This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Aequitas: CATL H-Share Placement- Will Be Very Well Flagged US$5bn Deal but Last Deal Didn’t Do Well
- Contemporary Amperex Technology (CATL) (3750 HK) (CATL) is now looking to raise US$5bn via issuing new shares.
- Two weeks ago we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place.
- In this note, we run the deal through our ECM framework and talk about the deal dynamics.
2. HK A+H IPO 2026 Update: Cornerstone Signal Returns, A-Share Momentum
- We updated our previous HK A+H listing study with deals in March and April.
- International cornerstone participation in the deal is still a strong binary screen.
- A-Share 1-month pre-listing momentum by quartile appears to be a leading indicator.
3. Aequitas: Innolight A/H Listing – Early Look – At US$5bn Could Be Hong Kong’s Largest This Year
- Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
- Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
4. Mabwell (迈威生物) A+H IPO Trading
- Mabwell raised HKD 1302m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday April 27th, 2026.
- In our previous note, we looked at the company’s fundamentals and the valuation.
- In this note, we provide an update for the IPO before its trading debut.
5. Aequitas: Cofoe Medical A/H Listing – Discount to HK and International Med-Device Peers
- Cofoe Medical Technology (CFMT HK) is looking to raise up to US$135m in its upcoming Hong Kong IPO.
- It was founded in 2009 (with its brand tracing back to 2007), and as per the prospectus, is a leading provider of home care medical devices in China.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
6. Mobia Medical (MOBI): Peeking at the IPO Prospectus of Med Device Company for Stroke Survivors
- Mobia Medical is a commercial-stage medtech company with FDA-approved Vivistim system, the first therapy targeting chronic ischemic stroke motor recovery via vagus nerve stimulation.
- The company filed for IPO on April 17, backed by major underwriters, and has rapidly scaled revenue from $15.6M (2024) to $32.0M (2025), a 104.8% increase.
- Despite strong growth and over 1,000 implants, Mobia remains loss-making, but targets a large ~$30B U.S. stroke recovery market with limited direct competition.
7. Cosmo Robotics IPO Bookbuilding Results Analysis
- Cosmo Robotics finalized its IPO price at 6,000 won (high end of IPO price range). The IPO offered shares are 4.17 million and the offering amount is 25 billion won.
- A total of 2,257 institutions participated in the bookbuilding process with a competition ratio of 1,140 to 1.
- My base case valuation of Cosmo Robotics is implied market cap of 350 billion won or target price of 10,708 won per share (78% higher than the IPO price).
8. Cofoe Medical Technology (1187 HK) IPO: Priced with Reasonable Potential Gain
- Cofoe Medical Technology (1187 HK) launched its H-share IPO at HK$39.33, valuing the stock at 16.4x PER for FY26, a discount to the global peers.
- Its 3-year EPS CAGR of 18.8% is ahead of the global average, but its market capitalisation of HK$9.3bn is materially smaller.
- Using a 10% PER discount to global peers, it has a fair range of HK$41.8-45.2, which equals a reasonable 27-33% discount to its A-share Cofoe Medical (301087 CH).
9. Aequitas: Hong Leong Asia Placement – Large Deal to Digest but Continues to Ride Tailwinds
- Hong Leong Asia (HLA SP) is looking to raise up to US$114m in a primary offering.
- This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
10. Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany
- 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, Victory Giant (2476 HK) managed to perform well in HK’s larget listing so far this year.
- On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.
