ECM

• Today after the close, INFRONEER Holdings (5076 JP) announced an equity offering worth ~¥150bn at last price. Including greenshoe, it increases share count ex-Treasury by 21%.
• Max Real World Float increases nearly 60%. The goal? Pay down debt from its ¥91bn acquisition of Swing Corp and ¥9bn acquisition of Arsocia Construction (plus associated net debt).
• There are interesting parameters attached here. It is worthwhile considering how this will work. 

• INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation.
• The acquisition was announced earlier this year, with the company revising its earnings a few months ago and hence, this is the last leg of the transaction.
• In this note, we will run the deal through our ECM framework.

• AL (Artificial Life) Robot is getting ready for an IPO on KOSDAQ in November. AL Robot is offering a total of 2.4 million shares. 
• The IPO price range is 15,700 to 17,600 won, placing the total offering size between 37.7 billion and 42.2 billion won. 
• AL Robot specializes in robot components. The company develops and supplies various components including sensors that detect a robot’s force and contact data to control units that precisely manage movement.

• Anjali Labtech Limited (ANJL IN) (ALL) plans to raise around US$139m in its upcoming India IPO. The deal will be run by Axis and IIFL.
• ALL is a leading vertically integrated Indian player in the lab-grown diamond (LGD) industry, as per Wazir report.
• As of FY26, it was a leading global MPCVD machine manufacturer for LGD production, with an estimated 36% global volume market share, as per Wazir report.

• Amicro Technology Co., Ltd. is a robotics technology platform provider offering intelligent mobile robotics solutions, including inertial, single-modal, and multi-modal robotic solutions.
• Amicro Technology ranked third in China’s intelligent mobile robotic solutions market by revenue in 2025 and held 1,363 intellectual property rights.
• Amicro Technology reported losses for 2025 and the four months ended April 30, 2026, with gross profit margin decreasing to 23.9%.

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• GEN Restaurant Group is an Asian casual dining concept founded in 2011, offering Korean food through 54 restaurants and a growing CPG division.
• The company’s CPG division represents its single largest opportunity for near-term growth, with products now in nearly 2,000 retail doors nationwide.
• While the CPG division is a key growth opportunity, the company may require additional financing to sustain its operations.

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• Laris Growth Acquisition Corp. is a blank check company formed to effect a business combination, focusing on high-growth deep-tech businesses with compelling valuation arbitrage and need for scaled growth capital.
• The company focuses on high-growth deep-tech businesses in Quantum Computing, Next-Generation Space, and Intelligent Autonomous Systems across Europe, Australia/New Zealand, and the United States.
• As of May 31, 2026, the company reported $3,062 in working capital and shareholders’ equity, but public shareholders face approximately 108.7% dilution upon closing.

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• Acrobiosystems is principally engaged in the research and development, production, and sales of recombinant proteins, antibodies, and analytical assay kits, seeking a primary listing on the Stock Exchange of Hong.
• The company ranked first among China-based providers and third globally in the recombinant protein market by revenue in 2025, serving all top 20 global pharmaceutical companies.
• The company reported revenue of RMB838,118 thousand for FY2025, though profit for the year decreased from RMB147,552 thousand in 2023 to RMB120,042 thousand in 2024.

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• Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.
• We look at the company’s core segments: battery key materials and battery automation equipment.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• DataCanvas Co., Ltd. is a leading AI computing service provider in China, supporting compute-intensive AI workloads and delivering on-demand cloud computing services.
• The company was ranked as the largest neocloud in China by revenue in 2025, with controllable computing capacity exceeding 29,000 PFLOPS.
• The company reported revenue of RMB588,383 thousand for H1 2026, alongside a loss of RMB(1,094,878) thousand and net liabilities.

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• Velos Acquisition I Corp. is a Cayman Islands blank check company formed to effect a business combination with one or more businesses.
• The company was formed to effect a business combination and has until August 2, 2027, to complete it.
• The company reported a working capital deficit of $8,049,671 as of June 30, 2026, and management has substantial doubt about its ability to continue as a going concern.

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• YUDO HOLDINGS CO., LIMITED is a global precision thermal management technology company and the world’s largest provider of Hot Runner Systems by revenue in 2025.
• Yudo Holdings reported 92.4% of revenue from repeat customers in 1H 2026 and maintained gross profit margins over 50% during the Track Record Period.
• Yudo Holdings reported US$380,816 thousand in revenue for FY2025, alongside a loss of US$(57,711) thousand for the same year.

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• 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.

• 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.
• In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.

• On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
• That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  
• On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.

• Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
• A smart device and mobile Internet service provider primarily engaged in the design, R&D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
• In this note, we look at its PHIP updates and valuation.

• Oura’s planned 50 million-share IPO at $40–$44 per share has been postponed, with the company citing market conditions.
• Despite a reported multiple-times-oversubscribed book, market conditions and an aggressive valuation step-up contributed to the offering being shelved.
• Oura’s 5 million paid members and growing subscription business remain central to its investment story, but the timing of a potential IPO remains uncertain.

• We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
• After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
• On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.

• Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.
• Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.
• The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. 

• Suzhou Dongshan Precision A (002384 CH) said in a filing that it has received approval from China’s securities regulator for the Hong Kong offering.  The company may raise $2-$3B.
• The company makes PCBs and optical transceivers, both key to the AI buildout. Despite falling almost 40% from a June peak, its shares have more than doubled YTD.
• The company’s vertically integrated AI interconnect business—spanning laser chips, optical modules, and AI server boards—is viewed as a unique, differentiated position in the optical networking supply chain.

• Robotechnik Intelligent Te-A (300757 CH) has dual-listed H-shares (3757 HK) today.  The company operates in the automation equipment industry, primarily serving the PV solar cell and electronics/semiconductor industries.
• RoboTechnik ranked first among all brands in China’s industrial robot market by shipment volume in H1 2026 and has held the top position among domestic brands for eight consecutive years. 
• The company’s risks include: solar overcapacity, intense competition, regulatory & geopolitical issues, customer concentration, capital needs, rising leverage, and governance issues.  

• Voyager Intelligent Systems Limited is an intelligent solutions provider focused on R&D and sales of intelligent driving, intelligent cockpit, and general robotics solutions.
• The company ranked ninth among all providers in China for intelligent driving and vision safety solutions by revenue in 2025.
• The company reported revenue of RMB480,638 thousand for 2025, alongside a loss for the period of RMB(95,758) thousand for 2025.

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• The core characteristics of Ziyond’s business model is “wide product coverage, online channelization, marketing-driven growth”.But the market size of specific segment where the core product is located is not large
• Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&D investment, and intensified market competition. Ziyond’s profitability has not yet stabilized.
• Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.

• ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

• Accelevation Holdings Corp. (ACCV) plans to sell 30.0 million shares of Class A common stock at $20 to $24 per share and list on the Nasdaq Global Select Market .
• At the $22 midpoint , the offering would total $660 million and imply an approximately $4.92 billion equity value on an as-exchanged basis , which includes the LLC units that existing owners can exchange for Class A shares.
• Accelevation is issuing 8.64 million shares, while existing stockholders are selling 21.36 million shares. 

• RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.
• While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.
• The recovery held up in 1H while maket position weakened. 

• Shenzhen ADTEK Technology (ADTEK HK) aims to raise at least US$500m in its Hong Kong listing.
• It is a provider of optical connectivity products and solutions.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
• Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
• Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.

• Beijing ESWIN Computing Technology (ESWIN HK) is looking to raise up to US$318m in its upcoming Hong Kong IPO.
• Beijing ESWIN Computing (ESWIN) is a fabless chip product provider based in China that specializes in researching, designing, and commercializing hardware-software integrated semiconductor solutions built on the open-source  RISC-V architecture.
• In this note, we look at the company’s past performance and valuations.

• RoboTechnik Intelligent Technology (RBTK HK) raised US$662m in its Hong Kong IPO.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
• The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
• The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.

• Red Avenue New Materials Group (RANMG HK) raised ~US$380m in its Hong Kong IPO.
• It operates across rubber additives for tyres and other chemical products, electronic materials, and fully biodegradable materials.
• In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.

• 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, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn’t make much of a splash.
• On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman’s turn to sell some more of Kanzhun (2076 HK) stock.

• This insight discusses about the broad structure of upcoming IPO of Mahanadi Coalfields Limited (0808507D IN) .
• It discusses about the company profile, key customers and financial snapshots.
• Finally, we highlight the various points to look forward to in this IPO.

• Shenzhen ADTEK Technology (ADTEK HK) aims to raise at least US$500m in its Hong Kong listing.
• It is a provider of optical connectivity products and solutions.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Shenzhen Transsion Holdings Co., Ltd. is a smart device and mobile Internet service provider, specializing in smart devices, focusing on mobile phones.
• Shenzhen Transsion Holdings ranked eighth in the global mobile phone market in 2025 and reported a 21.9% revenue increase for the six months ended June 30, 2026.
• FY2025 revenue was RMB65,591,236 thousand and net profit was RMB2,605,236 thousand, with both decreasing from 2024 figures.

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• Although Transsion holds an absolute leading position in African market, its fundamentals are in early stage of profit recovery, and it‘s facing dual uncertainties of patent litigation and intensified competition.
• When competitors use mid-to-high-end models to encroach from above and use operator subsidies to pounce from below,Transsion lacks core product line with high profit margins to provide a profit buffer.
• Transsion’s “multi-brand, full coverage” strategy is difficult to completely avoid the impact of the industry’s downward cycle. Compared with peers, the A/H discount may fall within the range of 15%-25%.   

• A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
• ECM developments: Shenzhen Kinwong Electronic (3228 HK), RoboTechnik IntelligentTechnology (RBTK2 HK) and GCash (Mynt) (GCASH PM) IPOs.  
• Event-Driven developments: Kobayashi Pharmaceutical Co (4967 JP), IDP Education (IEL AU), Ingenia Communities (INA AU), OFX Group (OFX AU), Peet Ltd (PPC AU), Global Lithium Resources Ltd (GL1 AU). 

• Evmand Corporation is a technology company developing web-based digital tools for SEO, online visibility, and digital marketing performance. Its initial product, Evmand SEO Assistant, launched July 1, 2026.
• The company develops web-based digital tools for SEO and digital marketing, offering its Evmand SEO Assistant via a SaaS subscription model. It utilizes a proprietary algorithmic model.
• The company reported net losses and insufficient capital reserves, leading to substantial doubt about its ability to continue as a going concern.

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• KiNRG historically developed HydroThermal Reactor (HTR) projects for electricity generation without fossil fuels.
• TRINITY has constructed over 2.5 million square feet of data centers and currently manages over 500,000 square feet, with a backlog of approximately $657.4 million as of July 31, 2026.
• The company reported revenues of $369.2 million and net income of $15.9 million for the six months ended June 30, 2026, but faces substantial doubt about its going concern ability.

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• Orbbec Inc. is a global leader pioneering 3D visual perception solutions, building foundational platforms for Physical AI and robotic intelligence, serving customers across robotics and AIoT.
• Orbbec Inc. was ranked first in the global robot 3D visual perception market in 2025, holding a 29.0% market share by revenue.
• The company reported a net profit of RMB127,621 thousand in FY2025, following net losses in FY2023 and FY2024.

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• PBT Land and Minerals, Inc. is a newly-formed Texas corporation acquiring assets and liabilities from Permian Basin Royalty Trust, Blackbeard Holdings, and Greybeard Energy.
• USLG had 13,917 Mboe total estimated proved reserves as of December 31, 2025, with 68% classified as proved developed reserves.
• The company expects to generate predictable and consistent cash flow from its diversified resource portfolio, though the Business Combination may not be completed.

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• Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We look at the quality of the cornerstone investors and assess the risk-reward of the deal.

• Pateo Connect Technology (PTC HK) raised US$140m from its Hong Kong IPO in September 2025 via a primary offering of HKD102.23/share in its IPO.
• It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China, providing full-stack smart cockpit solution and cloud-based vehicle connectivity, for Chinese OEMs.
• In this note, we will talk about the lockup dynamics and possible placement.

• Onyx International Inc. is a global consumer technology electronics brand in the knowledge-driven productivity tools industry, offering e-paper tablets and e-notes powered by its BOOX OS.
• Onyx International Inc. was the largest knowledge-driven productivity tool brand in China and the second largest globally in 2025 with 4.2% market share.
• Revenue increased from RMB803,580 thousand in 2023 to RMB1,128,185 thousand in 2025. However, profit for the period decreased in H1 2026, and the gearing ratio increased significantly.

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• ADARx upsized its IPO to 26.3 million shares at $17.00, the high end of the range, opening at $22.10 for a 30% gain.
• The offering was 10 times oversubscribed, with the top 25 accounts receiving 95% of shares and nearly 100 accounts receiving zero allocation.
• Shares closed at $19.35 after reaching $23.21, highlighting persistent selling pressure despite strong demand and a constructive biotech IPO outcome.

• The Wella Company is the world’s largest pure-play hair and nail company, operating in over 100 countries and generating $2.9 billion in net revenue in fiscal 2026.
• Wella Professionals held the #1 global brand rank in salon hair color for six consecutive years, and OPI holds the #1 global rank in premium retail nail brands.
• The company reported net income of $62,305 thousand for FY2026, but had net losses in four of the most recent five fiscal years.

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• National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.

• RoboTechnik Intelligent Technology (RBTK HK) makes manufacturing equipment for the PV and silicon photonics (SiPh) industries. It is seeking to raise up to US$663 million at HK$436.00 per share.
• Its legacy PV business is collapsing, while SiPh assembly and testing equipment, acquired through ficonTEC in 2025, generated 80% of 1H26 revenue.
• The investment case is cautious: RoboTechnik leads a fast-growing SiPh niche, but is barely profitable, leveraged and goodwill-heavy, with a weak governance record.

• GCash (Mynt) (GCASH PM) is looking to raise US$840m in its upcoming Philippines IPO.
• GCash, designed, developed and operated by Mynt, is a finance super app, providing a comprehensive suite of payment solutions and digital financial services in Philippines.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.
• We look at the company’s core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
• We look at the company’s core products: Nscale Infrastructure and Nscale Cloud.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Accelevation Holdings is a vertically integrated infrastructure platform designing, manufacturing, and installing power distribution and white space products for mission-critical environments.
• Accelevation Holdings reported 147% year-over-year revenue growth from 2024 to 2025 and a backlog of approximately $1.1 billion as of June 30, 2026.
• Accelevation Holdings reported FY2025 net income of $21,747 thousand and gross profit of $144,697 thousand, but net cash was used in operating activities for FY2025.

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• 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.
• I discussed the H Share listing in Kinwong Electronic H Share Listing (3228 HK): The Investment Case. 
• In this note, I present my forecasts and valuation. The AH discount is light compared to peer multiples. Given my concerns about fundamentals, I would avoid the listing. 

• Oura Inc. (OURA) plans to offer 50.0 million shares on the Nasdaq Global Select Market at $40 to $44 per share, a $2.1 billion offering at the midpoint.
• Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies lead the underwriting group.
• The company’s growth makes this one of the more closely watched consumer IPOs, but it also invites a familiar question: Is Oura becoming a lasting part of people’s lives, or is the smart ring having its moment?

• NewHydrogen, Inc. develops clean energy technologies, focusing on thermochemical green hydrogen production to reduce costs and lead the green hydrogen economy.
• The company is developing thermochemical green hydrogen technology to lower production costs, targeting a green hydrogen economy valued at $12 trillion.
• The company reported a net loss of $(1,740,818) and an accumulated deficit of $(182,530,308), with substantial doubt about its going concern ability.

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• Boxlight Corporation is a technology company designing, producing, and distributing interactive displays, software, and communication solutions, primarily for the global education market.
• The company has sold solutions into over 70 countries and 1.5 million classrooms, launching the award-winning FrontRow Symphony platform in January 2026.
• The company regained Nasdaq compliance and received $5.5 million in proceeds, but its auditor expressed substantial doubt about its going concern ability.

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• 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.