This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
Receive this weekly newsletter keeping 45k+ investors in the loop
1. OmniVision H Share Listing (501 HK): Valuation Insights
- OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million.
- I discussed the H Share listing in OmniVision H Share Listing: The Investment Case.
- The proposed AH discount of 25.5% (based on the 30 December A Share price) is resonable, and I would participate in the H Share listing.
2. 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.
- 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.
3. MiniMax (100 HK) IPO: Valuation Insights
- MiniMax (MINIMAX HK), a global AI foundation-model company, is seeking to raise up to US$540 million. Pricing is on 7 January.
- I discussed the H Share listing in MiniMax (100 HK) IPO: The Investment Case.
- The IPO price range is attractive compared to the last reported valuation rounds and revenue targets of its three private pure-play competitors.
4. Kanzhun Placement – Decent Performance but Liquidity Plays a Factor
- Tencent Holdings (via Image Frame Investment) aims to raise around US$205m via selling a part of its stake in Kanzhun (2076 HK).
- Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, providing more convenience to both.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
5. Montage Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
- MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
6. Pre-IPO MiniMax Group – About the Business Model, the Concerns and Thoughts on Valuation
- MiniMax’s “multimodal + heavy product” approach does show strong revenue growth potential, but cost pressure of this “multimodal operation” is clear. The profitability of MiniMax’s core C-end business is weak.
- The high-end pricing of its IPO reflects more the market’s optimism about China’s AI global narrative and short-term growth momentum rather than a valuation based on a robust financial model.
- Considering Zhipu AI’s higher gross margin based on its B-end technology path, we think in the short term, reasonable MiniMax’s valuation is close to or slightly lower than Zhipu AI.
7. OmniVision Integrated Circuits Group A/H Listing – Needs More Discount
- OmniVision Integrated Circuits Group (603501 CH), a semiconductor company, aims to raise around US$600m in its H-share listing.
- OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
8. Aequitas 2025 IPOs and Placements Performance Review – HK Breached COVID Peak, India Flow Strong
- 2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
- We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
- For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.
9. MiniMax Group (100 HK) IPO: Estimate of Fair Value
- 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).
10. Aequitas: MiniMax IPO Trading – Highest AI Linked Coverage so Far
- MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m 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 and valuations in our previous note. In this note, we talk about the trading dynamics.
