Technology disclosed terms of its IPO in Hong Kong. The offering signals investor conviction with IPO valuation more...

Andrei Zakharov

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...

High growth GPU maker Biren Technology disclosed terms of its IPO in Hong Kong. The offering signals investor conviction with IPO valuation more...