Daily Brief ECM: Aequitas ECM Weekly (7 September 2026)-Shein and more

In today’s briefing:

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,
CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis
Pre-IPO Jiangsu BBL Home Technology – About the Business Model and the Outlook

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

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, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.

CCSH Corporation (CCSH CH) aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.
Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China’s tech self-reliance push.
While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability.

BBL’s business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.
BBL relies on overseas major clients’ customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.
Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.

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