ECM Daily Briefs | Page 11 of 161

In today’s briefing:

SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere
ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere

By Daniel Hellberg

SHEIN is reportedly moving its corporate HQ to China to pave way for HK IPO
US ‘de minimis’ exemption for all countries ended Aug 29 (China/HK was May 2)
We believe end of US ‘de minimis’ exemption changed the game for SHEIN

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

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, a number of company’s appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.

💡 Before it’s here, it’s on Smartkarma

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

Aug 31

Daily Brief ECM: Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense and more

In today’s briefing:

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
Gemvax & Kael – Rights Offering of 249 Billion Won

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

By Daniel Hellberg

Q225 saw solid growth & improving margins, driven by strength in China business
Lawsuit settlement hit net result in Q225, but investors shrugged off the news
We still think Didi could pursue a new listing later in 2025, probably in HK

Gemvax & Kael – Rights Offering of 249 Billion Won

On 29 August, Gemvax & Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares.
The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering.

💡 Before it’s here, it’s on Smartkarma

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

Aug 30

Daily Brief ECM: OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet and more

In today’s briefing:

OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet
Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator
Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet

OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.

CleanMax Enviro Energy Solutions Pre-IPO Tearsheet

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO.
The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.

Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet

Sichuan Yingfa Ruineng Technology (SYRT HK) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities (International) and Huatai International.
Sichuan Yingfa Ruineng Technology. (SYRT) is a specialized manufacturer of photovoltaic (PV) cells, focusing on research, development, manufacturing, and direct sales. It operates four production bases across China and overseas.
China accounts for 89.3% of sales in FY24, with the rest coming from India, Vietnam, and the US. It is supported by 161 granted patents in China.

Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator

In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.
They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.
Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
In this note, we look at the company’s past performance.

💡 Before it’s here, it’s on Smartkarma

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

Aug 29

Daily Brief ECM: Robotis – Rights Offering of 100 Billion Won and more

In today’s briefing:

Robotis – Rights Offering of 100 Billion Won
Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well
Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point
Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target
Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive
Banma Network Technology Pre-IPO Tearsheet

Robotis – Rights Offering of 100 Billion Won

On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued.
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well

XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets

Lynas Corp Ltd (LYC AU) is looking to raise up to US$488m in a primary placement.
The deal is a relatively small one, representing 9.8 days of the stock’s three month ADV, and 5.5% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point

By Xinyao (Criss) Wang

OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.

Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead

Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

By Ke Yan, CFA, FRM

GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
In this note, we look at the company’s core products, GFH925 and GFH375.
We also look at the company’s pre-IPO investors and management team.

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

By Tina Banerjee

Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.

Banma Network Technology Pre-IPO Tearsheet

Banma Network Technology (1657648D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
Banma Network Technology is a leader in smart cockpit solutions.
It focuses on cockpit development with its proprietary automotive operating system (AOS) and full-stack Yan AI architecture.

💡 Before it’s here, it’s on Smartkarma

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

Aug 28

Daily Brief ECM: Akeso Inc Placement – Another Opportunistic Raise and more

In today’s briefing:

Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small
Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance
Laopu Gold Placement – Relatively Small Deal, past One Did Well
Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record
AUX Electric IPO: Forecasts and Valuation
Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook
Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Laopu Gold Placement – Relatively Small Deal, past One Did Well

What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
The shares have done very well since its listing and the previous deal in the name did well too.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record

By Shifara Samsudeen, FCMA, CGMA

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

AUX Electric IPO: Forecasts and Valuation

Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.

Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm

The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd.
. As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024.

Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook

By Xinyao (Criss) Wang

The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

By Andrei Zakharov

Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.

Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
In this note, we look at the company’s past performance.

💡 Before it’s here, it’s on Smartkarma

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

Aug 27

Daily Brief ECM: Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash and more

In today’s briefing:

Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
Nota IPO Valuation Analysis

Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year

InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain

The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.

MIXUE IPO Lockup – US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.

FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform

The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.

💡 Before it’s here, it’s on Smartkarma

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

Aug 26

Daily Brief ECM: Nissan Motor Placement – Discount Is Enticing but Track Record and Momentum Aren’t Great and more

In today’s briefing:

Nissan Motor Placement – Discount Is Enticing but Track Record and Momentum Aren’t Great
Aux Electric IPO (2580 HK): Valuation Insights
Ganfeng Lithium Group Co Placement – Past Deals Record Isn’t Great but Deal Is Small
Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform
Aux Electric IPO: Smallest Player but Superior Growth and Margins
Shuangdeng Group IPO Trading: Strong Retail and Insti Demand
AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins
Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
Legence Corp. (LGN): Peeking at the IPO Prosepctus of Blackstone Backed Engineering Firm
Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

Nissan Motor Placement – Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
In this note, we will talk about the placement and run the deal through our ECM framework.

Aux Electric IPO (2580 HK): Valuation Insights

By Arun George

Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
I discussed the investment case in Aux Electric IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

Ganfeng Lithium Group Co Placement – Past Deals Record Isn’t Great but Deal Is Small

Ganfeng Lithium (1772 HK) is looking to raise upto US$152m via a primary placement of 40m shares. There is also a concurrent CB offering for ~HKD1.3bn along with the placement.
The company intends to use the proceeds towards repayment of loans, capacity expansion and construction, replenishment of working capital and other general corporate purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.

Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.

Aux Electric IPO: Smallest Player but Superior Growth and Margins

Aux Electric (2580 HK) is looking to raise up to US$460m in its upcoming Hong Kong IPO.
It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Shuangdeng Group IPO Trading: Strong Retail and Insti Demand

By Shifara Samsudeen, FCMA, CGMA

Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
It is a global leader in the energy storage business.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins

AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .

Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor

Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Legence Corp. (LGN): Peeking at the IPO Prosepctus of Blackstone Backed Engineering Firm

Private equity giant Blackstone is bringing a system services company public in September.
Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

By Andrei Zakharov

Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.

💡 Before it’s here, it’s on Smartkarma

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

Aug 25

Daily Brief ECM: ECM Weekly (25 August 2025)- Hansoh and more

In today’s briefing:

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux
Rimag Group (2522 HK): Placement Seem Conducive Given The Prospects

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

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, there was a lack of fireworks from last week’s listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.

Rimag Group (2522 HK): Placement Seem Conducive Given The Prospects

By Tina Banerjee

Jiangxi Rimag Group (2522 HK) is placing 35M shares for subscription at HK$16.76 per share.
The company intends to use the net proceeds to further strengthen their data service capabilities using AI, business expansion through independent investments or acquisitions, and general corporate purpose.
In the medium to long term the company is well-positioned for sustainable growth with its relentless pursuit for new investments, collaborations, and acquisitions.

💡 Before it’s here, it’s on Smartkarma

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

Aug 24

Daily Brief ECM: China Healthcare Weekly (Aug.24)-JD Health 25H1 Results and more

In today’s briefing:

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

By Xinyao (Criss) Wang

The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
Ascletis announced Share Placing.If ASC30’s Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.

💡 Before it’s here, it’s on Smartkarma

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

Aug 23

Daily Brief ECM: Nota IPO Preview and more

In today’s briefing:

Nota IPO Preview
RSB Retail India Limited Pre-IPO Tearsheet
Myungin Pharmaceutical IPO Valuation Analysis
Powerica Limited Pre-IPO Tearsheet

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
The IPO price range is from 7,600 won to 9,100 won. At this price range, the company’s expected market cap is from 163 billion won to 196 billion won.
Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

RSB Retail India Limited Pre-IPO Tearsheet

RSB Retail India Limited (1633680D IN) is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.

Myungin Pharmaceutical IPO Valuation Analysis

Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.
Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.
We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio.

Powerica Limited Pre-IPO Tearsheet