ECM Daily Briefs | Page 4 of 160

In today’s briefing:

CNGR Advanced Material H Share Listing: The Investment Case
Northsand Pre-IPO: Strong Topline Momentum With Improving Margins
Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses
Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation

CNGR Advanced Material H Share Listing: The Investment Case

CNGR Advanced Material (300919 CH), a new energy materials company, has filed its PHIP for an H Share listing to raise US$700 million.
CNGR ranked first globally in 2024 in terms of sales value for all cathode active material precursors (pCAM) products, with a market share of 21.8%.
The fundamentals are solid, with good growth, a relatively stable margin profile, declining cash burn, manageable leverage, and an undemanding valuation.

Northsand Pre-IPO: Strong Topline Momentum With Improving Margins

Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors

Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.

JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses

JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.

Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation

Central Bancompany (CBC) targets a late-November IPO with strong fundamentals—$19.1B in assets, $14.2B in wealth under advice, and consistent profitability across diversified Midwest banking operations.
The $5B–$5.7B Missouri-based bank’s offering seeks $374M in proceeds to support expansion and potential acquisitions, highlighting disciplined growth and a proven 123-year legacy of stability.
Despite the ongoing government shutdown, CBC’s IPO remains on track for November 21, marking one of the largest and most diversified bank debuts in 2025.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 03

Daily Brief ECM: ECM Weekly (3 November 2025)-Sany and more

In today’s briefing:

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare
Mininglamp Technology IPO Trading: Strong Retail Demand, Decent Insti Demand
Pre-IPO Softcare (PHIP Updates) – Some Points Worth the Attention

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.

Mininglamp Technology IPO Trading: Strong Retail Demand, Decent Insti Demand

Mininglamp Technology (1912140D HK) raised around US$131m in its Hong Kong IPO.
Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

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

The rise of Softcare is in line with the logic of “Chinese supply chain going global”.It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
Given that Softcare’s main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 02

Daily Brief ECM: Weekly Deals Digest (02 Nov) – Pony AI and more

In today’s briefing:

Weekly Deals Digest (02 Nov) – Pony AI, Seres, WeRide, ANE, Mayne, Brainpad, SCSK, Sumitomo Riko

Weekly Deals Digest (02 Nov) – Pony AI, Seres, WeRide, ANE, Mayne, Brainpad, SCSK, Sumitomo Riko

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Pony AI (PONY US), Seres Group (9927 HK) and WeRide (WRD US) H Share listings.
Event-Driven developments: ANE Cayman Inc (9956 HK), Brainpad Inc (3655 JP), Sumitomo Densetsu (1949 JP), Sumitomo Riko Company (5191 JP), Mayne Pharma (MYX AU), AUB Group Limited (AUB AU).

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 01

Daily Brief ECM: XAG Technologies Pre-IPO Tearsheet and more

In today’s briefing:

XAG Technologies Pre-IPO Tearsheet
Leskart Solutions IPO- Covered-Up Deal?
Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

XAG Technologies Pre-IPO Tearsheet

XAG Technology (XAG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
Guangzhou Xaircraft Technology Co., Ltd. (XAG) is a global leader in agricultural robotics.
The company integrates robotics, artificial intelligence, and renewable energy to create comprehensive solutions that make farming more efficient and sustainable.

Leskart Solutions IPO- Covered-Up Deal?

By Nitin Mangal

Lenskart Solutions (0370405Z IN) much-awaited IPO, comprising a fresh issue of INR 21.5 bn and offer for sale of 127.5 mn shares, is set to open for subscription this week.
We also find it surprising to note that the company purchased Dealskart, a profitable company with EBITDA of INR 2.33 bn for an insignificant sum of INR 20 mn.
Company was able to report in FY25 is mainly on account of “Other Income” by accounting for gains from lower deferred consideration to boost its Profitability.

Softcare Pre-IPO: Decent Cornerstones, Riding on Africa Growth

Softcare (SOFT HK) is looking to raise up to US$307m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation with a focus on fast-growing Emerging Markets including Africa, Latin America and Central Asia.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 31

Daily Brief ECM: Samsung Electronics Placement: Inheritance Tax Paydown by Family and more

In today’s briefing:

Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed
Lenskart Solutions IPO – Is Pricey but Has a Strong Market Position
52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising
Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
Seres Group Hong Kong IPO Valuation Analysis
Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration
Indo-MIM Ltd Pre-IPO Tearsheet
FJD Pre-IPO Tearsheet

Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed

Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
This represents 0.9 days of the stock’s three month ADV, and 0.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Lenskart Solutions IPO – Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising

By Andrei Zakharov

52TOYS Development, a Beijing-based multi-genre IP toy company, is seeking Hong Kong IPO that would raise up to $200M.
Founded in 2012 by Mr. Chen and Mr. Huang, 52TOYS positions itself as a toymaker with a strong emphasis on collectible mecha and sci-fi aesthetics.
52TOYS has made a big push online and in overseas markets. I believe the company has primary growth drivers such as international expansion and new licensed and proprietary IP products.

Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company

Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
They had net sales of $21.4 billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.

Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

Seres Group Hong Kong IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.
Our target P/S multiple of 1.4x is 50% premium to the average valuation multiple of the comps in 2026.
We used a premium valuation multiple for Seres Group due the company’s higher sales growth, EBITDA margins, and ROE.

Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration

Softcare (SOFT HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.

Indo-MIM Ltd Pre-IPO Tearsheet

By Akshat Shah

Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.

FJD Pre-IPO Tearsheet

FJD Inc (FJD HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by MS and CICC.
FJD’s mission is to empower and elevate frontline workers in labor-intensive scenarios with accessible, intelligent robotics solutions.
The company achieves this by building digital models for the real world and driving autonomous transition in essential workflows across multiple core industries.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 30

Daily Brief ECM: Pony.AI Hong Kong IPO Preview and more

In today’s briefing:

Pony.AI Hong Kong IPO Preview
BETA Technologies (BETA): Electric Aircraft Maker Revenue Tail Intrigues IPO Investors
Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy
Pre-IPO Hangzhou Diagens Biotechnology – The Turning Point of Medical Imaging AI Has Not Arrived

Pony.AI Hong Kong IPO Preview

By Douglas Kim

Pony.ai is getting ready to complete its IPO in Hong Kong in the coming weeks. Pony.ai is one of the leading autonomous driving companies in China.
Pony.ai plans to sell 41.96 million Class A shares under its global offering in Hong Kong, including 4.2 million shares for Hong Kong retail investors.
The maximum offer price of the Hong Kong IPO is HK$180 (US$23) per share, which could value the company at more than US$10 billion.

BETA Technologies (BETA): Electric Aircraft Maker Revenue Tail Intrigues IPO Investors

Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.

Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy

By Himanshu Dugar

Orkla India owns two popular Indian food product brands ‘MTR’ and ‘Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.
Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.
IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.

Pre-IPO Hangzhou Diagens Biotechnology – The Turning Point of Medical Imaging AI Has Not Arrived

The willingness of hospitals/patients to purchase medical AI products/services is still not strong enough. The real turning point for the commercialization of medical AI hasn’t arrived yet.
The small revenue scale reflects that Diagens’ products have not received widespread recognition from the medical system. Market education cost would be high, leading to increasing selling and distribution expenses
Valuation should be higher than Basecare (2170 HK) who just focuses on testing kits in assisted reproduction, but should be lower than Xunfei Healthcare, who has better commercialization performance/channels advantage.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 29

Daily Brief ECM: WeRide Secondary HK Offering – Has Been Trading Up and more

In today’s briefing:

WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap
Pony AI Secondary HK Offering – Needs to Correct Some More
Groww Pre-IPO – Scaling Fast in a Competitive Market
Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data
Lalbaba Engineering Pre-IPO Tearsheet
Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle
Duroflex Pre-IPO Tearsheet
Pre-IPO Yangtuo Technology – The Business Model And Strategic Adjustments Will Not Work
Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

Pony AI Secondary HK Offering – Needs to Correct Some More

Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

Groww Pre-IPO – Scaling Fast in a Competitive Market

By Akshat Shah

Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.

Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data

By Ke Yan, CFA, FRM

Sichuan Biokin is looking to raise up to USD 500 million from an A-H listing. The sponsors are GS, JPM, and CITIC.
Sichuan Biokin recently published its post-hearing prospectus. The company also released financial results for 3Q 2025.
We think the company has progressed well in its core asset and has reported encouraging clinical data since the beginning of the year.

Lalbaba Engineering Pre-IPO Tearsheet

By Akshat Shah

Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.

Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Duroflex Pre-IPO Tearsheet

Duroflex (1603801D IN) is looking to raise about US$114m in its upcoming India IPO. The deal will be run by JM Financial and Motilal Oswal.
Duroflex Limited is a leading provider of sleep and comfort solutions in India, with a legacy spanning over six decades.
Its “house of brands” architecture comprising Duroflex, Sleepyhead, Perfect Rest, and Durofoam, caters to diverse consumer segments ranging from economy to luxury.

Pre-IPO Yangtuo Technology – The Business Model And Strategic Adjustments Will Not Work

Yangtuo’s business model is B2B2C, targeting lower-tier market, but the consumption upgrade in lower-tier market lags behind, which will affect the sales of high-margin products and require more marketing/promotion investment.
Yangtuo decides to shift from digital marketplace business to self-operated business, but such strategic adjustments may force Yangtuo to abandon the light-asset model and turn to heavy-asset model.
Overall performance and key operating metrics have shown a downward trend. Continuous decline in profit margins is expected. Valuation of Yangtuo should be lower than Kidswant Children Products (301078 CH).

Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

By Tina Banerjee

Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.
This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.
We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 28

Daily Brief ECM: [Japan Offering] Kasumigaseki Capital (3498 JP) – BIG Primary for Big Plans and more

In today’s briefing:

[Japan Offering] Kasumigaseki Capital (3498 JP) – BIG Primary for Big Plans
WeRide HK Listing: The Investment Case
Kasumigaseki Capital Placement: Primary Offering for Ambitious Expansion Plans
Seres Group A/H IPO Pricing – Thoughts on Valuations
SANY Heavy Industry H Share Listing (6031 HK): Trading Debut
Seres Group H Share Listing (9927 HK): Valuation Insights
Sany Heavy Industries A/H Trading – Strong Insti, Weak Retail. Pricing Still Tight
Seres Group Hong Kong IPO Preview
Mininglamp Technology IPO: Inflection into Profitability but Priced at a Steep Premium
CIG Shanghai IPO Trading: Tight Premium but Strong Insti Demand

[Japan Offering] Kasumigaseki Capital (3498 JP) – BIG Primary for Big Plans

By Travis Lundy

On Friday, Kasumigaseki Capital (3498 JP) announced Aug-25 earnings and a combination ¥45-50bn primary+secondary offering worth 5.3mm shares, 6x ADV, and a float increase of 37%. Shares fell 15% today.
2yrs ago they did a large offering. It went well. They’d had a ridiculous plan to grow OP 6x from ¥3.5bn to ¥20bn in 2yrs to Aug-26. Then by Aug-25.
They got to ¥8.5bn in Aug-24 and now ¥18.9bn in Aug-25 and now guide to ¥26.5bn in Aug-26 (the original plan having been ¥20bn).

WeRide HK Listing: The Investment Case

WeRide (WRD US), a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.
It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.
The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.

Kasumigaseki Capital Placement: Primary Offering for Ambitious Expansion Plans

Kasumigaseki Capital (3498 JP), is looking to raise US$250m in a primary placement.
The purpose is for financing of its medium-term management plan phase 2 which includes strengthening KC’s domestic hotel, logistics and healthcare businesses, and for expansions abroad (Dubai, US).
In this note, we will talk about the placement and run the deal through our ECM framework.

Seres Group A/H IPO Pricing – Thoughts on Valuations

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
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.

SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights.
Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

Seres Group H Share Listing (9927 HK): Valuation Insights

Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.

Sany Heavy Industries A/H Trading – Strong Insti, Weak Retail. Pricing Still Tight

Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.

Seres Group Hong Kong IPO Preview

By Douglas Kim

Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.

Mininglamp Technology IPO: Inflection into Profitability but Priced at a Steep Premium

Mininglamp Technology (1912140D HK) is looking to raise US$131m in its Hong Kong IPO.
Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making through large model driven analytics.
In this note, we will talk about the company’s past performances and valuations.

CIG Shanghai IPO Trading: Tight Premium but Strong Insti Demand

Cig Shanghai (603083 CH) , telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
CIG was founded in 2005, and is a provider of critical infrastructure components for the development of AI.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 27

Daily Brief ECM: ECM Weekly (27 October 2025)- Sany and more

In today’s briefing:

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB
Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) – Some Points Worth the Attention

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) – Some Points Worth the Attention

Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.
Biokin’s valuation should be lower than Akeso Biopharma Inc (9926 HK), but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.
Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there’s bubble in valuation in A-share.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 24

Daily Brief ECM: Lenskart Solutions Pre-IPO – The Negatives – International Ops Largely Acquisition Driven and more

In today’s briefing:

Lenskart Solutions Pre-IPO – The Negatives – International Ops Largely Acquisition Driven
Atom Therapeutics (新元素) Pre-IPO Quick Take: Moderate Innovation and Intense Competition
Molbio Diagnostics Limited Pre-IPO: Steady Growths in Topline And Profitability
BillionToOne, Inc (BLLN): Precision Diagnostics Company Sets Terms, Seeking Up to $2.4b Valuation
Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer
Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Lenskart Solutions Pre-IPO – The Negatives – International Ops Largely Acquisition Driven

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we talk about the not-so-positive aspects of the deal.

Atom Therapeutics (新元素) Pre-IPO Quick Take: Moderate Innovation and Intense Competition

By Ke Yan, CFA, FRM

Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
In this note, we look at the company’s core product, ABP-671.
We also look at the company’s pre-IPO investors and management team.

Molbio Diagnostics Limited Pre-IPO: Steady Growths in Topline And Profitability

Molbio Diagnostics Limited (1788863D IN) is looking to raise US$229m in its upcoming India IPO.
Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, Truenat, is a portable, battery-operated PCR testing system used for the rapid detection of infection.
In this note, we look at the company’s past performance.

BillionToOne, Inc (BLLN): Precision Diagnostics Company Sets Terms, Seeking Up to $2.4b Valuation

BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program.
There is a lot to like about this company including the explosive revenue growth and the narrowing losses.

Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer

Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”