This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Kioxia ADS Listing on NYSE Preview
- Kioxia Holdings (285A JP) is getting ready to complete an ADS listing on the New York Stock Exchange (NYSE) in the next several months.
- Although the details of the ADS offering are not available, I believe the potential size offering could be about US$10 billion to US$20 billion or more.
- Likely sellers are Bain Capital and Toshiba. If ADS offering is US$20 billion, this represents 6% of Kioxia’s market cap and 17% of Bain Capital and Toshiba’s stakes in Kioxia.
2. I JUST SHORTED SPACEX: Should I Worry?
- SpaceX (SPCX US) share price is being driven by a thin float that will grow rapidly before year-end as lockup expirations greatly increase supply.
- The S&P rejected a fast-track for the shares, meaning the largest passive and active index buyers will not provide near-term support.
- The company’s Q2 earnings release in late July/early August will mark the first significant share lockup expiration, followed by a barrage of further share releases through early December.
3. Aequitas: Kingboard Laminates Holdings Placement – Recent Deals Haven’t Done Well, US$1.5bn Raising
- Kingboard (148 HK) is looking to sell around a 4.3% stake in Kingboard Laminates (1888 HK) to raise up to US$1.5bn via a secondary selldown.
- Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
4. Aequitas: Kioxia ADS Listing – Part 1 – Early Look – At the US$5-10bn+ Raising
- Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing.
- In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
5. Hankyung Business Daily Mentions SK Hynix ADR Amount Could Be Nearly 40 Trillion Won
- On 16 June, Hankyung Business Daily mentioned that SK Hynix (000660 KS)’s ADR amount could be nearly 40 trillion won ($26.5 billion).
- According to SK Hynix, it refuted Hankyung Business Daily’s comment about shareholder return policy of 100 trillion won.
- SK Hynix’s ADR offering could be completed sooner than anticipated after mid-July.
6. Boston Dynamics – An IPO Likely on NASDAQ in 1H 2027
- In this insight, I discuss the likely IPO of Boston Dynamics in Nasdaq in 1H 2027. Boston Dynamics is the crown jewel robotics company for the Hyundai Motor Group.
- Boston Dynamics’ valuations have recently surpassed $20 billion. In recent weeks, there has been an increased speculation of Samsung Electronics potentially acquiring a 9.9% stake in Boston Dynamics from SoftBank.
- If there are increased news flow about Boston Dynamics’ valuations continuing to rise further, the biggest beneficiary (in terms of impact on share price) could potentially be Hyundai Glovis.
7. Aequitas: Kioxia ADS Listing – Part 2 – Past Deals, Shareholder Overhang, Valuations & Memory Cycle
- Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing.
- In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.
- In our previous note, we looked at the company’s past performance, in this note we talk about its past deals, shareholder overhang and valautions.
8. Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount
- With an aim to raise HK$8.2bn of net proceeds, Lingyi iTech (1688 HK)‘s H-share IPO is a sizeable one and should attract interest.
- Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.
- Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.
9. Aequitas ECM Weekly (15 June 2026) – SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI
- 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, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
- There were a few lockup expiry linked placements in the past week.
10. WUS Printed Circuit (沪电股份) A+H Pre-IPO: Early Thoughts
- WUS Printed Circuit is seeking an A+H listing. CICC and HSBC are the sponsors.
- We look at the company’s core segments: data communications and smart vehicles.
- We discussed our preliminary thoughts on the company’s fair value based on A-H premium.
