ECM

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

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

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

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

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

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

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• Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
• I discussed the H Share listing in Kinwong Electronic H Share Listing (3228 HK): The Investment Case. 
• In this note, I present my forecasts and valuation. The AH discount is light compared to peer multiples. Given my concerns about fundamentals, I would avoid the listing. 

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

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

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

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• Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
• Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
• Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.

• Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
• It makes rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other PCBs for automotive electronics, smart devices, industrial control, telecommunications, and data infrastructure customers.
• The investment case is bearish: Kinwong is a price-taker in a fragmented, capital-intensive industry, with squeezed core margins, profits propped up by copper-scrap sales and heavy capex-driven cash burn.

• RoboTechnik is a global provider of manufacturing equipment and systems for the PV and SiPh industries, ranking first in intelligent SiPh equipment by revenue in 2025.
• RoboTechnik ranked first globally in intelligent SiPh manufacturing equipment by revenue in 2025 with a 20.5% market share.
• Net cash generated from operating activities was RMB232,602 for 6M2026, with cash and cash equivalents at RMB463,646 as of June 30, 2026.

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• ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.
• We look at the company’s three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range. 
• Given the lack of upside, I have a Negative View of this IPO. The bankers used eight overseas companies as comps for Elice Group. I disagree. 
• My base case valuation of Elice Group is based on a P/E of 34.7x my estimated net profit of 20.1 billion in 2026. 

• Zhejiang Taotao Vehicles (ZTTV HK) , provider of outdoor leisure and electrified mobility solutions, aims to raise around US$250m in its H-share listing.
• Zhejiang Taotao Vehicles (ZTV) is a global provider of outdoor leisure and electrified mobility solutions.
• In this note, we talk about the company’s past performance.

• Hunan Yuneng New Energy Battery Material (301358 CH) (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing.
• HYNEB focuses on the research and development, manufacturing and sales of phosphate-based cathode materials, primarily lithium iron phosphate (LFP) cathode materials.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Oura is an always-on health intelligence platform transforming how people understand and manage health. Its Oura Ring captures biometric data, offering a recurring membership for personalized health insights.
• Oura had 5.0 million Paid Members and approximately 85% 12-Month Paid Member Retention as of June 30, 2026. Revenue was $1,214.5 million.
• Total revenue was $1,214,506 and net income was $60,768 for the nine months ended June 30, 2026. Total stockholders’ deficit was $(1,617,734).

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• XREAL Ltd (XREAL HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
• It operates a leading global augmented reality (AR) eyewear company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• This insight discusses about listing dynamics of National Stock Exchange (NSEIN IN) .
• We present factors which would impact the listing price and present various valuation scenarios.
• Finally, we conclude with view on near term price movement for the company.

• Oura, Inc. plans to sell 50.0 million shares at an expected price of $40.00 to $44.00 per share and list on the Nasdaq Global Select Market under the ticker OURA.
• At the $42.00 midpoint, the offering would raise approximately $2.10 billion and value the company at approximately $13.48 billion.
• Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the offering. 

• Period: September 21-25, 2026. Two qualifying IPOs are scheduled to trade this week.
• Bamboo and ADARx represent approximately $1.015 billion at midpoint; Oura is scheduled to trade September 30.
• Bamboo Insurance is expected to price September 22 and trade September 23.

• Accelevation targets a $4.5-$5.4 billion valuation, offering investors exposure to the rapidly expanding AI and data center infrastructure buildout.
• Revenue surged 176% in 1H26, while $1.1 billion of backlog and a 2.5x book-to-bill provide significant forward revenue visibility.
• Olympus Partners is selling 21.4 million shares, making the IPO primarily a secondary offering, while proceeds will repay approximately $180 million of debt.

• Direct Drive Tech (DDT HK) is looking to raise around US$138m in its upcoming Hong Kong IPO.
• Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.
• In this note, we talk about the company’s past performance and valuations.

• Bamboo has postponed its IPO, citing market conditions, after initially targeting 35 million shares at $18-$20 and a valuation of up to $3.1 billion.
• The delay highlights valuation sensitivity across the insurance sector following Orion180’s $12 pricing, $3 below its range, and first-day opening below the IPO price.
• Bamboo’s strong growth and profitability remain intact, but its secondary-only structure and $548 million debt load add complexity as investors assess valuation.

• ADARx Pharmaceuticals presents a high-quality, late-stage biotechnology offering supported by a diversified siRNA platform, a Phase 3 lead program, approximately $427 million of existing cash and investments, and substantial strategic validation from AbbVie.
• The transaction is being led by J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital, providing a strong healthcare-focused underwriting syndicate with broad institutional distribution.
• AbbVie’s planned investment of up to $100 million in a concurrent private placement adds credibility to both the platform and valuation.

• XREAL Ltd (XREAL HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
• It operates a leading global augmented reality (AR) eyewear company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Camsense is fundamentally a provider of spatial sensing solutions for the intelligent robot field. Its core focus is to offer “eyes” for intelligent devices such as vacuum cleaners 
• Downward trend in prices is driven by strong bargaining power of downstream customers.When they squeeze profits upward to upstream suppliers to compete for terminal market share, Camsense has little countermeasures
• As a consumer-grade LiDAR supplier with relatively weak profitability and narrow application scope, reasonable P/S should be lower than peers. Comfortable range could be 2.5-3.5x P/S, based on 2026 forecast. 

• Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication & data, smart devices, industrial control etc.
• Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.
• Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.

• ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share.
• At the $16.00 midpoint, the offering would raise $350.0 million and value the company at approximately $1.64 billion.
• J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters.

• RoboTechnik Intelligent Technology (RBTK HK) is looking to raise up to US$662m in its upcoming Hong Kong IPO.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.

• Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.
• In our previous note, we looked at the deal terms and the company’s valuation.
• In this note, we provide an update for the IPO before its trading debut.

• Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise up to US$650m in its upcoming Hong Kong IPO. 
• Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Oura brings a compelling mix of 74% revenue growth, 5.0 million paid members, strong retention and recurring subscription revenue to the IPO market.
• Cornerstone interest from Eli Lilly and Dragoneer adds another notable dimension to an offering targeting a valuation above $14 billion.
• With Oura serving as the first major technology IPO test after Labor Day, investor demand and pricing will be closely watched.

• RoboTechnik Intelligent Technologies launched Hongkong IPO to raise HK$ 5.2B. They are a global provider of manufacturing equipment and systems for photovoltaic (PV) industry and silicon photonics (SiPh) industry.
• RoboTechnik Intelligent Technologies intends to use the proceeds for R&D, innovation, expanding production capacity, business promotion, strategic investments and/or acquisition and for general corporate purpose.
• RoboTechnik’s strong R&D capabilities and enhanced focus on intelligent SiPh manufacturing equipment, coupled with strong demand outlook make this issue worth for investors, especially those with a long-term focus.

• Shenzhen Kinwong Electronic (3228 HK)‘s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.
• The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers. 
• We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.

• Bamboo Insurance Services, Inc. (BMB) is preparing to offer 35.0 million shares of Class A common stock on the New York Stock Exchange at an expected price of $18.00 to $20.00 per share.
• At the $19.00 midpoint, the selling stockholders would receive approximately $665.0 million, while the company would command an implied market capitalization of approximately $2.97 billion.
• Bamboo will not receive any proceeds from the offering.

• Ligent Technologies (9856 HK) raised US$723m in its upcoming Hong Kong IPO.
• Ligent Technologies develops, manufactures and sells optical transceivers, optical chips and optical network terminals across the full optical communication value chain. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Transwarp Technology (688031 CH) , an AI infrastructure software provider, raised US$88m in its H-share listing.
• Transwarp Technology (Shanghai) Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to build AI infrastructure software that drives intelligent transformation and business model innovation.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

• 2026 A+H IPOs have punished day-one buyers: Luxshare, Innolight and Longsys all closed below issue despite discounts of 13–44%.
• RoboTechnik’s photonics inflection is real, but FY27E at 372x EPS leaves almost no fundamental valuation support.
• Investment positioning: bid only at ≥30% discount, size for a weak open, stop at CNY545 and exit around Southbound eligibility.

• 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, National Stock Exchange (NSEIN IN) managed to garner interst from a long list of anchor investors, while GCash (Mynt) is said to be planning to launch.
• On the placement front, Tencent (700 HK) continues to trim its investment portfolio.

• 126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares. 
• The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand. 
• We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.

• Live Oak Acquisition Corp. VI is a blank check company formed to effect a business combination, focusing on companies with growth, strong cash flow, and a defensible market position.
• The company targets businesses with enterprise values from $500 million to $2 billion, focusing on above-average growth, substantial free cash flow, and defensible market positions.
• Total assets were $133,318 (Actual) and $203,566,295 (As Adjusted) as of June 30, 2026. The auditor’s report expresses substantial doubt about going concern.

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• Zhejiang Jingxin Pharmaceutical is a group focused on CNS, cardiovascular, and cerebrovascular diseases, generating revenue from drugs, APIs, medical equipment, seeking a primary HKEX listing.
• Sole approved innovative drug, Dimdazenil, launched in 2024 for insomnia. Operates eleven manufacturing facilities, with largest customer accounting for 17.2% of revenue.
• Revenue was RMB4,069,361 and profit RMB771,731 in 2025. Profit for the period decreased by 10.0% to RMB358.0 million (six months ended June 30, 2026).

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• Greenwave Technology Solutions operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, processing various scrap metals for sale. This filing is for resale of shares by selling stockholders,.
• Greenwave operates 13 facilities and reported revenue of $32,271,860 for the six months ended June 30, 2026. Revenue increased by 76.06% and gross profit by 129.92% compared to 2025.
• The company reported a net loss of $(4,745,708) and an accumulated deficit of $525,656,136 as of June 30, 2026. Concerns exist about the ability to continue as a going concern.

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• The space for new franchise projects in regional markets is becoming saturated. Junxin has almost achieved full coverage in Hunan, and the growth space of domestic stock market is limited.
• Ahead of Junxin’s development path lies both vast market space and unknown obstacles. 2026 will be a crucial year for testing Junxin’s strategic choice. High dividend is attractive to investors.
• Junxin’s overseas projects are still in the development stage and it will be difficult to generate substantial profits in short term. Valuation support mainly relies on the domestic core business.

• Fold Holdings, Inc. is a financial services company operating across U.S. dollars and bitcoin, offering consumer products and aiming to integrate bitcoin into daily financial lives.
• Fold Holdings was founded in 2019, launched a bitcoin rewards debit card in 2020, and released the Bitcoin Gift Card in May 2025.
• Cash and cash equivalents were $28.4 million as of June 30, 2026. The company received a Nasdaq deficiency notice on July 14, 2026.

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• The 21Shares Injective ETF tracks INJ tokens, the native digital asset of the Injective Network, as measured by the FTSE Injective Index. It also reflects rewards from staking INJ holdings.
• As of September 1, 2026, INJ total circulating supply is approximately 92.8 million tokens, with a market capitalization of $488 million.
• The amount of INJ represented by Shares is expected to decline over time due to Sponsor Fee and other liabilities.

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• Moonshot AI has filed confidentially in Hong Kong for a US$3-5bn IPO and is marketing a US$50bn pre-IPO round, up fivefold since February on nine weeks of Kimi K3.
• Reported ARR passed US$1bn in August, but the method is undisclosed; US$50bn needs US$1.8bn of trailing-month ARR, or FY28E revenue of US$2.8-3.3bn, to clear our line.
• Our pre-committed discipline: participate at or below 28x trailing-month ARR, token allocation at 29-35x, avoid above 35x; gross margin, burn, compute and customer concentration are the prospectus tests.

• GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and solid tumor cancers using novel proprietary platforms.
• GEO-MVA Phase 3 clinical trial initiation is planned for Q4 2026, and Gedeptin® Phase 1/2 trial for advanced head and neck cancers completed.
• As of June 30, 2026, cash and cash equivalents were $3,143,422, sufficient to fund operations into October 2026.

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• Gravity Acquisition Corp. is a blank check company incorporated in the Cayman Islands to effect a business combination with one or more entities. Its efforts to identify a target business.
• The management team possesses deep capital markets, M&A execution, and operational experience, including leadership at Tapestry, Mars Acquisition Corp., Joint Fortune Capital, and Tricentis USA Corp.
• Total assets were $250,713,191 as of May 31, 2026 (As Adjusted). The auditor report expresses substantial doubt about the ability to continue as a going concern.

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• Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd.  The company will raise HK$5.67 billion.
• The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.
• Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.

• Central Mine Planning & Design Institute (CMPDI IN) raised about US$200m in its India IPO in Mar 2026. The lockup on its promoter, Coal India, is set to expire soon.
• CMPDI is a subsidiary of Coal India, providing consultancy and support services across the full range of coal-mineral exploration, mine planning and design, covering the entire lifecycle of mining operations.
• In this note, we will talk about the lockup dynamics and possible placement.

• Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
• TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
• As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.

• New Iceland Arctic Acquisition Corp. is a newly organized blank check company formed to effect a business combination. It focuses on high growth operating companies in Iceland and the broader.
• Iceland has nearly 100% renewable energy generation and the highest GDP per capita among Nordic countries. An estimated $1 trillion in Arctic infrastructure investment is anticipated.
• As of June 30, 2026, there was substantial doubt about the ability to continue as a going concern, with an adjusted shareholders’ equity deficit of $(3,114,579).

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• NuvOx Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing oxygen therapeutic solutions for diseases where hypoxia plays a critical role.
• NanO2 is in clinical development for stroke, GBM, and ARDS, with orphan drug designation for GBM and sickle cell anemia.
• Total assets were $1,955 and cash was $332 as of June 30, 2026. Total liabilities were $32,106.

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• My base case valuation of Ligent Technologies is HKD45.6 per share, representing 38.3% higher than the IPO offer price.
• I used four comps including Zhongji InnoLight (3308 HK), Yangtze Optical Fibre and Cable (6869 HK), Cowell e (1415 HK), and Eoptolink Technology (300502 CH) to value Ligent Technologies.
• My base case valuation of HKD45.6 per share which is based on a P/E of 24.1x is at a 20% discount to the comps’ average P/E valuation in 2027.

• Valuation proved decisive: Orion180 priced 20 million shares at $12, $3 below range, but still opened below the IPO price.
• Demand was strong but price-sensitive: The deal was well oversubscribed, yet investor interest did not translate into a positive first-day trade.
• Bamboo faces a tougher test: Orion180’s weak debut could weigh on investor appetite for next week’s Bamboo Insurance IPO.

• Electra priced an upsized 23.33 million shares at $15.00, but opened flat and closed at $13.25, down 11.7% on persistent selling pressure.
• The more-than-four-times oversubscribed book failed to translate into aftermarket support, highlighting a disconnect between headline demand and committed demand.
• Electra’s earlier-stage development profile and distant clinical milestones may have contributed to limited investor patience despite a constructive recent biotech IPO backdrop.

• Dror Ortho-Design, Inc. is a medical device company developing ZSmile, an AI-based platform for discreet, less painful smile correction using a single smart aligner.
• ZSmile Platform received FDA 510(k) clearance in February 2026, targeting a $17 billion addressable market within the growing clear aligners sector.
• Auditor expressed substantial doubt about going concern; company reported $94,000 cash and $3.8 million working capital deficit as of June 30, 2026.

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• Ligent Technologies is getting ready to complete its IPO in Hong Kong in September. Ligent Technologies seeks to raise about HK$5.67 billion ($723 million) in a Hong Kong IPO. 
• Ligent has offered 172 million shares at an offer price of HK$32.96 apiece. The company has already received $340 million from cornerstone investors, or 47% of the base share sale.
• Ligent ⁠makes optical transceivers, optical chips and network terminals used in data centres, cloud computing and telecommunications networks.

• Amaero Inc. is a leading U.S.-based producer of high-value refractory and titanium alloy spherical metal powders for additive manufacturing and a pioneer in PM-HIP manufacturing.
• The U.S. addressable market is projected to grow to $1,496.1 million by 2030, supported by a $15.3 million backlog and 680 metric tons capacity.
• As of June 30, 2026, total assets were $88,568, with a net loss of $(13,433) and substantial doubt about going concern.

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• RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
• We look at the company’s two core segments, silicon photonics equipment and PV manufacturing solutions.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors.
• We look at the company’s core segments: the distribution domain and the manufacturing domain.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• FDCTech, Inc. is a financial technology company developing software solutions and business services for OTC brokerage and financial services industries, including its Condor Trading Technology.
• FDCTech’s wealth management business had over $770 million in client assets under advice as of June 30, 2026, serving more than 500,000 users.
• The company reported Total Revenue of $32,687,028 and Net Income of $14,578,197 for the six months ended June 30, 2026.

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• Janus has gained roughly 53% from its $20 IPO price and nearly 30% from its $23.50 first trade, remaining within striking distance of its $32.83 high.
• Second-Quarter results showed 45% revenue growth, 40% adjusted FFO-per-share growth and 19.2% same-store adjusted NOI growth.
• The company has aggressively deployed IPO and follow-on capital, completing approximately $1.8 billion of acquisitions through August 3.

• As AI training clusters continue to expand, data will flow at high speed between servers/switches/cabinets/clusters.Optical connection system was brought to forefront. ADTEK is precisely positioned at this system-level bottleneck position
• The underlying logic behind fluctuations in performance is that the growth rate of ADTEK’s performance is highly positively correlated with the pace of global construction of ultra-large-scale AI data centers.
• There’re uncertain factors regarding whether current explosive growth can be sustained.Conservative scenario (based on 2026 forecast) is 18-21x P/E, which is a buying range with a relatively high safety margin.

• The Canary Staked SEI ETF is an exchange-traded product providing exposure to SEI’s price, a digital asset, less expenses. It also aims to earn additional SEI via proof-of-stake validation.
• SEI market capitalization was approximately $364 million as of September 3, 2026, with 4.5 billion SEI staked, generating $55 million in annual rewards.
• If staking rewards are insufficient for expenses, the amount of SEI per Share will decline, and staking activity carries a risk of SEI loss.

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• Bitari Inc. is a Texas-headquartered digital infrastructure company providing secure and efficient hosting and O&M services for Bitcoin mining operations.
• Bitari reported total revenue of $2,990,025 and net income of $502,236 for the three months ended April 30, 2026.
• High uptime performance of 98.5% enhances client profitability. Strategic Texas location enables cost optimization with low electricity rates.

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• Ligent Technologies (9856 HK) is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share.
• I previously discussed the IPO in Ligent Technologies IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• India’s exchange monopoly is being sold at ₹1,785 when its own unlisted shares cleared ₹1,985 last week — and the state sellers trimmed their lines because they know it.
• Only 5.1% of NSE floats until 22 March 2027. Then 2.35bn shares, held at a median cost under ₹5, become saleable at forty times earnings.
• The state has throttled NSE’s options franchise five times in 22 months. Cash turnover never flinched. We initiate BULLISH, 12-month Fair Value ₹2,000.

• In this insight, we discuss the important takeaways from 25+ media interactions by the National Stock Exchange (NSEIN IN) MD – Ashish Kumar Chauhan.
• This discusses about his thoughts on regulation, growth, diversification and technology.
• Finally, we share our overall view based on these interviews.

• ClubMed Lifestyle Group (CLBMD HK) aims to raise up to US$700m in its Hong Kong listing.
• It operates a leading global premium vacation lifestyle group with a strong global footprint.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Electra is developing precision immunotherapies designed to selectively eliminate disease-driving immune cells while preserving normal immune function.
• Ipsoprubart has generated encouraging early data in malignancy-associated HLH, including 100% overall survival and overall response in 12 frontline patients.
• Sector momentum and current demand are constructive, with all four August biotech IPOs trading above issue prices and Electra’s book reportedly oversubscribed.

• RoboTechnik’s fundamentals are currently in a stage of “strong story but weak profits”. The SiPh equipment sector has sufficient market appeal, but the profit scale is still small
• Based on 26H1 explosive growth of optoelectronics business, significant jump in profitability in 26Q2, and the 2.452bn yuan in-hand orders for optoelectronics, the forecast needs to be systematically revised upwards
• Considering the growth potential of RoboTechnik (with a projected CAGR of 100+% in net profits from 2026 to 2028), 35-45x P/E based on 2027 forecast could be a comfortable range

• Bamboo is an AI and technology-enabled, underwriting-first and capital-light homeowners insurance MGU, built for the $189 billion homeowners insurance market. It leverages AI and technology to deliver value, focusing on.
• Managed Premium grew by 34% for the six months ended June 30, 2026. Loss ratios outperformed the industry by 32 percentage points over the last five fiscal years.
• Total revenue was $173,398 and net income was $13,756 for the six months ended June 30, 2026. Long-term debt was $531,064 as of June 30, 2026.

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• Electra Therapeutics is a late clinical-stage biopharmaceutical company pioneering precision medicines for immune-mediated diseases and cancer, targeting SIRP to deplete disease-driving cells.
• Ipsoprubart received Breakthrough Therapy designation from FDA and PRIority MEdicine from EMA for sHLH, with ELA822 Phase 1 initiated.
• The independent auditor’s report included a ‘going concern’ explanatory paragraph, and no revenue has been generated to date.

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• Veri Medtech Holdings, Inc. is a healthcare technology company providing access to alternative medicine for sensitive health issues via discreet online care. It operates as a holding company for Veriheal.
• Veriheal processed over 350,000 patient approvals, generated over $100 million in revenue, and acquired MarijuanaDoctors.com for $3,000,000 in 2022.
• Revenues decreased by 35% to $10.8 million in FY2025, and substantial doubt exists about the Company’s ability to continue as a going concern.

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• Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
• Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
• We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.

• In this insight we discuss about updates from National Stock Exchange (NSEIN IN)’s RHP.
• We discuss in detail various operational parameters and market share in key areas.
• Finally, we discuss why NSE stock is not running away.

• Oliver Corporation (619A JP) raised US$142m in its Japan IPO.
• Established in 1967, Oliver Corporation was initially a furniture manufacturing company known as Fuji Steel and sold steel furniture. 
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
• In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
• Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
• I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.

• Hunan Junxin Environmental Protection (HJXEP HK) , a waste treatment company, aims to raise around US$400m in its H-share listing.
• Hunan Junxin Environmental Protection (HJEP) operates in the solid waste treatment and green energy sectors, specializing in integrated waste treatment and resource utilization projects.
• In this note, we look at the firm’s PHIP updates and valuation.

• ✓ IPO Prophet Rating: 7.68/10 🏦 Deal Quality & Underwriters: 8.25/10 Electra Therapeutics is a late clinical-stage biotechnology company developing precision medicines that selectively deplete disease-driving immune cells through the signal regulatory protein family.
• Its lead candidate, ipsoprubart, is a first-in-class pan-SIRP antibody designed to target pathological myeloid and T cells while preserving unaffected immune populations.
• Ipsoprubart is being evaluated as a frontline treatment for secondary hemophagocytic lymphohistiocytosis, a severe hyperinflammatory condition with high mortality and limited treatment options.

• RoboTechnik Intelligent Technology (RBTK HK) , aims to raise up to US$1bn in its H-share listing.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• In this note, we look at its PHIP updates, peer comparison and valuation.

• Electra Therapeutics, Inc. (ETRA) is preparing to sell approximately 21.67 million shares of common stock on the Nasdaq Global Select Market at an expected price of $14.00 to $16.00 per share.
• At the $15.00 midpoint, the offering would raise approximately $325.0 million and value the clinical-stage biotechnology company at roughly $916.5 million.
• Jefferies, TD Cowen, Evercore ISI and Cantor are serving as joint book-running managers. The shares are expected to begin trading on Friday, September 18, 2026.

• Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
• Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
• We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.

• Hai Robotics Innovation Group is a global leader in warehouse automation, specializing in ACR solutions for picking, aiming for flexible, fully autonomous operations in warehouses and factories.
• Hai Robotics was the world’s largest ACR solution provider in 2025, with a footprint in over 40 countries and regions globally.
• Revenue increased from RMB807,007 thousand in 2023 to RMB2,016,936 thousand in 2025, with gross profit margin reaching 34.4% by June 30, 2026.

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