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: Cathay Pacific Placement – Swire Selling Shares Ahead of Its Prior Lockup Commitment
- Swire Pacific (19 HK) is raising up to US$612m from a selldown in Cathay Pacific (293 HK) to fund the repurchase of an exchangeable bond due in 2027.
- This follows a prior sell-down in early March 2026, via a club deal and comes ahead of the lockup expiry.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
2. 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.
3. Aequitas: Bilibili Placement – CB, Placement, Repurchase – Confused?
- Tencent (700 HK) aims to raise around US$400m via selling some of its stake in Bilibili (9626 HK) in HK.
- At the same time, the company will issue CB, along with a delta placement, and buyback some shares.
- In this note, we will talk about the placement and run the deal through our ECM framework.
4. Lintec (7966 JP): The Current Playbook
- Since the announcement of the US$0.7 billion secondary offering, Lintec Corp (7966 JP)’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).
- It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec’s share decline is lower than the median of recent large placements.
- The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.
5. Longsys Electronics H Share Listing (9976 HK): The Investment Case
- Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$798 million.
- It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).
- The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.
6. 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.
7. 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.
8. 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.
9. Aequitas: Eoptolink A/H Listing – Early Look – At What Could Be HK’s Largest 4Q Listing at >US$3bn
- Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
- Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
10. Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron
- 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, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week.
- On the placement front, deals continued to flow in across the region, throughout the week.
