Daily Brief ECM: Aequitas: Transwarp Technology A/H Trading – Lowest Insti Demand For This Year and more

• Transwarp Technology (688031 CH) , an AI infrastructure software provider, raised US$88m in its H-share listing.
• Transwarp Technology (Shanghai) Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to build AI infrastructure software that drives intelligent transformation and business model innovation.
• 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.

• 2026 A+H IPOs have punished day-one buyers: Luxshare, Innolight and Longsys all closed below issue despite discounts of 13–44%.
• RoboTechnik’s photonics inflection is real, but FY27E at 372x EPS leaves almost no fundamental valuation support.
• Investment positioning: bid only at ≥30% discount, size for a weak open, stop at CNY545 and exit around Southbound eligibility.

• 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, National Stock Exchange (NSEIN IN) managed to garner interst from a long list of anchor investors, while GCash (Mynt) is said to be planning to launch.
• On the placement front, Tencent (700 HK) continues to trim its investment portfolio.

• 126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares. 
• The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand. 
• We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.

• Live Oak Acquisition Corp. VI is a blank check company formed to effect a business combination, focusing on companies with growth, strong cash flow, and a defensible market position.
• The company targets businesses with enterprise values from $500 million to $2 billion, focusing on above-average growth, substantial free cash flow, and defensible market positions.
• Total assets were $133,318 (Actual) and $203,566,295 (As Adjusted) as of June 30, 2026. The auditor’s report expresses substantial doubt about going concern.

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• Zhejiang Jingxin Pharmaceutical is a group focused on CNS, cardiovascular, and cerebrovascular diseases, generating revenue from drugs, APIs, medical equipment, seeking a primary HKEX listing.
• Sole approved innovative drug, Dimdazenil, launched in 2024 for insomnia. Operates eleven manufacturing facilities, with largest customer accounting for 17.2% of revenue.
• Revenue was RMB4,069,361 and profit RMB771,731 in 2025. Profit for the period decreased by 10.0% to RMB358.0 million (six months ended June 30, 2026).

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• Greenwave Technology Solutions operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, processing various scrap metals for sale. This filing is for resale of shares by selling stockholders,.
• Greenwave operates 13 facilities and reported revenue of $32,271,860 for the six months ended June 30, 2026. Revenue increased by 76.06% and gross profit by 129.92% compared to 2025.
• The company reported a net loss of $(4,745,708) and an accumulated deficit of $525,656,136 as of June 30, 2026. Concerns exist about the ability to continue as a going concern.

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• The space for new franchise projects in regional markets is becoming saturated. Junxin has almost achieved full coverage in Hunan, and the growth space of domestic stock market is limited.
• Ahead of Junxin’s development path lies both vast market space and unknown obstacles. 2026 will be a crucial year for testing Junxin’s strategic choice. High dividend is attractive to investors.
• Junxin’s overseas projects are still in the development stage and it will be difficult to generate substantial profits in short term. Valuation support mainly relies on the domestic core business.

• Fold Holdings, Inc. is a financial services company operating across U.S. dollars and bitcoin, offering consumer products and aiming to integrate bitcoin into daily financial lives.
• Fold Holdings was founded in 2019, launched a bitcoin rewards debit card in 2020, and released the Bitcoin Gift Card in May 2025.
• Cash and cash equivalents were $28.4 million as of June 30, 2026. The company received a Nasdaq deficiency notice on July 14, 2026.

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• The 21Shares Injective ETF tracks INJ tokens, the native digital asset of the Injective Network, as measured by the FTSE Injective Index. It also reflects rewards from staking INJ holdings.
• As of September 1, 2026, INJ total circulating supply is approximately 92.8 million tokens, with a market capitalization of $488 million.
• The amount of INJ represented by Shares is expected to decline over time due to Sponsor Fee and other liabilities.

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