Daily Brief ECM: Aequitas: Wistron Corp GDR – Another Well Flagged US$1.5bn GDR and more

• Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
• Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• SB Energy, an AI data center and power infrastructure developer, has filed its S1 for a Nasdaq listing. JPM, GS and MS are the lead bankers.
• We look at the company’s core segments: Standalone Power and Data Centers.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Luxnet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.
• On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m 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.

• Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m 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 trading dynamics.

• Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
• In our previous note, we looked at the company’s deal terms, cornerstone and sponsor track records, and valuation.
• In this note, we provide an update for the IPO before its trading debut.

• Elice Group (ELICE KS) is looking to raise up to US$145m in its upcoming Korean IPO.
• It recently transitioned to being a neocloud in South Korea.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Shenzhen Forms Syntron Information Co., Ltd. is a Greater Bay Area fintech service provider, delivering software development, consulting, and system integration services to financial institutions. It holds seven patents and.
• Over 90% of the workforce are technical professionals, and the Hong Kong fintech market is projected to reach RMB44.0 billion by 2030.
• In 2025, revenue was RMB631,068 thousand and profit for the year was RMB74,281 thousand. Net current assets were RMB1,258,798 thousand as of March 31, 2026.

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• Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.
• Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an “amplifier” for TRIAPEX’s performance. This will lead to significant fluctuations in future performance.
• TRIAPEX’s valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.