Daily Brief ECM: Aequitas: Moore Threads Technology A/H Listing – Peer Comparison and Thoughts on Valuations and more

• Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
• MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
• We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.

• POSCO Holdings (005490 KS) is looking to raise US$503m in a secondary sale of its shares in Woori Financial Group (316140 KS).
• This is a long-awaited cleanup sale by POSCO Holdings (005490 KS).
• In this note, we will run the deal through our ECM framework.

• Londonla Inc. operates a next-generation online homeschooling platform built around the UK National Curriculum, integrating AI, multilingual support, and adaptive learning for global students aged 3 to 10.
• The global e-learning market was valued at over $263 billion in 2023, projected to reach over $933 billion by 2032, with a CAGR of 14.8%.
• The company reported a net loss of $(6,093) for the period from inception through May 31, 2026, and auditors expressed substantial doubt about its ability to continue as a going.

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• ASR Microelectronics (ASRM HK) aims to raise at least US$300m in its Hong Kong listing.
• ASR Microelectronics (ASR) is a leading global fabless semiconductor platform company specializing in wireless connectivity chips (centered on cellular connectivity), smart device SoCs, and custom ASIC solutions.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Shandong Linuo Pharmaceutical Packaging Co.,Ltd. is an established Chinese provider of borosilicate technical glass, specializing in pharmaceutical glass packaging and household heat-resistant glass.
• The company ranked ninth in China’s pharmaceutical glass packaging market and first in China’s household heat-resistant glass market by sales revenue in 2025.
• The company reported a decrease in profit for FY2025 and negative net cash from operating activities for FY2025 and H1 2026.

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• QL adopts a comprehensive business model of “independent R&D + full industrial chain layout + diversified pipeline”.Based on proprietary technology platforms, QL is able to form a structural cost advantage.
• The competition for GLP-1 is moving from the broad stage to the “efficacy, safety, convenience, and economy” refined competition stage, and QL is facing intense competition in multiple dimensions.
• With the comprehensive assessment of QL – “no commercialized product + strong pipeline”, and “first mover advantage + product differentiation”, a neutral scenario is HK$15-20 billion market value.

• A rare pure-play listing. EcoCeres, a Bain-backed Hong Kong producer of sustainable aviation fuel, targets a ~US$1bn IPO by end-2026, in a market created by law.
• It lists near a margin peak. The 2026 oil shock inflated SAF profits; in 2024, oversupply more than halved Neste’s margins. Value it on mid-cycle earnings, not the windfall.
• Price discipline matters. Law-mandated green sectors (solar, wind, renewable fuels) trade at 6–12x EV/EBITDA. The reported US$5bn valuation implies ~14x. Engage below US$3.5bn; pass above US$5bn.

• Founded in 2019 and backed by NVIDIA, Iambic is a technology and clinical-stage biotech company. S1 was filed on 21 September.
• Iambic’s value creation hinges on 1) its molecular superintelligence platform (flagship AI models Enchant/NeuralPLexer), 2) pipeline: partnered/wholly-owned programs including clinical-stage IAM1363 (Type2 HER2 inhibitor), 3) a growing roster of partnerships
• 1H26 collaboration revenue and net loss amounted to US$12.8m (vs. US$3.9m in 1H25) and US$50.2m, respectively. See inside for more on Iambic AI models and IAM1363 clinical data

• Anhui Sinomags Technology is an IDM in the magnetic sensor industry, offering one-stop solutions across diverse industries. The company ranked tenth globally in magnetic sensor revenue in 2025.
• Anhui Sinomags Technology ranked tenth globally in magnetic sensor revenue in 2025 and fifth in xMR sensor revenue, with revenue increasing 20.2%.
• The company reported a net profit of RMB52,584 thousand in 2025, following a net loss of RMB66,562 thousand in 2023.

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• Accelevation priced 30 million shares at $18, $2 below its $20-$24 range, signaling cautious investor sentiment toward AI infrastructure valuations.
• ACCV opened at $17.55 and closed at $17.95, trading in a remarkably tight range around its IPO price throughout the session.
• The muted debut reflects a challenging IPO backdrop, with Oura’s postponement, elevated rates and valuation uncertainty weighing on growth-oriented equity offerings.