Daily Brief ECM: Aequitas: Ingenic Semiconductor A/H Listing – Profits Going the Wrong Way Due to Pricing Pressures and more

• Ingenic Semiconductor (INGC HK), aims to raise up to US$500m in its H-share listing.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Dmg Mori Co Ltd (6141 JP) is looking to raise up to US$320m from a primary offering to overseas investors.
• Proceeds will mainly be used for capex at various production plants to increase production capacity.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.
• I previously discussed the IPO in Mynt (GCash) IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive. The pricing date is 28 September.

• Ever Glory United Holdings Limited is a leading integrated M&E engineering service provider in Singapore, offering comprehensive electrical, air-conditioning and mechanical ventilation, fire protection, and plumbing, sanitary and gas services.
• The company ranked second among domestic M&E engineering service providers in Singapore in 2025, with a revenue CAGR of 60.0% from 2023 to 2025.
• Profit for 2025 was S$20,122 thousand, and net current assets were S$53,729 thousand as at 30 June 2026.

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• AfterNext Acquisition I Corp. is a Cayman Islands exempted company formed to effect a business combination, having not yet selected a target.
• Fintech accounted for 5% of global banking net revenue in 2022, estimated to exceed $400 billion by 2028, growing 15% annually.
• Total assets were $101,073,918 As Adjusted, with working capital at $(465,310) Actual, and a going concern doubt.

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• ClearOne, Inc. sold its operating assets in October 2025 and is merging with Cortigent, a neurotechnology company developing implantable neurostimulation systems for artificial vision and stroke recovery.
• Cortigent is a pioneer in precision targeted neurostimulation systems, with its Orion system designated as an FDA Breakthrough Device in 2018.
• Cortigent incurred a net loss of $0.8 million for the three months ended March 31, 2026, and $3.1 million for FY2025.

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• Curis, Inc. is a biotechnology company developing emavusertib, an orally available small molecule inhibitor of IRAK4 and FLT3, evaluated in clinical studies for PCNSL and CLL.
• Emavusertib received Orphan Drug Designation from FDA for PCNSL, AML, MDS and from EC for PCNSL, showing a 100% ORR in 5 BTK-naïve patients.
• As of March 31, 2026, cash and cash equivalents were $15,001, with an accumulated deficit of $1.3 billion, raising substantial doubt about going concern.

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• Shenzhen Megmeet Electrical (002851 CH) (SME), an industrial technology group, aims to raise around US$750m in its H-share listing.
• SME has a broad product portfolio with six major business segments comprising power supplies, new energy transportation, industrial automation, smart home appliances, intelligent equipment, and precision connectivity and magnetic components.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Ingenic Semiconductor (INGC HK) , aims to raise up to US$500m in its H-share listing.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• In this note, we look at the firm’s PHIP updates and valuation.