In today’s briefing:
- Aequitas: Light and Wonder Placement -Portfolio Rebalancing by Caledonia
- Longsys (江波龙) A+H IPO: Analysis of Deal Terms
- Cult.FiT Limited IPO – First Cut
- Mech-Mind (梅卡曼德) IPO Trading
- Aequitas: Shein Global Holdings IPO Trading – No Demand.. Existing Holders Took Half the Deal
- SHEIN (希音) IPO Trading
- Aequitas: Shenzhen Longsys Electronics A/H Listing – It’s Cheap but Might Not Be Cheap Enough
- Aequitas: Oliver Corporation IPO – Better Value Elsewhere
- Yangtze Memory Technologies Co (YMTC) IPO Preview
- SHEIN Global (625 HK) IPO: Trading Debut
Aequitas: Light and Wonder Placement -Portfolio Rebalancing by Caledonia
- Caledonia is looking to raise US$273m via the sale of shares in Light & Wonder (LNW AU) .
- The raising is a portfolio rebalancing by Caledonia with Caledonia indicating no more selling in the medium-term.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Longsys (江波龙) A+H IPO: Analysis of Deal Terms
- Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors.
- 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.
Cult.FiT Limited IPO – First Cut
- This insight discusses about the broad structure of upcoming IPO of Cult.fit Limited (1416928D IN).
- It discusses about the company profile, business segments and financial snapshots.
- Finally, we highlight the various points to look forward to in this IPO.
Mech-Mind (梅卡曼德) IPO Trading
- Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
- In our previous notes, we looked at the company’s fundamentals, deal terms and peer valuation.
- In this note, we provide an update for the IPO before its trading debut.
Aequitas: Shein Global Holdings IPO Trading – No Demand.. Existing Holders Took Half the Deal
- SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
- Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
- We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.
SHEIN (希音) IPO Trading
- SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.
- In our previous notes, we looked at the company’s fundamentals and the deal terms.
- In this note, we provide an update for the IPO before its trading debut.
Aequitas: Shenzhen Longsys Electronics A/H Listing – It’s Cheap but Might Not Be Cheap Enough
- Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m in its H-share listing.
- SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Aequitas: Oliver Corporation IPO – Better Value Elsewhere
- Oliver Corporation (619A JP) aims to raise around US$132m in its Japan IPO.
- Established in 1967, Oliver Corporation was initially a furniture manufacturing company known as Fuji Steel and sold steel furniture.
- In our previous note, we looked at its past performance. In this note, we will talk about valuations.
Yangtze Memory Technologies Co (YMTC) IPO Preview
- Yangtze Memory Technologies (YMTC CH) is getting ready to complete its IPO on the Shanghai Stock Exchange in late 2026/early 2027, aiming to raise about $4.9 billion.
- Implied valuation of YMTC is up to 330 billion yuan. However, there have been reports about implied valuation of YMTC closer to the 1 trillion yuan ($149 billion).
- Based on CXMT’s P/S of 19.6x and using YMTC’s estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan ($548 billion) for YMTC.
SHEIN Global (625 HK) IPO: Trading Debut
- SHEIN Global Holdings (625 HK) priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.
- The IPO was discussed in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global (625 HK) IPO: Valuation Insights.
- The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.
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