Daily Brief ECM: SHEIN Global (625 HK) IPO: Valuation Insights and more

• SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
• I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look 
• I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. 

• Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.
• We look at the company’s four core segments: embedded storage, SSDs, mobile storage and DIMM.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
• Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Globalwafers (6488 TT) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.
• On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m common shares via a GDR offering. 
• 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.

• Glenwood Credit, a Korean PE firm, is looking to sell its stake in Silicon2 (257720 KS) , which it holds through a special purpose vehicle Silk Investment Purpose. 
• Silicon2 is a global distribution company that sell products from South Korean cosmetic brands mainly across Europe, America and other parts of Asia.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Oliver Corporation (619A JP) aims to raise around US$130m in its Japan IPO.
• Oliver Corporation was a furniture manufacturing company known as Fuji Steel and sold steel furniture. As it started to expand into wooden furniture, it eventually renamed itself as Oliver Co.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Zhongan Information, an enterprise AI solutions provider, has filed its prospectus with the HKEX. ICBC International and Guolian International are the joint sponsors.
• We look at the company’s core segments: intelligent marketing and intelligent operation management.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• Shanghai Eigencomm Technologies is a fabless provider of cellular IoT chips, ranking third globally with a 3.9% market share. It focuses on R&D and commercialization, outsourcing manufacturing.
• The company’s NB-IoT chip achieved top global shipment ranking (2022-2024), and its Cat.1bis chip ranked second globally in 2024.
• Revenue was RMB552,404 thousand in 2024, and gross profit margin declined from 22.3% (2024) to 7.8% (6M 2026).

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• Zhejiang Rongtai Electric Material Co., Ltd. is the global leader in mica-based composite materials for new energy applications, holding the top market share. The company expanded into robotics components and.
• The company is a global leader in mica-based composite materials for new energy applications, ranking first globally and in China in 2025. It held 283 patents and sold products in.
• Revenue reached RMB1,375,754 thousand in 2025, with profit for the year at RMB282,607 thousand. Cash and cash equivalents decreased to RMB367,538 thousand by June 30, 2026.

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• Serina Therapeutics, Inc. is a clinical-stage biotechnology company developing wholly-owned drug product candidates for neurological diseases. Its POZ Platform™ technology improves polymeric drug conjugates.
• Serina Therapeutics received FDA IND clearance for SER-252 in January 2026 and dosed the first patient in its Phase 1b trial in February 2026.
• Management concluded substantial doubt exists about the Company’s ability to continue as a going concern within twelve months.

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