In today’s briefing:
- Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic
- Syngenta (先正达) Pre-IPO: What We Know Despite the Confidential Filing
- Aequitas: Mi Materials IPO – Discount to Parent Co but In-Line with Larger/Liquid Peers
- Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update
- Jio Platforms Pre-IPO: Peer Comparison and Valuation
- Madison Air Solutions (MAIR): Post 180-Days: Strong Fundamentals, Deflating Shares
- Arxis (ARXS): Post 180 Days; Acquisition Engine Keeps Firing as IPO Gains Endure
- Pre-IPO Yangzhou Nanopore Innovative Materials Technology – About the Business Model and the Outlook
- Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update
- Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead
Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic
- Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
- Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Syngenta (先正达) Pre-IPO: What We Know Despite the Confidential Filing
- Syngenta, the Sinochem-controlled crop protection and seeds group, has reportedly filed confidentially for a Hong Kong listing of about USD5bn. Bookrunners include CICC, UBS, BOA, GS and CITIC.
- We review Syngenta’s withdrawn Shanghai application and its financials, including losses, debt and goodwill.
- We also look at the industry cycle through its three A-share subsidiaries, and at corporate governance issues, including an anonymous complaint to HKEX.
Aequitas: Mi Materials IPO – Discount to Parent Co but In-Line with Larger/Liquid Peers
- Mi Material Holding Ltd (MIMH SP), aims to raise up to US$110m in its SGX listing.
- It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from Mi Technovation Berhad (MI MK).
- In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.
Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update
- Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
- While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
- We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.
Jio Platforms Pre-IPO: Peer Comparison and Valuation
- Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
- Our previous note included the company’s business, financials and pre-IPO investor backing.
- In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.
Madison Air Solutions (MAIR): Post 180-Days: Strong Fundamentals, Deflating Shares
- Stock performance: MAIR closed at $24.22 on October 9, down 10.3% from its $27 IPO price and 45.6% below its June peak.
- Operating momentum: Madison Air raised full-year guidance in July as orders, backlog and revenue growth demonstrated strong business visibility.Acquisition strategy:
- The proposed $5.4 billion ebm-papst acquisition expands the company’s addressable market but introduces financing, integration and leverage considerations.
Arxis (ARXS): Post 180 Days; Acquisition Engine Keeps Firing as IPO Gains Endure
- Stock performance: ARXS closed at $47.89 on October 9, up 71.0% from its $28 IPO price despite retreating from its August high.
- Acquisition-Led growth: Arxis continues adding specialized component manufacturers, broadening its reach across defense, space, aerospace and industrial end markets.
- Capital-Markets opportunity: A share price well above IPO levels could improve the economics of a potential follow-on offering to fund further acquisitions.
Pre-IPO Yangzhou Nanopore Innovative Materials Technology – About the Business Model and the Outlook
- The core of Nanopore’s business model is a dual-drive approach of “technology licensing + material supply”- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.
- Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.
- A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.
Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update
- Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
- While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
- We raise our A-H premium base case for the company, given the shift in peer A-H premiums.
Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead
- Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.
- In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%.
- Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
