ECM

• Bloomberg’s $10bn Kioxia US ADR report is anonymously sourced with no filing or term sheet — a placed leak. The underlying transaction is real, CFO-guided, and realistically prices Q2 CY2027.  
• Primary issuance dilutes 5.7%; a secondary clears c.28% of the register at no cost. Treasury stock covers only $5.3bn. Structure decides the trade, not size.  
• BULLISH maintained, fair value ¥72,000 pre-split / ¥24,000 post-split on 12x FY2027E EPS ¥6,000; ¥90,000 ADR scenario at 15x requires confirmation, non-dilutive structure and index entry.  

• Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

• National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming 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 in our previous note. In this note, we will talk about valuations.

• Tencent (700 HK) (via Image Frame Investment) aims to raise around US$287m via selling a part of its stake in Kanzhun (2076 HK).
• Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• Delton Technology (1989 HK) raised US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share.
• It is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.
• In this note, we will talk about the lockup dynamics and possible placement.

• Ligent Technologies (9856 HK) is looking to raise about US$723m in its upcoming Hong Kong IPO.
• It develops, manufactures and sells optical transceivers, optical chips and optical network terminals.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Ligent Technologies (9856 HK)‘ IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out. 
• It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.
• Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with CIG Shanghai (6166 HK)‘s 10.7x FY27 PER, equalling HK$36.06. 

• DTS is getting ready to complete its IPO in October 2026 in KOSDAQ. DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants.
• The IPO price range is from 17,000 won to 18,500 won per share. Based on this range, the expected market capitalization ranges from 252.6 billion to 274.9 billion won.
• DTS is a subsidiary of Dasan Networks (039560 KS). Dasan Networks’ 32% stake in DTS (post IPO) represents 84% of Dasan Networks’ market cap. 

• Ligent Technologies launched Hongkong IPO to raise HK$ 5.7B. They are global optical communication, connectivity product provider that develops, manufactures and sells optical transceivers, optical chips and optical network terminals.
• Ligent Technologies intends to use the proceeds for research and development, expanding production capacity, business promotion, strategic investments and/or acquisition and for general corporate purpose.
• Ligent’s operational capabilities, technological prowess, reasonably strong product portfolio and global market presence, coupled with a more stable demand outlook does make this issue fundamentally worth for investors.

• Palisades is the near-term catalyst, with the 800MW restart expected to provide a meaningful financial step-up once commercial operations resume.
• SMR-300 offers the transformational opportunity, positioning Holtec to participate in the global shift toward advanced nuclear power.
• A $24 billion backlog and established nuclear-services businesses provide recurring revenue and cash flow while Holtec funds its growth initiatives.

• Insight on SEBI’s new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
• We discuss the various aspects of the paper presented by SEBI. 
• Finally, we discuss how the impacts the NSE IPO which is opening this week.

• GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
• I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
• My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. 

• ASR Microelectronics is a fabless semiconductor platform company, a market leader in cellular connectivity chips, ranking No. 1 globally in 2025.
• ASR Microelectronics ranked No. 1 globally in cellular connectivity chip market by shipment volume in 2025 with 37.8% market share.
• ASR Microelectronics reported a loss of RMB390,285 for 2025 and a profit of RMB84,244 for six months ended June 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• 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, Shenzhen Longsys Electronics (9976 HK) didn’t do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
• On the placement front, the week wasn’t as busy but we did look at a few deals and upcoming lockups.

• Haymaker Acquisition Corp V is a blank check company formed to effect a business combination with one or more businesses or entities. It intends to acquire and operate a business.
• The management team has a proven track record of business combination success with prior SPACs and extensive experience in industrial, consumer, and consumer-related industries.
• Total assets were $342,493 (Actual, June 30, 2026) and $252,216,395 (As Adjusted, June 30, 2026). Shareholders’ deficit was $(33,605) (Actual).

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel, small molecule product candidates to modulate the ribosome and promote readthrough of premature stop codons.
• Exaluren received Orphan Drug Designation from the FDA for AS, with Phase 2b topline data anticipated by mid-2027.
• The company reported net losses of $8.3 million for the six months ended June 30, 2026, with an accumulated deficit of $308.8 million.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• QVC Group, Inc. is a global live social shopping company engaged in video and online commerce. This filing registers shares for resale by existing stockholders.
• QVC Group, a global leader in video and social commerce, reported $3.534 billion in net revenue for six months ended June 30, 2026.
• The December 31, 2025 audit report raises substantial doubt about the company’s ability to continue as a going concern.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Founded in November 2009, the company’s mission is to power women to feel their best every day, building the world’s first shared designer closet.
• The company served approximately 3.5 million lifetime customers and had 186,019 total subscribers as of July 31, 2026, generating 90% of revenue.
• Total revenue, net was 187.6 for six months ended July 31, 2026, with a net loss of $(31.8) and an accumulated deficit of $(1,132.2).

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In the context of low growth visibility and high trade risks, a valuation decline does not mean that SHEIN’s stock is cheap, or a valuation reversal is certain to occur.
• Investors need to focus on whether there’s a turning point in 26H2.In short term, SHEIN‘s more suitable as an event-driven trading target rather than a core position for long-term holding.
• SHEIN’s long-term value depends on whether it can complete the transformation from “cross-border direct mail retailer” to “localized fulfillment platform”.Then, valuation logic would shift from “risk discount” to “platform premium”.

• GenScript Biotech (1548 HK) is placing 77M shares at the price of HK$30.50 per placing share. Placing shares represent approximately 3.5% of the total number of issued shares.
• The company intends to use the proceeds mainly for expansion of capacity and infrastructure of AI-driven drug discovery platform, including automated high-throughput wet-lab facilities, related equipment, and laboratory upgrades.
• GenScript is witnessing accelerating demand for AIDD. During 1H26, AIDD business doubled and maintained rapid growth for a third consecutive half-year reporting period.

• Guangdong Mic-Power New Energy Co., Ltd. provides integrated, high-performance, safety-enhanced mini-size lithium-ion batteries for wearable devices, smart medical devices, and portable energy storage.
• Revenue increased by 51.7% to RMB532.9 million in 2024, while net profit grew 755.0% to RMB58.1 million in 2024.
• For the six months ended June 30, 2026, revenue was RMB337,163 thousand and profit for the period was RMB26,345 thousand.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• VenHub Global, Inc. is a fully autonomous and robotic-operated store utilizing AI and smart inventory management systems for a seamless shopping experience.
• VenHub Global commenced trading as “VHUB” on NASDAQ on January 30, 2026, and increased authorized common stock to 300,000,000 shares.
• Net losses were approximately $62.4 million for 2025, with an accumulated deficit of approximately $109.2 million as of June 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
• Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.
• Our previous notes covered the company’s business, industry backdrop, financials and pre-IPO investor backing.
• In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.

• Transwarp Technology (688031 CH) , an AI infrastructure software provider, aims to raise up to US$109m in its H-share listing.
• Transwarp Technology (Shanghai) Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to efficiently build AI infrastructure software.
• We have looked at the PHIP updates in our previous note. In this note, we talk about the IPO pricing.

• Sunway Healthcare Holdings (SUNMED MK) raised US$735m in its Malaysia IPO in March 2026. The lockup on controlling shareholders and Pre-IPO investors is set to expire soon on 18 September.
• Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.
• In this note, we will talk about the lockup dynamics and possible placement.

• This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.
• We discuss 5 areas which could potentially impact NSE’s near term earnings.
• Finally, we discuss on IPO valuation and our view on the same.

• Orion180 is a founder-led, technology-focused, high-growth, high-margin specialty insurance group. The IPO aims to increase capitalization and create a public market.
• Orion180 is the second largest E&S homeowners insurance provider, with $601 million in managed premiums and over 14,000 agents.
• Total revenues were $80,077 for the six months ended June 30, 2026, and the company reported a net loss of $(3,042) for the six months ended June 30, 2025.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• SOBR Safe, Inc. develops non-invasive technologies for real-time alcohol tracking and identity verification, aiming to deliver reliable solutions.
• SOBRsafe™ software solution includes patent-pending hardware devices SOBRcheck™ and SOBRsure®, with 2 full-time employees as of September 9, 2026.
• The company generated significant losses from operations since inception and anticipates continued significant losses, with stockholders’ equity below Nasdaq requirements.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Bluerock Acquisition Corp. II is a blank check company formed to effect a business combination with one or more entities. It has not selected a specific target or engaged in.
• The company aims to identify targets with strong fundamentals and high-quality growth potential, capitalizing on its management team’s resources and experience.
• Bluerock Acquisition Corp. II reported a net loss of $(47,475) for the six months ended June 30, 2026, and a total Shareholders’ Deficit of $(25,000).

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• GenScript Biotech (1548 HK) is looking to raise up to US$300m from a primary placement. Proceeds are to be used for capacity expansion and platform infrastructure purposes.
• Genscript Biotech is a global life-science platform spanning research tools and services, biologics CDMO (ProBio) and industrial synthetic biology, with additional exposure to cell therapy through Legend Biotech.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, is seeking to raise about US$2.6 billion. 
• The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.
• The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.

• Evolution Metals & Technologies Corp. is a Delaware-incorporated company building an integrated supply chain for critical materials, rare earth elements, and advanced magnet technologies. Its mission is to establish a.
• Evolution Metals & Technologies became a publicly traded company on January 5, 2026, and issued convertible debentures up to $100,000,000 on May 7, 2026.
• For the six months ended June 30, 2026, total revenue was $1,000, with a net loss of $(1,000) and net cash used in operating activities of $(1,000).

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• CDT Equity Inc. is a data-driven biotech development company focused on identifying, enhancing, and advancing high-potential therapeutic assets through scientific innovation and strategic partnerships.
• The company successfully extended the patent life of certain drugs by up to 20 years.
• The company reported a net loss of $(8,704) for the six months ended June 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Holtec is a U.S.-headquartered multinational technology company specializing in nuclear power generation and expanding into clean energy solutions and long-duration energy storage. It leads in nuclear energy, providing SSCs and.
• Holtec operates three advanced U.S. manufacturing plants with over one million square feet capacity and holds 203 granted patents worldwide.
• Total assets were $6,479,453 as of June 30, 2026, and $6,075,636 as of December 31, 2025.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Insurance is testing the IPO waters: Orion180’s offering provides an important read-through on investor appetite for specialty insurance following a summer IPO lull.
• Demand will be closely watched: Led by RBC Capital Markets, the $300–$340 million offering could help determine whether improving IPO momentum extends into insurance.
• Strong growth and profitability: Gross premiums written surged 79.4% to $354.4 million, while adjusted EBITDA more than quintupled year over year to $25.4 million.

• Taihe’s three businesses form a complete commercial loop of “IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem”
• Taihe’s advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers
• Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.

• Holtec combines an established nuclear-services platform, significant technical and regulatory barriers to entry, a premier underwriting syndicate and exposure to one of the strongest themes in the capital markets.
• Its relatively limited public float and the quiet recent IPO calendar could support favorable demand during the roadshow.
• The principal constraints are the aggressive valuation, complicated financial presentation, concentrated voting control and substantial execution risk associated with Palisades and commercial deployment of the SMR-300.

• Orion180 combines rapid premium growth, improving profitability, an attractive specialty insurance market and a differentiated technology-enabled operating model.
• The manageable offering size and absence of secondary shares provide support for the IPO structure.
• The principal constraints are the premium valuation, elevated combined ratio, catastrophe exposure, concentrated founder voting control and the effective use of IPO proceeds to refinance debt associated with substantial pre-offering shareholder distributions.

• Southport Acquisition Corp. II is a blank check company formed to effect a business combination, focusing on the artificial intelligence sector.
• The company focuses on the artificial intelligence sector, targeting high-quality companies with meaningful revenue and enterprise values between $400 million and $1.5 billion.
• Cash was $25,000 as of July 15, 2026, with a working capital deficit of $22,540. Substantial doubt exists about its ability to continue as a going concern.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• 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.
• In this note, we talk about the company’s past performance.

• Shenzhen Kinwong Electronic Co., Ltd. is a globally recognized PCB manufacturer, holding the world’s largest market share in automotive electronics PCB. The company is undertaking a primary listing on HKEX.
• Kinwong Electronic is the world’s largest automotive electronics PCB provider with 10.6% market share in 2025, and achieved 14 consecutive years of revenue growth.
• Revenue was RMB15,308,052 thousand in 2025, with a 20.9% growth rate. Gross profit margin decreased to 18.7% by April 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.
• GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
• In this note, we will talk about the lockup dynamics and possible placement.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m 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 look at the company’s past performance.

• Strong IPO debut: PAYP opened 19% above its $16 IPO price and traded as high as $24.89 during its first several weeks.
• Meaningful pullback: Shares fell to $12.07 on June 22 amid sustained selling pressure and a challenging financial-sector backdrop.
• Fundamentals remain constructive: July 30 results beat EPS and revenue estimates, while management raised its outlook; shares have since recovered to $17.56.

• Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.
• Considering the decline in Kinwong’s profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.
• A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.

• Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
• MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
• As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
• It 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 look at the company’s past performance.

• Zhejiang Taotao Vehicles designs, manufactures, and distributes outdoor leisure and electrified mobility products. It holds a leading position in the global LSEV market, with over 97% of 2025 revenue from.
• The company ranked first by revenue in the global LSEV industry in 2025, with a market share of approximately 10.9%.
• The gearing ratio increased from 10.2% in 2023 to 28.6% in 2025. Gross profit margin was 41.4% for four months ended April 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.
• We look at the company’s core segments: NAND Flash products and other products and services.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• ClubMed Lifestyle Group (CLBMD HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO. The deal will be run by BNP, HSBC and JPM.
• ClubMed Lifestyle Group is a global premium vacation lifestyle group.
• The firm focuses on delivering comprehensive, high-quality premium all-inclusive resort operations and asset-light vacation scenario services.

• Big Wave Robotics IPO is expected to start trading on 29 September. The company has lowered the IPO price range to 15,000 won to 18,000 won per share. 
• To satisfy market expectations and regulators, Bigwave Robotics lowered its target offering price band and reduced the total number of shares offered.
• My updated valuation analysis suggests a target price of 27,575 won per share, which is 53% higher than the recently lowered high end of the IPO price range.

• Rentomojo is launching India IPO to raise nearly INR 12.6B. They operate a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for furniture and appliances in India.
• Rentomojo intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for payment of lease rental/ license fee for their warehouses, experience stores and for general corporate purposes.
• Rentomojo operates in a market with changing consumer preferences. Operational capabilities, diversified product offerings, strong market presence, coupled with positive demand outlook does make this issue fundamentally worth for investors.

• Hosin Global Electronics (HGE)  is looking to raise at least US$500m in its upcoming Hong Kong IPO.
• HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost & Sullivan (F&S).
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Holtec is bringing a large-scale nuclear-focused IPO to market, offering 50 million shares at $15–$18 for an implied $8.5 billion–$10.2 billion valuation.
• The company combines established nuclear businesses with significant SMR-300 growth ambitions, supported by dominant U.S. spent-fuel market share and the Palisades restart project.
• Demand and valuation remain key questions, particularly following weak performance from 2026 energy IPOs, making investor appetite and peer trading levels critical to the September 19 debut.

• KEL is the largest supplier of integrated solar mounting structures in terms of capacity. It has also diverisified into ancillary products related to transmission towers and wind energy.
• With a strong presence in India and the US, KEL now looks to expand aggressively in Europe  (Italy) and the middle east through its upcoming unit in KSA
• Its 875cr IPO opens today, seeking a valuation of 8,300cr. The company is structurally positioned to deliver ~15/20% revenue/earnings growth, with optionality around Battery and other products in the pipeline

• The “reduction in revenue but increase in profit” occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”
• For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.
• P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x

• Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
• Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• SB Energy, an AI data center and power infrastructure developer, has filed its S1 for a Nasdaq listing. JPM, GS and MS are the lead bankers.
• We look at the company’s core segments: Standalone Power and Data Centers.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Luxnet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.
• On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m common shares via a GDR offering.
• Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing.
• SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
• 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.

• Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
• In our previous note, we looked at the company’s deal terms, cornerstone and sponsor track records, and valuation.
• In this note, we provide an update for the IPO before its trading debut.

• Elice Group (ELICE KS) is looking to raise up to US$145m in its upcoming Korean IPO.
• It recently transitioned to being a neocloud in South Korea.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Shenzhen Forms Syntron Information Co., Ltd. is a Greater Bay Area fintech service provider, delivering software development, consulting, and system integration services to financial institutions. It holds seven patents and.
• Over 90% of the workforce are technical professionals, and the Hong Kong fintech market is projected to reach RMB44.0 billion by 2030.
• In 2025, revenue was RMB631,068 thousand and profit for the year was RMB74,281 thousand. Net current assets were RMB1,258,798 thousand as of March 31, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.
• Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an “amplifier” for TRIAPEX’s performance. This will lead to significant fluctuations in future performance.
• TRIAPEX’s valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.

• 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, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
• On the placement front, deals continued to flow in across the region, throughout the week.

• CCSH Corporation (CCSH CH) aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.
• Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China’s tech self-reliance push.
• While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. 

• BBL’s business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.
• BBL relies on overseas major clients’ customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.
• Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.

• A leading Chinese pharmaceutical company focused on the CKM sector, engaged in R&D, production, and sales of pharmaceuticals and medical devices. It seeks a primary HKEX listing, having been listed.
• The company ranked second in China’s in-hospital cardiovascular drug sales with 11.3% market share in 2025. Total revenue increased to RMB4,352.7 million in 2025.
• Gross profit was 3,247,584 RMB’000 and profit for the year was 652,784 RMB’000 in 2025. Total assets reached 11,297,803 RMB’000 as of December 31, 2025.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Vatai Holdings Limited is an AI-empowered global platform providing cross-border e-commerce compliance services, seeking a primary listing on HKEX. According to CIC, it was the largest provider globally and in.
• Vatai Holdings was the largest cross-border e-commerce compliance service provider globally and in China in 2025, holding 21.5% market share in China.
• Revenue was RMB528,476 and profit for the year was RMB97,175 in 2025. Net cash from operating activities was RMB269,110.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.