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 ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink
- 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, SBI Funds Management didn’t deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
- Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN).
2. Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts
- Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.
- We look at the company’s core segments: memory ICs and computing ICs.
- We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.
3. FT States Anthropic Is Planning an IPO at $2T+ Valuation: Buy the Rumor, Sell the News & Market Top?
- According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, which would be the largest IPO in history.
- This is likely to clearly benefit early investors in the company such as SK Telecom which had a 0.3% stake in Anthropic at the end of 2025.
- Given the fact that Anthropic is likely to complete its IPO sometime in October 2026, the further alpha on SK Telecom could take place in the next 1-2 months.
4. Aequitas: DMG Mori Placement-Slightly Opportunistic Raising, on the Back of Strong Earnings Release
- 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.
5. Aequitas: Ingenic Semiconductor A/H Listing – PHIP Update and Valuation
- 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.
6. Aequitas: Ingenic Semiconductor A/H Listing – Profits Going the Wrong Way Due to Pricing Pressures
- 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.
7. IPO WATCH: Unitree Robotics – One Small Step for Man, One Giant Leap for Humanoids
- Chinese robot maker Yushu Technology (Unitree Robotics, 688836 CH Equity) priced its initial public offering (STAR market) in a deal that would make it the first mainland-listed humanoid robot manufacturer.
- The retail portion was 8,000x oversubscribed with 9.8 million individual investor orders, marking a landmark moment for China’s embodied-AI sector. China’s global market share in humanoid robots is >85%.
- The nearest listed competitor is UBTECH Robotics (9880 HK); however, Agibot, the world’s largest humanoid robot company by unit sales, is slated to list on the Shanghai exchange soon.
8. Aequitas: NSE Pre-IPO – Peer Comparison
- 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 will undertake a peer comparison.
9. Weekly Deals Digest (16 Aug) – Shein, Kakaku, Austal, BetMakers, Cleanaway, Cygnus, FleetPartners
- A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
- ECM developments: SHEIN Global Holdings (SHEIN HK) and GCash (Mynt) (GCASH PM) IPOs.
- Event-Driven developments: Kakaku.com Inc (2371 JP), Austal Ltd (ASB AU), Betmakers Technology Group (BET AU), Cleanaway Waste Management (CWY AU), Cygnus Metals (CY5 AU), FleetPartners Group (FPR AU).
10. Aequitas: Knowledge Realty Trust IPO Lockup Expiry – US$4bn+ Lockup Release
- Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
- KRT is India’s largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
- In this note, we will talk about the lockup dynamics and possible placement.
