In today’s briefing:
- CXMT (688825 CH): Index Inclusions & Passive Buying This Year & Next for China’s Largest Stock
- Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms
- MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity
- Aequitas: Ingenic Semiconductor A/H Listing – Relatively Cheap Valuation; A-Share Momentum
- Mech-Mind Robotics (梅卡曼德) Pre-IPO: Tearsheet
- Dream International Limited (1126 HK): Share Price Weakness an Opportunity to Invest
- Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects
- Aequitas: Transwarp Technology A/H Listing – Topline and Margins Improved, Still Unprofitable
- Inovio Pharmaceuticals: October 30 Could Break The Momentum Trade — What Happens If The FDA Story Cracks?
- Inovio Pharmaceuticals: October 30 Could Break The Momentum Trade — What Happens If The FDA Story Cracks?
CXMT (688825 CH): Index Inclusions & Passive Buying This Year & Next for China’s Largest Stock
- CXMT Corporation (688825 CH) listed on 27 July after selling 10% of the company and is now the largest listed company in China (by far!) by full market cap.
- There will be a few mainland index inclusions this year and passives will need to buy over 11% of the free float.
- CXMT Corporation (688825 CH) should be added to Northbound Stock Connect in November and global index inclusions will follow starting next February. That will further reduce real float.
Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms
- Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity
- We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.
- Technical rankings, such as intelligence and speed, dropped in August.
- The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.
Aequitas: Ingenic Semiconductor A/H Listing – Relatively Cheap Valuation; A-Share Momentum
- Ingenic Semiconductor (INGC HK) is looking to raise up to US$410m in its upcoming Hong Kong IPO.
- Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Mech-Mind Robotics (梅卡曼德) Pre-IPO: Tearsheet
- Mech-Mind, a supplier of AI and 3D vision-guided robot components, has passed the HKEX listing hearing and is seeking a Main Board listing. CSI and CITIC are the joint sponsors.
- We look at the company’s core segments: intelligent robotic guidance and intelligent inspection and measurement.
- We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.
Dream International Limited (1126 HK): Share Price Weakness an Opportunity to Invest
- Company consistently generates high double-digit ROE despite having more than 30% of equity in cash
- Promoter shareholding is high, indicating alignment of interest with minority shareholders
- Recent weakness in the stock price makes the valuation attractive for a business that makes decent free cash fdlow. And a high dividend yield
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Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects
- Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.
- Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.
- Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.
Aequitas: Transwarp Technology A/H Listing – Topline and Margins Improved, Still Unprofitable
- Transwarp Technology (688031 CH) , an AI infrastructure software provider, aims to raise around US$100m in its H-share listing.
- Transwarp Technology Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to build AI infrastructure software that drives intelligent transformation and business model innovation across industries.
- In this note, we talk about the company’s past performances.
Inovio Pharmaceuticals: October 30 Could Break The Momentum Trade — What Happens If The FDA Story Cracks?
- Inovio Pharmaceuticals, Inc. (NASDAQ: INO) has suddenly become the kind of biotech stock that momentum traders love.
- The share price closed at $1.09 on August 14, 2026, according to the S&P Capital IQ data supplied for this report.
- That sits far below its 52-week high of $2.98, but well above the $0.56 low.
Inovio Pharmaceuticals: October 30 Could Break The Momentum Trade — What Happens If The FDA Story Cracks?
- Inovio Pharmaceuticals, Inc. (NASDAQ: INO) has suddenly become the kind of biotech stock that momentum traders love.
- The share price closed at $1.09 on August 14, 2026, according to the S&P Capital IQ data supplied for this report.
- That sits far below its 52-week high of $2.98, but well above the $0.56 low.
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