Daily Brief ECM: Aequitas: Tencent Investee Selldown – Start of Another US$70bn Selldown Wave and more

• Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
• Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
• Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.

• Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
• It makes rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other PCBs for automotive electronics, smart devices, industrial control, telecommunications, and data infrastructure customers.
• The investment case is bearish: Kinwong is a price-taker in a fragmented, capital-intensive industry, with squeezed core margins, profits propped up by copper-scrap sales and heavy capex-driven cash burn.

• RoboTechnik is a global provider of manufacturing equipment and systems for the PV and SiPh industries, ranking first in intelligent SiPh equipment by revenue in 2025.
• RoboTechnik ranked first globally in intelligent SiPh manufacturing equipment by revenue in 2025 with a 20.5% market share.
• Net cash generated from operating activities was RMB232,602 for 6M2026, with cash and cash equivalents at RMB463,646 as of June 30, 2026.

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• ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.
• We look at the company’s three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range. 
• Given the lack of upside, I have a Negative View of this IPO. The bankers used eight overseas companies as comps for Elice Group. I disagree. 
• My base case valuation of Elice Group is based on a P/E of 34.7x my estimated net profit of 20.1 billion in 2026. 

• Zhejiang Taotao Vehicles (ZTTV HK) , provider of outdoor leisure and electrified mobility solutions, aims to raise around US$250m in its H-share listing.
• Zhejiang Taotao Vehicles (ZTV) is a global provider of outdoor leisure and electrified mobility solutions.
• In this note, we talk about the company’s past performance.

• Hunan Yuneng New Energy Battery Material (301358 CH) (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing.
• HYNEB focuses on the research and development, manufacturing and sales of phosphate-based cathode materials, primarily lithium iron phosphate (LFP) cathode materials.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Oura is an always-on health intelligence platform transforming how people understand and manage health. Its Oura Ring captures biometric data, offering a recurring membership for personalized health insights.
• Oura had 5.0 million Paid Members and approximately 85% 12-Month Paid Member Retention as of June 30, 2026. Revenue was $1,214.5 million.
• Total revenue was $1,214,506 and net income was $60,768 for the nine months ended June 30, 2026. Total stockholders’ deficit was $(1,617,734).

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• XREAL Ltd (XREAL HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
• It operates a leading global augmented reality (AR) eyewear company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• This insight discusses about listing dynamics of National Stock Exchange (NSEIN IN) .
• We present factors which would impact the listing price and present various valuation scenarios.
• Finally, we conclude with view on near term price movement for the company.