ECM Daily Briefs | Page 22 of 160

In today’s briefing:

CATL: Launch of Book Building for Hong Kong Listing
EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO
Pre-IPO Kayou – The Strength of Business Model and the Potential Risks Behind
Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?
Ather Energy IPO Trading – Running Out of Charge
Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO
American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

CATL: Launch of Book Building for Hong Kong Listing

By Douglas Kim

According to Reuters, CATL plans to launch its Hong Kong listing process including book building during the week of 12 May.
We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025.
Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL’s shares are undervalued.

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus.
The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.

Pre-IPO Kayou – The Strength of Business Model and the Potential Risks Behind

Kayou’s business model revolves around IP licensing+blind box+multi-category expansion.With trading cards as the core traffic entry point, Kayou expands to other products, forming a synergistic effect of “card revenue+derivative products”.
Kayou mainly relies on licensed IPs to drive growth, Its revenue are highly concentrated on limited number of IPs. The expiration of IP license agreements is “The Sword of Damocles”
Valuation could be lower than peers as the core risks are concentrated on IP renewal and the government’s supervision of minors, which would negatively affect the sustainability of future growth.

Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?

By Devi Subhakesan

Ather Energy (1207922D IN) lists on Indian stock exchanges today with expectations of a subdued debut.
Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward Hero Motocorp (HMCL IN) that now owns 30%.
Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?

Ather Energy IPO Trading – Running Out of Charge

Ather Energy (1207922D IN) raised around US$350m in its 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 and valuations. In this note, we talk about the trading dynamics.

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.
Aspen is selling itself at or slightly below the $30.73 per share book value of comps.
Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.

American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

According to our sources, the deal is oversubscribed with a good amount of accounts still to hear from.
Management has strong numbers as of year-end 2024 and have gained even more momentum in Q1 2025.
While smaller in size, this company has a sustainable expansion plan and a profitable balance sheet with a tailwind from a growing Florida market.

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May 05

Daily Brief ECM: ECM Weekly (5 May 2025) – CATL and more

In today’s briefing:

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

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, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP.
Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.

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May 04

Daily Brief ECM: CATL H Share Listing: AH Discount Views and more

In today’s briefing:

CATL H Share Listing: AH Discount Views

CATL H Share Listing: AH Discount Views

By Arun George

Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, is set to launch an H Share listing to raise US$5 billion.
In CATL H Share Listing: The Investment Case, a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation are highlighted.
In this note, I examine the likely discount CATL will offer its H Shares compared to the A Shares.

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May 03

Daily Brief ECM: Kayou Pre-IPO: Financials and Other Metrics Outputs and more

In today’s briefing:

Kayou Pre-IPO: Financials and Other Metrics Outputs

Kayou Pre-IPO: Financials and Other Metrics Outputs

By Andrei Zakharov

Kayou Inc., a founder led IP-themed trading card company, plans to go public in Hong Kong. The company’s financial profile and profitability are unique among its mid-cap peers.
The company reported 2024 revenue of RMB10,057m, up 278% y/y, driven by an increase in sales of trading cards, corresponding to an increase in their sales volume.
Kayou Inc. appears to have a decent runway for growth. Companies with both “elite” gross profit margins and higher revenue growth would tend to trade at higher multiples.

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May 02

Daily Brief ECM: Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024 and more

In today’s briefing:

Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China
Pre-IPO Fujian Lemo IoT Technology – The Outlook for Growth and Profit Margins Is Not Optimistic
Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China

By Andrei Zakharov

Kayou Inc., early-mover in the trading card industry in China, filed for an IPO in Hong Kong. The company sells trading cards, toys, figures, badges, pens, and notebooks, among others.
Kayou Inc. received capital of ~$135M from HongShan Capital and Tencent Holdings in 2022. Mr. Li Qibin founded trading card and collectible toy firm in 2011.
Founder led company has delivered 250%+ growth and FCF of $500M+ in 2024. The market opportunity is large enough to support sustained high growth for Kayou for several years.

Pre-IPO Fujian Lemo IoT Technology – The Outlook for Growth and Profit Margins Is Not Optimistic

Lemo increased the number of massage equipment in the cinemas significantly, but the transaction value has reflected its ineffective business expansion. The Company may have already encountered a growth ceiling.
Lemo’s business model requires high occupancy fee and maintenance costs, which is hard to decrease. However, if revenue growth slows down, Lemo’s profits would be “eroded” due to high costs.
In Sep. 2024, valuation of Lemo reached RMB750 million. We think valuation of Lemo could be lower than that of peers in the future due to concerns on the outlook.

Suzhou Ribo Life Science (瑞博生物) Pre-IPO Quick View: Scarcity of SiRNA Player

By Ke Yan, CFA, FRM

Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
Ribo Life is a world leading company in the area of siRNA research.
The company’s RBD4059 is potentially the first in class siRNA drug for thrombotic diseases.

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May 01

Daily Brief ECM: DN Solutions IPO Officially Withdrawn: Background and Key Takeaways and more

In today’s briefing:

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
DN Solutions Cancels IPO
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion
Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways

Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.

DN Solutions Cancels IPO

By Douglas Kim

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.

Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.

Hanwha Aerospace Rights Offering – Third Time Is a Charm?

By Douglas Kim

Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.

Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion

By Troy Wong

Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.
GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.
Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.

Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we look at the company’s past performance.

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Apr 30

Daily Brief ECM: Samsung SDI Rights Trade Period & Short Ban: Quick Clarity and more

In today’s briefing:

Samsung SDI Rights Trade Period & Short Ban: Quick Clarity
Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago
Sichuan Biokin A/H Listing: Good Time for Listing
Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper
Pre-IPO Green Tea Group (PHIP Updates) – Some Points Worth the Attention
Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation
Golden Sovereign Mines
PegBio 派格生物 Pre-IPO: R&D Deceleration
American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

Samsung SDI Rights Trade Period & Short Ban: Quick Clarity

Samsung SDI kept the trading window open until May 12, not May 9 — so stock rights will trade for a total of six sessions.
If all shorts are closed by May 16, we can still subscribe. Spot hedging isn’t allowed, but outright shorts for pricing plays are fine.
Entry cost is effectively capped at 146,200 won, and it’s still very unlikely the final price exceeds that, so using it as the rights entry cap still makes sense.

Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago

Hainan Drinda Automotive Trim (002865 CH) plans to raise up to US$234m via its A/H listing.
HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
In this note, we look at the company’s recent performance and other deal dynamics, as well as valuations.

Sichuan Biokin A/H Listing: Good Time for Listing

By Ke Yan, CFA, FRM

Sichuan Biokin reported 2024 results, with a large chunk of revenue from its product licensing to BMS.
We analyzed its key products’ current clinical trials and upcoming milestones. We also look at peer performance.
Overall, we are of the view that many factors bode well for Biokin’s H-share listing

Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper

By Nicholas Tan

Eco-Shop Marketing (ECO MY) is looking to raise up to US$241m in its upcoming Malaysia IPO.
It is the largest dollar chain in Malaysia, as per the number of stores it operates, as of 31 October 2024.
We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.

Pre-IPO Green Tea Group (PHIP Updates) – Some Points Worth the Attention

The decline in Green Tea’s performance in 2024 cannot be solely attributed to external factors such as economic downturn and the decline in consumption. There are deeper reasons behind it.
The growth is mainly contributed by delivery service. However, commission fee is high and average spending per order is lower than dine-in services.So delivery service has limited contribution to profits.
The aggressive expansion of restaurants may further dilute the performance of individual restaurant. We shared our three-year forecast.Valuation of Green Tea could be lower than Xiaocaiyuan and the industry average

Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.

Golden Sovereign Mines

By Optimo Capital

Golden Sovereign Mines (GSM) is a pre-IPO opportunity to invest in a gold consolidation vehicle focused on the toll treatment of ore, mined by African artisanal miners.
The company is adopting a proven business model that has been well-tested in Africa.
The rollout of GSM’s strategy is well-timed as many African nations are creating national action plans to transform the artisanal and small-scale mining (ASM) gold sector.

PegBio 派格生物 Pre-IPO: R&D Deceleration

By Ke Yan, CFA, FRM

PegBio is looking at raising up to USD 100m to list in Hong Kong.
We have previously covered the company’s fundamentals and a brief valuation.
We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.

American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.
Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024.
The underwriting lineup on this sector, led by Keefe Bruyette & Woods, has a strong track record of pricing and placing transactions in this sector.

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Apr 29

Daily Brief ECM: Hanwha Ocean Placement – Recent Run-Up and more

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

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

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