Daily Brief ECM: IPO Databook: Shenzhen Woke Technology (HK) – Aug 2026 and more

• SHENZHEN WOKE TECHNOLOGY Co., LTD is a Southeast Asia-focused cross-border brand owner of 3C accessories, small appliances, and home furnishings, seeking listing to strengthen its supply chain.
• The company is No. 1 in Indonesia’s 3C accessories sector with 2.2% market share (2025), achieving RMB1,216.9 million revenue in 2025.
• Revenue was RMB1,216,944 (2025), with net assets of RMB10,396 (June 30, 2026), and net foreign exchange losses of RMB17.9 million (six months ended June 30, 2026).

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• For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
• Failure to anticipate and plan for these challenges hurt sales growth and SHEIN’s valuation
• SHEIN’s stuggles speak directly to management’s ability to identify risks and quickly adapt

• China segment firm in Q2, but its strength was overwhelmed by weakness in International
• International segment continued to bleed cash in Q2, mostly offsetting China gains
• As uneven performence continues, Didi may start to feel pressure to relist shares

• 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, there were a number of deals launched in India
• On the placement front, there were a few placement in India along with Dmg Mori Co Ltd (6141 JP) in Japan.

• SHEIN is facing various unfavorable challenges. The core factors that previously supported its high growth and valuation are collapsing, so its future prospects and valuation is no longer optimistic
• If the IPO valuation falls below US$25bn, it can be regarded as an opportunity with a certain margin of safety to participate; US$25-30bn falls within a neutral but cautious range
• A valuation above US$30bn implies greater risks than opportunities, considering the significant potential selling pressure from existing shareholders after lock-up period ends, and a P/E higher than Inditex is unreasonable.

• COSMOPlat IoT, an industrial IoT controller and data intelligence solutions provider, has filed its prospectus with the HKEX. CICC and HSBC are the joint sponsors.
• We look at the company’s core segments: IoT products and data intelligence solutions.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
• A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
• The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.