This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
Receive this weekly newsletter keeping 45k+ investors in the loop
1. Aequitas: Zhipu Placement – Back for Another US$5bn
- Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
- Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
- In this note, we will talk about the placement and run the deal through our ECM framework.
2. Aequitas: Shenzhen Longsys Electronics A/H Trading – One of the Lowest Insti Demand
- 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.
3. Aequitas: Wistron Corp GDR – Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering
- 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.
4. 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.
5. Aequitas: Genscript Biotech Placement – Earnings-Led Inflection; Re-Rating May Limit Upside
- GenScript Biotech (1548 HK) is looking to raise up to US$300m from a primary placement. Proceeds are to be used for capacity expansion and platform infrastructure purposes.
- Genscript Biotech is a global life-science platform spanning research tools and services, biologics CDMO (ProBio) and industrial synthetic biology, with additional exposure to cell therapy through Legend Biotech.
- In this note, we will talk about the placement and run the deal through our ECM framework.
6. SB Energy Pre-IPO: Tearsheet
- 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.
7. Big Wave Robotics: Updated IPO Valuation Analysis
- Big Wave Robotics IPO is expected to start trading on 29 September. The company has lowered the IPO price range to 15,000 won to 18,000 won per share.
- To satisfy market expectations and regulators, Bigwave Robotics lowered its target offering price band and reduced the total number of shares offered.
- My updated valuation analysis suggests a target price of 27,575 won per share, which is 53% higher than the recently lowered high end of the IPO price range.
8. YMTC (长江存储) Pre-IPO: Tearsheet
- YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.
- We look at the company’s core segments: NAND Flash products and other products and services.
- We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.
9. Longsys (江波龙) IPO Trading
- 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.
10. Aequitas: ClubMed Pre-IPO Tearsheet
- ClubMed Lifestyle Group (CLBMD HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO. The deal will be run by BNP, HSBC and JPM.
- ClubMed Lifestyle Group is a global premium vacation lifestyle group.
- The firm focuses on delivering comprehensive, high-quality premium all-inclusive resort operations and asset-light vacation scenario services.
