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. [Japan Offering] Kawasaki Heavy (7012) Deal Probably Prices Today
- Kawasaki Heavy Industries (7012 JP) is down about 9% outright since a Reuters article mid-day 1 July suggested they’d be raising equity. TOPIX is up tiny in the same period.
- An equal-weighted basket of Mitsubishi Heavy Industries (7011 JP) and Kawasaki Heavy Industries (7012 JP) is up 2.25%. The KHI/Peers ratio had already come off recent highs too.
- At a discount today’s close, this looks like a good deal relative to peers, but it isn’t a total no-brainer.
2. Top Five Reasons Why Samsung Electronics Should List Its Shares as ADRs in the U.S.
- Bloomberg published an article today that Samsung Electronics is in early discussions of a potential listing of ADRs in the U.S.
- The number one reason why Samsung Electronics should list its shares in the U.S. is that this could reduce the valuation discount on the company relative to its global peers.
- In terms of Samsung Electronics completing an ADR listing, I think the overall process could take about 2-3 years.
3. Aequitas: Archion Placement – Past Large Deals Performance and Thoughts on Valuations
- Toyota Motor (7203 JP) and Daimler Truck Holding (DTG GR) (DT) are looking to raise up to US$1.7bn via selling around 35% of their stake in Archion (543A JP).
- The news of the possible deal had been leaked ahead of the actual launch, although the overall selldown was very well flagged.
- We have looked at most aspects of the deal in our earlier notes. In this note, we talk about the recent share price performance and provide our thoughts on valuations.
4. CXMT Corporation (688825 CH) IPO: Valuation Insight
- CXMT Corporation (688825 CH) concluded its IPO price at Rmb8.66, and we estimate this equals 5x PER for FY26 and 3.4x for FY27.
- It is inexpensive relative to global peers, as they are trading at an average of 8.1x and 6.1x, respectively. Normally, A-shares trade at a higher multiple than global peers.
- Applying the Hang Seng AH premium on the IPO, there is a 74.5% upside. Aggressively, if GPU companies are used as references, it may even provide a 3x upside.
5. SK Hynix (SKHY) Delivers Strong Institutional Debut Following IPO Prophet’s 9.20/10 Pre-IPO Rating
- After awarding SK hynix (Nasdaq: SKHY) — a 9.20/10—the company’s U.S. debut largely validated our pre-offering thesis.
- From the opening print through the closing bell, institutional demand remained firmly in control as the stock generated an immediate Bullish Sentiment signal and never produced a Bearish Sentiment signal despite normal intraday profit-taking.
- SK hynix opened trading at $170.00, a substantial premium to its $149.00 IPO price, immediately confirming strong investor demand for one of the year’s most anticipated semiconductor offerings.
6. Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI
- 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, a lot of the listing last week didn’t end up doing much.
- There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.
7. SBI Funds – IPO Review – Weak Performance Impacting AUM Momentum
- SBI Funds is India’s largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)
- The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.
- The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.
8. Aequitas: SBI Funds Management IPO – Will Trade Inline with Its Large Peers
- SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO.
- SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
9. Head of US$150M Postage Fraud Scheme Tied to Chinese EComm Parcels Sentenced to Prison in California
- More than three years after her arrest, Lijuan Chen was sentenced to 30 months in prison
- The California woman ran a scheme linked to tens of millions of parcels from China
- We believe US Feds may develop case against the companies who benefited from the fraud
10. Aequitas: BizLink Holding GDR Early Look – Proposed GDR and CB Issuance Amid Strategic Expansion
- Bizlink Holding (3665 TT) (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
- In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.
- Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.
