ECM Daily Briefs | Page 18 of 160

In today’s briefing:

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
Hann Holdings, Inc. Pre-IPO Tearsheet
Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain
Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market
Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains

Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Hann Holdings, Inc. Pre-IPO Tearsheet

By Troy Wong

Hann Holdings, Inc. is looking to raise about US$232mn in its upcoming Philippines IPO. The deal will be run by BDO, CLSA, China Bank, PNB Cap, and Asia United Bank.
It operates the leading integrated gaming, hospitality, and luxury resort business in Clark, Philippines, with the highest market share (47.3%) in Clark’s land-based casino market.
It owns and operates two of the only three five-star hotels in Central Luzon: Clark Marriott Hotel and Swissôtel Clark Philippines.

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

By Shifara Samsudeen, FCMA, CGMA

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK).
This is the company’s 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

Zhejiang Sanhua Intelligent Controls (2050 HK) has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.

Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO

Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

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Jun 13

Daily Brief ECM: Everest Medicine Placement: Another Sell-Down by CBC and more

In today’s briefing:

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
CaoCao IPO: The Bull Case
Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain
Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market
Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

CaoCao IPO: The Bull Case

CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation.

Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.

Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

By Akshat Shah

SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.

Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky

Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).
The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market

By Troy Wong

Liuliu Orchard Group Co Ltd (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO.
LOGCL is China’s leading plum-based snack player, benefiting from strong consumer demand, brand leadership, and favorable health trends.
Despite operating in a fragmented market, LOGCL has consistently grown revenue through successful offline expansion, increased direct sales penetration, and effective cost control even amid raw material cost pressures.

Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction.

Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

CaoCao Inc (1646553D CH) is looking to raise up to $US300m in its upcoming Hong Kong IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we provide updates on the firm’s past performance.

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Jun 12

Daily Brief ECM: Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic and more

In today’s briefing:

Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic
Foshan Haitian Flavouring A/H Listing – Strong Cornerstone, Weak Momentum
Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective
Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights
Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024
Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
Bharat Coking Coal Ltd Pre-IPO Tearsheet
Pre-IPO Foshan Haitian Flavouring & Food Company – Thoughts on the IPO Pricing
Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Foshan Haitian Flavouring A/H Listing – Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

By Osbert Tang, CFA

Fundamentals first, Foshan Haitian Flavouring & Food Company (3288 HK)‘s IPO is interesting given a positive growth outlook – 1Q25 growth accelerated to 14.8% with margin expansion.
We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.
It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap.

Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Foshan Haitian Flavouring & Food Company (3288 HK) has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.

Saint Bella IPO: Revenue Growth Re-Accelerated, 34 Postpartum Centers Were Opened In 2024

By Andrei Zakharov

Saint Bella, a premium postpartum care and recovery provider, moves toward Hong Kong IPO following strong +43% y/y revenue growth in 2024.
The company is uniquely positioned in premium segment under Saint Bella, Bella Isla and Baby Bella brands.
I believe Saint Bella has the potential to become one of the key postpartum care and recovery providers targeting HNW, high income and young middle class families in China

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

Bharat Coking Coal Ltd Pre-IPO Tearsheet

Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.

Pre-IPO Foshan Haitian Flavouring & Food Company – Thoughts on the IPO Pricing

The essence of Haitian’s business is “hard-earned money”.Although performance rebounded in 2024, more observations on net profit are needed.It’s time to take a look at Haitian from a different angle.
The past high valuation of Haitian is due to the market’s high expectations for it, or rather, the market’s optimism about its performance growth. However, Haitian’s moat is not deep.
A comfortable valuation range is 20-30x P/E. Based on the IPO pricing and 2025 forecast, P/E is about 27.5-28.5x. So, we think the IPO pricing range of Haitian is reasonable.

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
This insurance company was a pure-play E&S with higher regards given to this niche area by sector-dedicated investors.

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Jun 11

Daily Brief ECM: Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better and more

In today’s briefing:

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better
Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable
Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield
Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.

Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable

Saint Bella (SAINT HK) is looking to raise $US200m in its upcoming Hong Kong IPO.
It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan report.
In this note, we provide updates on the firm’s past performance.

Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.

Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention

The performance slowdown and decrease in number of newly opened stores from 2023 to 2024 was due to the rapid surge in gold prices,which would put franchise model at risk.
Future performance of Zhou Liu Fu may not be benefit from the high gold prices, but could be under pressure due to rising raw material costs and reduced customer demand.
Valuation of Zhou Liu Fu could be lower than peers and the industry average. A comfortable P/E range could be 10-15x if based on 2025 net profit.

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Jun 10

Daily Brief ECM: [Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX and more

In today’s briefing:

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX
Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium
Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation
Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed
Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO
Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit
Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention
Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

[Japan ECM/Index] Azoom (3496) Offering to Enable Move to TOPIX

By Travis Lundy

On Friday 6 June, Azoom (3496 JP) announced it would conduct an offering (small issuance of new shares, some Treasury shares, larger selldown by the main shareholder).
That comes in conjunction with a transfer to TSE Prime from TSE Growth, which itself leads to a TOPIX Inclusion trade next month.
The company has decided to tack on a special dividend for this year, on top of growth and more liquidity. None of this is especially bad.

Zhejiang Sanhua Intelligent Controls A/H Listing – PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024.
According to our sources, the Chime order book is considered multiple-times oversubscribed.

Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b market cap.
We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an “insurtech” which could create a different investor profile for this deal.

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
The transaction has anchor orders from established funds and a $20 million directed share program.
At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.

Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO

Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.
According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.
This IPO is being well-received. Insurance IPOs are not the type of deal that is “flashy” out of the gates but is one that is geared toward buy-and-hold investors.

Primo Global Pre-IPO: Fairly Valued, Controlling Shareholders Rushing for Exit

Primo Global (367A JP) is looking to raise up to $96m in its upcoming Japan IPO
It specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Pre-IPO Medtide (PHIP Updates) – Some Points Worth the Attention

The sales growth of GLP-1s has entered a turning point. The actual market size of GLP-1s could be much lower-than-expected, which would affected the growth outlook of peptide CXOs.
Medtide is not strong as expected in the peptide CXOs industry. There’s a “hidden problem” in terms of the market share ranking. We updated our forecast for the next three years.
Considering geopolitical conflicts/intense competition, it’s difficult for Medtide to secure orders from industry leaders when the Company lacks competitiveness and are small in scale. Valuation should be lower than peers.

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is “likely” to be well-received.

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Jun 09

Daily Brief ECM: Sanhua Intelligent Controls H Share Listing: The Investment Case and more

In today’s briefing:

Sanhua Intelligent Controls H Share Listing: The Investment Case
Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Sanhua Intelligent Controls H Share Listing: The Investment Case

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.
Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang).

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook

Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.

ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

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, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.

Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO.
It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
In this note, we provide updates on the firm’s past performance.

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Jun 09

Daily Brief ECM: Sanhua Intelligent Controls H Share Listing: The Investment Case and more

In today’s briefing:

Sanhua Intelligent Controls H Share Listing: The Investment Case
Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Sanhua Intelligent Controls H Share Listing: The Investment Case

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.
Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang).

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook

Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.

ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

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, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.

Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO.
It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
In this note, we provide updates on the firm’s past performance.

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Jun 08

Daily Brief ECM: China Healthcare Weekly (Jun.8)-Summit/Akeso and more

In today’s briefing:

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing
Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing

Summit’s chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the “price war” and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).

Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

By Daniel Hellberg

Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
We believe Didi should move to re-list shares while earnings & conditions are supportive

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Jun 07

Daily Brief ECM: FS.COM Limited Pre-IPO Tearsheet and more

In today’s briefing:

FS.COM Limited Pre-IPO Tearsheet
Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures
Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet
Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

FS.COM Limited Pre-IPO Tearsheet

By Troy Wong

FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Sec, and CMS.
FS is the world’s second largest online DTC networking solution provider in terms of revenue in 2024, as per Frost & Sullivan (F&S).
It focuses on providing general networking solutions and high-performance networking solutions mainly to the US and Europe, serving more than 450,000 customers and covering approx. 60% of Fortune 500 companies.

Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures

Innovatiview India Ltd (INNOVATIVIEWINDIA IN) (IIL) is planning to raise about US$230m in its upcoming India IPO.
IIL is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
As of Sep 24, IIL was the largest player in examination integrated security solutions in India, according to F&S Report.

Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design.
As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.

Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

`Omada Health, Inc. (OMDA) priced a full-size deal of 7.9mm shares at $19.00 (midpoint of the range) and opened at $19.00 for a gain of 21% at first trade.
Omada finished north of 15-times oversubscribed with allocations highly concentrated and skewed to long-only investors.
Our sources stated that the top ten accounts took greater than 50% of the deal and the top 25 took 80% of the transaction.

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Jun 06

Daily Brief ECM: Wistron GDR Offering – Well Flagged US$922m Offering and more

In today’s briefing:

Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals
Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
Fusion Cx Ltd Pre-IPO Tearsheet
Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

By Akshat Shah

Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade.
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one.
Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This could mean that more “fireworks” are in store for the short term.

Fusion Cx Ltd Pre-IPO Tearsheet