This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Hynix ADR: Mid July Listing, 15% Headroom, and 1:1 Conversion
- Street is converging on about 15 percent total headroom, combining 2.5 percent issuance and 12.5 percent conversion, balancing passive inflow demand and Korean regulatory concerns over local market liquidity.
- DR conversion is effectively locked at 1 to 1, with passive flows expected to clear supply, supporting early arbitrage while preserving future stock split optionality.
- Focus on three way dynamics between local upside, ADR subscription demand, and post listing arb, with positioning driven by passive inflow versus headroom supply demand mismatch.
2. SK Hynix – ADR Listing on 10 July
- It has been confirmed that SK Hynix (000660 KS) plans to complete its ADR listing on the NASDAQ exchange on 10 July.
- Estimated issuance price is 2,555,000 won per share and the company projects total proceeds of 45.5 trillion won (US$29.4 billion) (2.5% of outstanding shares).
- The currently stated issuance price is for reference only and does not represent the actual final issuance price.
3. Hynix ADR Filing: Listing July 22 to 29, Headroom TBD, Conversion 1 to 10, Still Clean for Arb Flow
- Street focus is sizing, with 2.5 percent primary ADR print in line. Full convertibility and true ADR float still unclear, with ~15 percent headroom assumed pending Form F-6.
- Pricing likely July 9 flexing to July 16 backstop. Post funding mechanics via local share creation, KSD and SEC timing imply listing window July 22 to July 29.
- Conversion ratio revised to 1 to 10, still clean simple structure, supportive of early stage arb flow and initial secondary liquidity formation.
4. Aequitas: SK Hynix ADR Listing – Now Looking to Raise up to US$30bn – Updates, Valuation, ADR Prem
- SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$30bn via an ADR listing.
- SKH has now announced the details for its raising, which could see the ADR’s being listed next month.
- We have looked at the past performance and other deal dynamics, in our previous note. In this note, we talk about the recent updates.
5. Kioxia Targets an ADS Listing in the U.S. In the Spring of 2027 – Implications
- On 25 June, Kioxia Holdings (285A JP) announced that it plans to complete its ADS in the U.S. in the spring (around April to June) of 2027.
- The company is also considering a stock split on the local shares to make them more accessible to retail investors.
- Timing of the ADS offering (spring of 2027) suggests Kioxia is highly confident of its outlook next 9-12 months.
6. Aequitas: Zhipu Lockup Expiry – US$7bn Release After 19x Gains, US$1bn+ H-Share Offering
- Knowledge Atlas Technology (2513 HK) (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
- Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.
- In this note, we will talk about the lockup dynamics and possible placement.
7. Pre-IPO Anker Innovations Technology (A/H Listing) – The “Shallow-Sea Theory” Does Not Work Well
- Anker’s performance maintained steady growth, but growth rate in 2025 was significantly lower than 2024 and the quality of cash flow deteriorated markedly, due to 2025 rechargeable battery recall incident
- The failure of Shallow-Sea strategy is essentially a mismatch between expansion logic and market reality. Anker attempted to conquer niche category using light-asset logic, but each category has long-standing competitors
- Considering Anker is a benchmark for Chinese consumer electronics industry, with high-quality profit performance (24% ROE)/multi-category matrix to diversify risks, reasonable valuation could be 16-20x P/E based on 2026 forecast.
8. Anker Innovations H Share Listing (668 HK): Valuation Insights
- Anker Innovations Technology (668 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.
- I discussed the H Share listing in Anker Innovations H Share Listing: The Investment Case.
- The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.
9. Crealights Technology (1191 HK) IPO: Lighting Up
- Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.
- For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
- At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside.
10. Aequitas: Jio Platforms Ltd Pre-IPO Tearsheet
- Jio Platforms Ltd (1797135D IN) is looking to raise upto US$3.75bn in its India IPO, which will be run by 19 banks including Citi, MS, JPM, HSBC, GS, and others.
- Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
- Through subsidiary, Reliance Jio Infocomm, the company provides mobile and fixed broadband connectivity to over 524m customers, making it India’s largest digital connectivity platform, as per the Analysys Mason Report.
