ECM Daily Briefs | Page 2 of 139

In today’s briefing:

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
Ather Energy IPO | Showroom and Service Center Visits
Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet
Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky

Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing

By Sanghyun Park

KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.

Ather Energy IPO | Showroom and Service Center Visits

By Pranav Bhavsar

Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025.
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country.
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not.

Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet

By Troy Wong

Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CMBI and CLSA.
It’s a leading Chinese noodle restaurants operator in China, operating under the Xiao Noodles brand, offering value-for-money cuisines.
Under its dual model of corporate-owned and franchising, it focuses on corporate-owned restaurants in first-tier & new first-tier cities in China.

Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

By IPO Boutique

Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023.

Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention

Like peers, we saw the performance growth slowdown of Auntea Jenny in 2024, mainly due to industry slowdown and intensified competition. Auntea Jenny does not have advantage in lower-tier markets.
Auntea Jenny relies on third-party suppliers, with insufficient cold chain coverage, resulting in weak cost control.It’s difficult to maintain the current profit margin level. Franchisees may be forced to quit.
Valuation of Auntea Jenny should be lower than Guming and MIXUE. Considering the weak fundamentals and uncertain outlook, it is already good if valuation could be similar to Baicha Baidao.

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Apr 28

Daily Brief ECM: May 1st Marks End of US “De Minimis” Exemption that Has Enabled Growth of SHEIN and more

In today’s briefing:

May 1st Marks End of US “De Minimis” Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress
ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

May 1st Marks End of US “De Minimis” Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

By Daniel Hellberg

Crucial US “de minimis” imports exemption will end this Thursday night, May 1st
Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting
For US consumers, buying from SHEIN et al set to become more expensive, more onerous

ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

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, Ather Energy, DN Solutions (298440 KS) and Lotte Global Logistics were live this week, with few other gearing up for launches in Hong Kong.
On the placements front, Kakao Corp (035720 KS) was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.

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Apr 27

Daily Brief ECM: EToro IPO Preview: High Crypto Exposure and more

In today’s briefing:

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

By Andrei Zakharov

EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.
Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.
EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.

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Apr 26

Daily Brief ECM: Deepexi Technology Pre-IPO Tearsheet and more

In today’s briefing:

Deepexi Technology Pre-IPO Tearsheet
Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

Deepexi Technology Pre-IPO Tearsheet

Deepexi Technology (1843779D CH) (DT) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CMBC, Guotai, Bocom International and SPDB International.
The firm specializes in delivering AI solutions to enterprises to integrate their data, decisions and operations efficiently at scale.
DT ranked first among specialized providers of large model AI application solutions in China’s enterprise large model AI application solution market in terms of revenue in 2024, according to F&S.

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO.
Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023.

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Apr 25

Daily Brief ECM: Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal and more

In today’s briefing:

Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal
CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
Ather Energy IPO – Still Not Cheap Enough

Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal

SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS).
Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

By Troy Wong

CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.

Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.

Ather Energy IPO – Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.

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Apr 24

Daily Brief ECM: DN Solutions IPO – Tariffs and more

In today’s briefing:

DN Solutions IPO – Tariffs, Peer Correction Don’t Help
Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook
Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds
Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet
Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer
Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

DN Solutions IPO – Tariffs, Peer Correction Don’t Help

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.

Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook

The most significant issue in the domestic tea industry is product standardization. This makes it difficult for tea companies to expand their market share and achieve economies of scale.
Bama’s revenue growth showed an upward trend, but the growth rate is declining. There’re already signs of growth stagnation. High selling and marketing expenses will put pressure on profit margin.
Lancang and Tenfu Caymans (6868 HK) are comparable peers. Due to larger market share/revenue scale and higher profit margin in 24Q1-Q3, we think Bama’s valuation should be higher than peers.

Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Liuliu Orchard Group (LLO HK) (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic and Guoyuan.
The company was established in 1999. It is one of the leading producers of plum-based products in China’s fruit snacks category.
As per F&S Report, LOGCL ranked first in China’s fruit snacks industry by retail sales value, with a market share of 4.9% in 2024.

Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.

American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer

By IPO Boutique

They are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024.
For the years ended December 31, 2024 they produced gross premiums written of $767.7 million and net premiums written of $194.4 million. Their net income was $39.7 million.
We anticipate this company to set terms (share size, price range) and debut in the month of May.

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

By IPO Boutique

Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively.

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Apr 23

Daily Brief ECM: Trading LG Chem’s Large-Scale EB Issuance Backed by LG Energy Shares and more

In today’s briefing:

Trading LG Chem’s Large-Scale EB Issuance Backed by LG Energy Shares
Initial Thoughts on the Sono International IPO
Pre-IPO LXJ International Holdings – The Pain Points and the Outlook
Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures
Waaree Energies IPO Lockup – Lots of Individual Shareholders Own over US$2bn Worth of Stock

Trading LG Chem’s Large-Scale EB Issuance Backed by LG Energy Shares

By Sanghyun Park

With a $2B deal expected, LG Chem will likely issue before end June as the 2023 EB’s put date nears and redemption pressure builds amid strained financials.
Two years ago, hedge shorting spiked post-issuance and post-exchange start, but price impact was mild—only 3% and 6% drops—likely due to strong sector sentiment then.
Sector sentiment’s turned sharply, so more aggressive price action is likely post-EB announcement. Timing is tricky, but the setup’s worth watching closely.

Initial Thoughts on the Sono International IPO

By Douglas Kim

Sono International, the largest resort operator in Korea, is getting ready to complete its IPO in 3Q 2025.
Company is aiming for valuation of about 3 trillion won. Treasury shares accounted for 35.93% of total outstanding shares at the end of 2024.
One of the noticeable aspects of the company’s income statement is that although the company’s sales growth was modest from 2019 to 2024, its operating margin growth has been spectacular.

Pre-IPO LXJ International Holdings – The Pain Points and the Outlook

LXJ’s revenue/net profit showed an upward trend from 2022 to 24Q1-Q3, but growth momentum was decreasing. The same store sales growth dropped significantly. Profit margin is also lower than peers.
There’re significant differences in dietary habits and tastes across China, making it difficult for LXJ to expand nationwide. So, the future growth potential may not be as good as expected.
In December 2021, valuation of LXJ had reached RMB18 billion. Since LXJ’s revenue growth/profit margin are inferior to Xiaocaiyuan, we think the valuation of LXJ should be lower than Xiaocaiyuan.

Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures

By Troy Wong

Hi-Think Technology International (HT) is looking to raise at least US$150m in its upcoming Hong Kong IPO.
HT is a leading Chinese provider of digital intelligence software technology services and solutions, focusing on serving integration customers in Japan, particularly customers in the civil and financial sectors.
Due to significant depreciation of the JPY against the RMB, HT’s 9M24 sales growth and margins were negatively impacted.

Waaree Energies IPO Lockup – Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
In this note, we will talk about the lockup dynamics and possible placement.

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Apr 22

Daily Brief ECM: GMO Internet (4784) DropDown Holdco Gone Ballistic – Squeezed on Truly Tiny Float and more

In today’s briefing:

GMO Internet (4784) DropDown Holdco Gone Ballistic – Squeezed on Truly Tiny Float
ECM Weekly (22 Apr 2025) – Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi
BenQ BM Pre-IPO: PHIP Updates – Performance Continues to Deteriorate

GMO Internet (4784) DropDown Holdco Gone Ballistic – Squeezed on Truly Tiny Float

By Travis Lundy

Gmo Ad Partners (4784 JP) has become GMO Internet as of 1 January 2025. On that day, it merged with the “internet infrastructure business” of GMO Internet (9449 JP).
It was a kind of reverse takeover – a backdoor listing – and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.
The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.

ECM Weekly (22 Apr 2025) – Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi

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, Duality Biotherapeutics delivered a strong listing, while Jiangsu Zenergy Battery Technologies was still holding on to its deal price.
On the placements front, we looked at number of upcoming lockup expiries.

BenQ BM Pre-IPO: PHIP Updates – Performance Continues to Deteriorate

By Nicholas Tan

BenQ BM Holding Cayman Corp. (BBHC HK) is looking to raise at least $US100m in its upcoming Hong Kong IPO.
BenQ is a leading private for-profit general hospital group in mainland China, operating two general hospitals – Nanjing BenQ Hospital and Suzhou BenQ Hospital.
In this note, we provide updates on the firm’s past performance.

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Apr 21

Daily Brief ECM: Chagee Holdings – Thoughts on the IPO Debut and the Valuation Outlook and more

In today’s briefing:

Chagee Holdings – Thoughts on the IPO Debut and the Valuation Outlook
Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Chagee Holdings – Thoughts on the IPO Debut and the Valuation Outlook

Chagee may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.
If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.
If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.

Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

By Daniel Hellberg

FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors’ close attention

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Apr 20

Daily Brief ECM: Hanwha Aero: Base Case Is the Raise Goes Through and more

In today’s briefing:

Hanwha Aero: Base Case Is the Raise Goes Through
China Healthcare Weekly (Apr.20)- Giant Biogene Announced a HK$2.3bn Placement, China’s VBP Outlook

Hanwha Aero: Base Case Is the Raise Goes Through

By Sanghyun Park

FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.
Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.
Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.

China Healthcare Weekly (Apr.20)- Giant Biogene Announced a HK$2.3bn Placement, China’s VBP Outlook