Daily Brief ECM: Ligent Technologies – Hong Kong IPO Preview and more

• Ligent Technologies is getting ready to complete its IPO in Hong Kong in September. Ligent Technologies seeks to raise about HK$5.67 billion ($723 million) in a Hong Kong IPO. 
• Ligent has offered 172 million shares at an offer price of HK$32.96 apiece. The company has already received $340 million from cornerstone investors, or 47% of the base share sale.
• Ligent ⁠makes optical transceivers, optical chips and network terminals used in data centres, cloud computing and telecommunications networks.

• Amaero Inc. is a leading U.S.-based producer of high-value refractory and titanium alloy spherical metal powders for additive manufacturing and a pioneer in PM-HIP manufacturing.
• The U.S. addressable market is projected to grow to $1,496.1 million by 2030, supported by a $15.3 million backlog and 680 metric tons capacity.
• As of June 30, 2026, total assets were $88,568, with a net loss of $(13,433) and substantial doubt about going concern.

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• RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
• We look at the company’s two core segments, silicon photonics equipment and PV manufacturing solutions.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors.
• We look at the company’s core segments: the distribution domain and the manufacturing domain.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• FDCTech, Inc. is a financial technology company developing software solutions and business services for OTC brokerage and financial services industries, including its Condor Trading Technology.
• FDCTech’s wealth management business had over $770 million in client assets under advice as of June 30, 2026, serving more than 500,000 users.
• The company reported Total Revenue of $32,687,028 and Net Income of $14,578,197 for the six months ended June 30, 2026.

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• Janus has gained roughly 53% from its $20 IPO price and nearly 30% from its $23.50 first trade, remaining within striking distance of its $32.83 high.
• Second-Quarter results showed 45% revenue growth, 40% adjusted FFO-per-share growth and 19.2% same-store adjusted NOI growth.
• The company has aggressively deployed IPO and follow-on capital, completing approximately $1.8 billion of acquisitions through August 3.

• As AI training clusters continue to expand, data will flow at high speed between servers/switches/cabinets/clusters.Optical connection system was brought to forefront. ADTEK is precisely positioned at this system-level bottleneck position
• The underlying logic behind fluctuations in performance is that the growth rate of ADTEK’s performance is highly positively correlated with the pace of global construction of ultra-large-scale AI data centers.
• There’re uncertain factors regarding whether current explosive growth can be sustained.Conservative scenario (based on 2026 forecast) is 18-21x P/E, which is a buying range with a relatively high safety margin.

• The Canary Staked SEI ETF is an exchange-traded product providing exposure to SEI’s price, a digital asset, less expenses. It also aims to earn additional SEI via proof-of-stake validation.
• SEI market capitalization was approximately $364 million as of September 3, 2026, with 4.5 billion SEI staked, generating $55 million in annual rewards.
• If staking rewards are insufficient for expenses, the amount of SEI per Share will decline, and staking activity carries a risk of SEI loss.

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• Bitari Inc. is a Texas-headquartered digital infrastructure company providing secure and efficient hosting and O&M services for Bitcoin mining operations.
• Bitari reported total revenue of $2,990,025 and net income of $502,236 for the three months ended April 30, 2026.
• High uptime performance of 98.5% enhances client profitability. Strategic Texas location enables cost optimization with low electricity rates.

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