ECM Daily Briefs | Page 5 of 160

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”

Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
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 look at its past performance and other deal dynamics that might impact the listing.

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Oct 23

Daily Brief ECM: WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum and more

In today’s briefing:

WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum
CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
Pony AI HK Dual Primary Listing: The Investment Case
Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On
LivsMed IPO Preview
Nota IPO Bookbuilding Analysis
Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation
Pre-IPO Vigonvita Life Sciences (PHIP Updates) – Some Points Worth the Attention

WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.

CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
It is a provider of critical infrastructure components for the development of AI.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Pony AI HK Dual Primary Listing: The Investment Case

Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.
It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full.

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

By Devi Subhakesan

Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.

Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On

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 positive aspects of the deal.

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025. The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world’s first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.

Nota IPO Bookbuilding Analysis

Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won).
Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation

Evommune (EVMN US) is set to offer 9.375 million shares at $15-$17 and is slated for a debut of November 6th on the NYSE.
According to the prospectus, the underwriters have reserved up to 5% of the shares at the initial public offering price in a directed share program.
The company has a handful of license agreements which could boost the profile of this biotech.

Pre-IPO Vigonvita Life Sciences (PHIP Updates) – Some Points Worth the Attention

Vigonvita’s product revenue is unlikely to show significant improvement in short term. Whether Vigonvita can avoid the pitfalls that peers have fallen into remains to be tested by the market.
With a large amount of idle production capacity, the rationality and necessity of the IPO fundraising plan still including the construction of a new factory in Qingdao are questionable.
Vigonvita’s valuation is mainly based on the commercialization of TPN171/VV116. If sales of TPN171 is poor or clinical trial of VV116 fails, valuation will face the risk of significant decline.

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Oct 22

Daily Brief ECM: Pony AI Secondary HK Offering – Stock Has Been Volatile and more

In today’s briefing:

Pony AI Secondary HK Offering – Stock Has Been Volatile, a Look at Possible Trading Setup
SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights
Sany Heavy Industry IPO Valuation Analysis
CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth
Fibocom IPO Trading: Sluggish Demand
Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook
Laser Power & Infra Limited Pre-IPO Tearsheet

Pony AI Secondary HK Offering – Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.

SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights

Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case.
The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

Sany Heavy Industry IPO Valuation Analysis

Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.

CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.

Fibocom IPO Trading: Sluggish Demand

Fibocom Wireless (300638 CH) raised US$380m in its upcoming Hong Kong IPO.
It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook

Herb Standard adopts light-asset model, which helps to bring about high gross margin.However, gross margin showed a declining trend due to increase in promotional discounts to capture more market share
The total sales value of products returned was up 317% YoY in FY2025 due to unsold products after promotional events. There’re concerns whether the current strong growth momentum is sustainable
Our forecast is revenue to increase 20%/15%/12% and net profit to increase 14% /11.7%/8.8% in FY2026/FY2027/FY2028, respectively.Due to higher growth/profit margin, valuation of Herb Standard could be higher than peer

Laser Power & Infra Limited Pre-IPO Tearsheet

Laser Power & Infra Limited (1635018D IN) is looking to raise about US$135m in its upcoming India IPO. The deal will be run by ICICI Securities and IIFL.
Laser Power & Infra Limited (LPIL) is an integrated manufacturer and EPC (Engineering, Procurement, and Construction) solutions provider for the power transmission and distribution industry in India.
The company operates two primary business segments: Manufacturing and EPC, which together form a vertically integrated model.

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Oct 21

Daily Brief ECM: Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations and more

In today’s briefing:

Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations
Sany Heavy Industry IPO in Hong Kong
Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind
Sany Heavy Industry IPO: Valuation Assessment
JST Group IPO Trading: Strong Insti and Retail Demand
Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins
CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position
Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company
Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead
Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations

Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn 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 likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Sany Heavy Industry IPO in Hong Kong

Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment.

Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind

Zijin Gold showed strong growth momentum in 25Q1-Q3, mainly driven by high gold prices and the two major acquisitions of the Ghana Akyem Gold Mine and Kazakhstan Raygorodok Gold Mine.
Based on 25Q1-Q3 results, we updated our forecast of Zijin Gold, with net profit to reach US$1.5 billion/US$2.3 billion/US$3.5 billion in 2025/2026/2027, respectively.Theoretically speaking, valuation still has positive upside potential.
However, our greatest concern is not the fundamental factors but the selling caused by liquidity crisis, which may lead to a synchronous correction of Zijin when the global market declines.

Sany Heavy Industry IPO: Valuation Assessment

By Osbert Tang, CFA

Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

JST Group IPO Trading: Strong Insti and Retail Demand

JST Group (6687 HK) raised around US$270m in its HK IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins

By Tina Banerjee

Bama Tea (BAMA HK) launched its Hongkong IPO aiming to raise up to HK$368M. The company plans to sell 9M shares at HK$45-$50 per share.
Bama Tea is a provider of tea leaf products in China, covering all six major types of tea leaves in China and non-tea-leaf products such as tea-ware and tea snacks.
Amidst the highly fragmented tea consumption market Bama Tea relies on a volume play model with its branded offerings. We would recommend the investors to subscribe to the issue.

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.

Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company

They are a bank holding company headquartered in Jefferson City, Missouri. As of June 30, 2025, they had total balance sheet assets of $19.1 billion.
Net income totaled $186.2 million, an increase of $14.9 million, or 8.7%, compared to $171.3 million for the six months ended June 30, 2024.
Hile regional bank IPOs have generally been well-received in recent years, recent market sentiment toward the sector has turned more cautious, suggesting a more measured investor response this time around.

Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead

Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC.
The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well.

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Oct 20

Daily Brief ECM: ECM Weekly (20 October 2025)- Sany and more

In today’s briefing:

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality
SemiFive IPO Preview
Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
Seres Group H Share Listing: The Investment Case
Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

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, India saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

SemiFive IPO Preview

SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design.

Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts

Mr. DIY Holding (Thailand) (2472516D TB) is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
It is considered the largest home improvement and lifestyle retailer by market segment in the country.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Seres Group H Share Listing: The Investment Case

Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
The investment case rests on solid NEV performance, improving margin profile and strong cash generation.

Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio’s pipeline would be “ignored”.
BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC’s interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.

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Oct 19

Daily Brief ECM: BillionToOne and more

In today’s briefing:

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company

Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets.

Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company

Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
The company is backed by many well-known sector dedicated investors including RA Capital.

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

By Andrei Zakharov

BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.

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Oct 18

Daily Brief ECM: Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable and more

In today’s briefing:

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable
Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
Runwal Developers Pre-IPO Tearsheet

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable

Deepexi Technology is looking to raise US$100m in its upcoming Hong Kong IPO.
Deepexi Tech has demonstrated strong topline growth, with declines in average order value being offset by growth in customers. Despite growth in the topline, the company still remains deeply unprofitable.
In this note, we look at the company’s past performance.

Canara HSBC Life Insurance IPO Trading – Muted Demand All Round

Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.

Runwal Developers Pre-IPO Tearsheet

Runwal Developers (1639241D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by ICICI Securities, BOBCap, IIFL, JM Financial.
Runwal Developers is a real estate development company based in India. It is primarily engaged in lifestyle-oriented projects with a diversified portfolio across multiple segments.
Its core business lies in real estate development, encompassing the development of land, sale of land, and Transferable Development Rights (TDRs), along with the construction and operation of residential townships.

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Oct 17

Daily Brief ECM: Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation and more

In today’s briefing:

Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation
Canara Robeco AMC IPO Trading: Decent Insti Demand
Top Toy International Pre-IPO Tearsheet
BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation
Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation

Fibocom Wireless (300638 CH) is looking to raise up to US$380m in its upcoming Hong Kong IPO.
It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Canara Robeco AMC IPO Trading: Decent Insti Demand

Canara Robeco AMC has raised US$150m in its India IPO.
Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Top Toy International Pre-IPO Tearsheet

TOP TOY International Group (TOYTOY HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.
TOP TOY International Group is China’s largest and fastest-growing pop toy collection brand.
The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.

BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025).

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Oct 16

Daily Brief ECM: JST Group (6687 HK): Valuation Insights and more

In today’s briefing:

JST Group (6687 HK): Valuation Insights
TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea
Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
TOP TOY Intl: Pre-IPO – More than Just Emotional Value
Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation
Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet
Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability
Elevate Campuses Pre-IPO Tearsheet
Pre-IPO Bama Tea (PHIP Updates) – Some Points Worth the Attention

JST Group (6687 HK): Valuation Insights

JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
I previously discussed the IPO in JST Group IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea

TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.
The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November.
The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called ‘terahertz’.

Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn 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.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.

TOP TOY Intl: Pre-IPO – More than Just Emotional Value

By Osbert Tang, CFA

TOP TOY International Group (TOYTOY HK) is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.
It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent MINISO Group Holding (9896 HK).
We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to Bloks Group (325 HK) but a discount to Pop Mart (9992 HK).

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

By Ke Yan, CFA, FRM

Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
We also look at the company’s pre-IPO investors and management team.

Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
In this note, we will talk about the trading dynamics.

Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability

Tenneco Clean Air India Ltd (1880671D IN) is looking to raise about US$350m in its upcoming India IPO.
Tenneco Clean Air India (TCAIL) designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
In this note, we look at the company’s past performance.

Elevate Campuses Pre-IPO Tearsheet

Elevate Campuses Limited (1638929D IN) is looking to raise about US$287m in its upcoming India IPO. The deal will be run by JM Fin, MS and IIFL.
Elevate Campuses Limited (ECL) owns, operates and manages on-campus student accommodation across Higher Education Institutions and owns K-12 (Kindergarten-to-12th grade) assets, operating under ‘Good Host Spaces’ and ‘ScholarZ’ brands.
As of Aug 31, 2025, ECL was the largest institutionalized and independent education platform in India, based on student capacity, as per the CBRE Report.

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

The core of Bama’s business model is light-asset operation of “brand + channel”. Bama is highly dependent on franchise model, but we’ve seen a diminishing marginal benefit of channel penetration.
Due to sluggish consumption environment, revenue of Bama could decline by 4% in 2025.From 2026 to 2027, as strategic adjustments take effect, Bama may resume growth of 3% to 5%.
Considering the decline in performance in 25H1 and the low valuation of traditional tea enterprises in the Hong Kong stock market, Bama’s valuation performance may be under pressure.

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Oct 15

Daily Brief ECM: Tekscend Photomask (429A JP) IPO: Trading Debut and more

In today’s briefing:

Tekscend Photomask (429A JP) IPO: Trading Debut
SANY Heavy Industry H Share Listing: The Investment Case
TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group
Chando Global Pre-IPO Tearsheet
Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap
Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”
Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium
Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

Tekscend Photomask (429A JP) IPO: Trading Debut

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights.
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

SANY Heavy Industry H Share Listing: The Investment Case

Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion.
SANY has six operating segments. The largest segment, as measured by revenue and gross profit, is excavating machinery.
The fundamentals are good, with strong growth, an increasing overseas mix, an improving margin profile, strong cash generation, and a solid balance sheet.

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

By Andrei Zakharov

TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.

Chando Global Pre-IPO Tearsheet

Chando Global Limited (CHANDO HK) is looking to raise at least US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International and UBS.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost & Sullivan (F&S).
Its flagship brand, CHANDO, had consistently ranked among the top two domestic cosmetics brands for 12 consecutive years from 2013 to 2024 by retail sales.

Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

By Ke Yan, CFA, FRM

Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”

JST Group (1703609D CH) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn 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 company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.

Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind

The essence of MediTrust’s business model is building an ecosystem of “Internet/AI + drugs + medical services + insurance”. The core competitiveness lies in the network effect of medical payments.
Smart Pharma Solution overly relies on pharmaceutical companies’ promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor

Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company