ECM

• Caledonia is looking to raise US$273m via the sale of shares in Light & Wonder (LNW AU) .
• The raising is a portfolio rebalancing by Caledonia with Caledonia indicating no more selling in the medium-term.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.

• This insight discusses about the broad structure of upcoming IPO of Cult.fit Limited (1416928D IN).
• It discusses about the company profile, business segments and financial snapshots.
• Finally, we highlight the various points to look forward to in this IPO.

• Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
• In our previous notes, we looked at the company’s fundamentals, deal terms and peer valuation.
• In this note, we provide an update for the IPO before its trading debut.

• SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
• Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
• We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.

• SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m 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 IPO pricing.

• Oliver Corporation (619A JP) aims to raise around US$132m in its Japan IPO.
• Established in 1967, Oliver Corporation was initially a furniture manufacturing company known as Fuji Steel and sold steel furniture.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Yangtze Memory Technologies (YMTC CH) is getting ready to complete its IPO on the Shanghai Stock Exchange in late 2026/early 2027, aiming to raise about $4.9 billion.
• Implied valuation of YMTC is up to 330 billion yuan. However, there have been reports about implied valuation of YMTC closer to the 1 trillion yuan ($149 billion).
• Based on CXMT’s P/S of 19.6x and using YMTC’s estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan ($548 billion) for YMTC. 

• SHEIN Global Holdings (625 HK) priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.
• The IPO was discussed in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global (625 HK) IPO: Valuation Insights. 
• The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.

• Since the announcement of the US$0.7 billion secondary offering, Lintec Corp (7966 JP)’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).
• It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec’s share decline is lower than the median of recent large placements.
• The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.

• Giant Oak Acquisition Corporation is a blank check company incorporated in the British Virgin Islands, formed to effect a business combination.
• Giant Oak Acquisition seeks growth businesses with strong management, proven revenue and earnings growth, avoiding start-ups or negative cash flow.
• The accounting firm expressed substantial doubt about the company’s ability to continue as a “going concern” as of June 30, 2026.

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• 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, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week. 
• On the placement front, deals continued to flow in across the region, throughout the week.

• A month into SHEIN’s IPO process, its near-term (FY26) growth prospects are downbeat
• Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
• Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish

• Nanjing Novlead Biotechnology, incorporated in 2018, operates in the gas-based cardiopulmonary device market, focusing on inhaled nitric oxide (iNO) therapy. Its Core Product, iNOwill, was approved by NMPA in 2022.
• The company has five approved products and five product candidates, holding 85 patents and 196 registered trademarks as of the Latest Practicable Date.
• Revenue was RMB63,207 thousand in 2025, with a gross profit margin of 55.9% and a loss of RMB(95,271) thousand for the year.

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• Shenzhen Capchem Technology Co., Ltd. is a PRC-based provider of electronic chemicals and functional materials, specializing in battery chemicals. The company aims to optimize its capital structure and enhance core.
• The company is ranked second largest battery electrolyte provider globally in 2025 and first for capacitor chemicals by revenue from 2020 to 2025.
• For the six months ended June 30, 2026, revenue was RMB7,455,314 thousand and profit for the period was RMB998,900 thousand.

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• Hangzhou Tangji Medical Technology Co., Ltd. is a China-based medical device company established in 2016, providing novel solutions for metabolic diseases. It developed the first medical device approved for digestive.
• The company developed the first medical device approved for digestive endoscopic treatment of obesity in China. The global EBMT market is projected to grow to US$1,248 million by 2030.
• Revenue was RMB23,690 and gross profit was RMB20,110 for the six months ended June 30, 2026. The gross profit margin was 84.9% for the same period.

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• Medcaptain Medical launched Hongkong IPO to raise nearly HK$ 600M. They are a global medical device provider supplying life support products, minimally invasive intervention products, and in vitro diagnostics products.
• Medcaptain intends to use the proceeds for research and development, expand production capacity, enhance their sales & marketing capabilities, for strategic investments, upgrade IT infrastructure and for general corporate purpose.
• The valuation that they are seeking, seems relatively steep, but fundamentally worth for long term investors. The company needs to scale up the operations further, but that will take time.

• ClubMed Lifestyle Group is a global premium vacation lifestyle group, anchored by its Club Med brand, operating premium all-inclusive resorts and providing asset-light vacation scenario services worldwide.
• The group operated 69 premium resorts globally and had a sales network spanning over 40 countries, with revenue increasing to EUR1,948.5 million in 2025.
• Revenue was EUR1,948,546 in 2025, with net liabilities of EUR171.9 million as of June 30, 2026, and profit decreased from EUR68,768 in 2023 to EUR10,917 in 2025.

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• Exegenesis Bio Inc. is a biopharmaceutical company developing gene therapies for neurological and ophthalmic diseases, established in 2019. It seeks to list on the Main Board under Chapter 18A with.
• Two core products and one key product are internally developed. EXG102-031 completed Phase IIa 52-week follow-up in May 2026. EXG001-307 completed Phase I/II.
• Revenue was RMB1,299 in 2025, with a loss for the year of RMB(826,902). Net liabilities were RMB(2,649,112) as of June 30, 2026.

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• Transwarp Technology (Shanghai) Co., Ltd. is a leading AI infrastructure software provider in China, selling products and services to enterprise and government customers.
• Transwarp is the largest independent AI infrastructure software provider in China, serving over 1,800 customers, with repeat purchases averaging over 70% of revenue.
• Revenue was 447,069 RMB’000 in 2025, with a gross profit of 236,010 RMB’000. The company recorded net losses throughout the Track Record Period.

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• Dizal Pharmaceutical is a commercial-stage biopharmaceutical company focused on oncology and hematological diseases, with two commercialized products and a pipeline.
• ZEGFROVY® is the world’s first small molecule EGFR TKI approved for lung cancer with EGFR exon20ins mutations.
• Revenue was RMB801,136 thousand in 2025 and RMB522,693 thousand for the six months ended June 30, 2026.

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• The company is a leading integrated marketing service provider in China, offering a comprehensive portfolio including IP-based brand marketing and celebrity marketing services.
• The company was the fifth largest integrated marketing service provider in China by revenue in 2025, with a revenue CAGR of 15.8% from 2023 to 2025.
• Revenue was 8,371,848 in 2025, with a gross profit of 362,014 and profit for the year of 95,876 in the same year.

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• Reliance Global Group, Inc. is a diversified company primarily operating in the insurance market, acquiring agencies and developing Insurtech platforms. It is also expanding into artificial intelligence, technology, and healthcare.
• The company operates six insurance agencies and its 5MinuteInsure.com platform is in 46 states. RELI Exchange increased its agent roster by almost 300% since inception.
• The Market Value of Listed Securities has been below the $5.0 million threshold, and the company needs to raise additional capital.

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• Youmi Inc. is an early-stage Nevada corporation developing a community convenience store franchising business and a planned digital store-management platform.
• Youmi is an early-stage company developing a convenience store franchising business and a digital platform, generating no revenue through April 30, 2026, but receiving a $3,000 fee on May 15,.
• As of April 30, 2026, Youmi reported Total Assets of $202,508, Cash and cash equivalents of $132,508, and a Net Loss of $(906) since inception.

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• Daré Bioscience, Inc. is a purpose-driven health biotech company solely focused on women’s health, advancing innovations from contraception to infectious disease. It uses a dual-path approach for new products.
• DARE to PLAY Sildenafil Cream is the first 503B product, available for pre-order in December 2025, with revenue expected Q3 2026. Flora Sync LF5 launched June 2026, and Ovaprene is.
• The auditor’s report expresses substantial doubt about the company’s ability to continue as a going concern. Stockholders’ equity was less than $2.5 million as of March 31, 2026.

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• RZ Wellness Limited, a Nevada corporation, operates through its Malaysian subsidiary, RZ Wellness Sdn. Bhd., selling dietary supplements and offering packaging and labeling solutions.
• The global dietary supplement and wellness market is projected to reach USD 7.43 trillion in 2026, with the dietary supplements market reaching USD 307.8 billion by 2028.
• A cash balance of $12,763 as of March 31, 2026, is not sufficient to fund operations for any period.

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• Zenshine Pharmaceuticals, founded in 2018, is a commercial-stage biopharmaceutical company developing therapeutics for viral infectious diseases, oncology, and inflammatory disorders. Its core product, sebaloxavir marboxil tablets, received NMPA approval.
• Zenshine’s core product, sebaloxavir marboxil tablets, was approved for adult influenza in July 2025 and adolescent influenza in June 2026.
• The company reported a loss of RMB209,268 thousand in 2025 and net liabilities of RMB(1,105,421) thousand as of June 30, 2026.

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• Gigabyte Technology (2376 TT) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.
• On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.
• 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.

• Medcaptain Medical Technology (MEDT HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
• Medcaptain Medical Technology (MMT) is a global medical solution provider specializing in life support, minimally invasive intervention, and in-vitro diagnostics.
• In the previous note, we looked at the company’s past performance. In this note, we talk about its PHIP updates.

• Nobel Hygiene Limited (0759062D IN) (Nobel) plans to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI, IIFL and Motilal Oswal.
• Nobel Hygiene is a manufacturer of absorbent hygiene products, primarily spanning adult and baby hygiene products, including diapers and related products.
• It was India’s largest home-grown branded manufacturer of absorbent hygiene products in value terms in FY26, as per Redseer report.

• Ugreen Group Limited is a global consumer technology company with a diversified portfolio across charging, office, audio/visual, and storage products.
• Ugreen Group ranked first in Chinese mainland and global consumer technology extension products market by shipment volume in 2025.
• Gross profit margin was 38.4% and current ratio was 3.4 as of June 30, 2026.

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• Enhanced Group is a growth-stage sports entertainment, performance technology, and lifestyle wellness company. It develops businesses around the “Enhanced Games” and “Live Enhanced” offerings. The company will not receive proceeds.
• Kristian Gkolomeev set a 50m freestyle world record, earning $1.5 million at the 2026 Enhanced Games. The Games generated over $32 million in sponsorship value.
• Revenue was $17.7 million for the six months ended June 30, 2026, with a net loss of $78.4 million. Cash and cash equivalents were $19.6 million.

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• Ocean Power Technologies is an MDA company specializing in intelligent maritime solutions, including DaaS, RaaS, and PaaS systems, serving a global customer base.
• Ocean Power Technologies specializes in innovative intelligent maritime solutions, including DaaS, RaaS, and PaaS systems, serving a global customer base.
• The company has a history of operating losses and expects continued use of cash, with an auditor’s report noting going concern uncertainty.

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• Sublime China Information Co., Ltd. is a commodity information service provider in the PRC, focusing on market data tracking, price assessment, and market research analysis.
• The company ranked 1st in energy products and 2nd overall in the PRC’s commodity information service industry in 2025, with FY2025 revenue of RMB356.0 million.
• Net current assets decreased from RMB277.1 million (2023) to net current liabilities RMB87.8 million (2026), with the current ratio decreasing from 2.1 to 0.7.

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• The reason for Longsys’ 26H1 “astonishing” performance was the reversal of storage industry cycle and the simultaneous increase in both quantity and price, behind which, however, lies fundamental structural challenges
• 2027 will be the turning point for the price trend. The benefit from low-priced raw materials will be exhausted by 26Q4.Longsys’ performance is likely to peak briefly by 2026 year-end.
• Hong Kong usually offer a discount on cyclical stocks.Based on 2026 forecast, conservative scenario could be 6-7x PE. Neutral scenario could be 7-9x PE. Optimistic scenario could be 9-10x PE.

• Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO.
• Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
• We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we undertake a peer comparison.

• Atomberg Technologies Limited (1714458D IN) (Atomberg) plans to raise around US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL and Avendus.
• It is a technology-led consumer appliances company focused on designing and selling energy-efficient smart fans and other home and kitchen appliances, supported by proprietary motor, electronics, software and connectivity technologies.
• As per the Redseer report, it held the highest market share in India’s premium fans segment at 46.0% in FY26.

• SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
• I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look 
• I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. 

• Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.
• We look at the company’s four core segments: embedded storage, SSDs, mobile storage and DIMM.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
• Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Globalwafers (6488 TT) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.
• On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m 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.

• Glenwood Credit, a Korean PE firm, is looking to sell its stake in Silicon2 (257720 KS) , which it holds through a special purpose vehicle Silk Investment Purpose. 
• Silicon2 is a global distribution company that sell products from South Korean cosmetic brands mainly across Europe, America and other parts of Asia.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Oliver Corporation (619A JP) aims to raise around US$130m in its Japan IPO.
• Oliver Corporation was a furniture manufacturing company known as Fuji Steel and sold steel furniture. As it started to expand into wooden furniture, it eventually renamed itself as Oliver Co.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Zhongan Information, an enterprise AI solutions provider, has filed its prospectus with the HKEX. ICBC International and Guolian International are the joint sponsors.
• We look at the company’s core segments: intelligent marketing and intelligent operation management.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• Shanghai Eigencomm Technologies is a fabless provider of cellular IoT chips, ranking third globally with a 3.9% market share. It focuses on R&D and commercialization, outsourcing manufacturing.
• The company’s NB-IoT chip achieved top global shipment ranking (2022-2024), and its Cat.1bis chip ranked second globally in 2024.
• Revenue was RMB552,404 thousand in 2024, and gross profit margin declined from 22.3% (2024) to 7.8% (6M 2026).

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• Zhejiang Rongtai Electric Material Co., Ltd. is the global leader in mica-based composite materials for new energy applications, holding the top market share. The company expanded into robotics components and.
• The company is a global leader in mica-based composite materials for new energy applications, ranking first globally and in China in 2025. It held 283 patents and sold products in.
• Revenue reached RMB1,375,754 thousand in 2025, with profit for the year at RMB282,607 thousand. Cash and cash equivalents decreased to RMB367,538 thousand by June 30, 2026.

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• Serina Therapeutics, Inc. is a clinical-stage biotechnology company developing wholly-owned drug product candidates for neurological diseases. Its POZ Platform™ technology improves polymeric drug conjugates.
• Serina Therapeutics received FDA IND clearance for SER-252 in January 2026 and dosed the first patient in its Phase 1b trial in February 2026.
• Management concluded substantial doubt exists about the Company’s ability to continue as a going concern within twelve months.

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• Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
• On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
• 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.

• Mech Mind launched Hongkong IPO to raise nearly HK$ 2.4B. They provide intelligent robot components, with their products deployed in equipment used in end customers’ production and operational processes.
• Mech Mind intends to use the proceeds for research and development, enrich product portfolio, expand global presence, expand production capacity and for general corporate purpose.
• Technological prowess, R&D and production capabilities and supply chain efficiency of the company does make this issue fundamentally worth for investors with a long-term investment horizon.

• Forms Syntron has been deeply involved in core projects of Hong Kong’s digital financial infrastructure.The Company has established a profound trust barrier within the Hong Kong digital financial regulatory framework.
• Improvement in gross margin and quarterly fluctuations coexist. Revenue recognition method that combines material cost estimation with project-based system leads to a phased imbalance in revenue rhythm and profit distribution.
• The valuation of the fintech/software services sector in the Hong Kong stock market is significantly lower than that in the A-share market. A neutral scenario could be P/E of 30-35x.

• SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.
• In this note, we look at the deal terms and recap our valuation note for the company.
• We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

• A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal Co (9706 JP).
• The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn in its Hong Kong listing.
• Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
• We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the IPO pricing.

• Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.
• Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.
• US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.

• Shein Global launched Hongkong IPO to raise nearly HK$13.9B. They are a global online fashion and lifestyle company.
• Shein Global intends to use the proceeds for technology upgradation, enhance brand awareness, promote corporate responsibility (compliance, governance, climate initiatives etc) and for general corporate purpose.
• Valuation seems reasonable. The operational scale, technological infrastructure and supply chain efficiency does make this issue worth a try for investors.

• SHEIN Global Holdings (625 HK) has an ambitious IPO plan to raise HK$13.1bn. However, the volatile earnings record and challenging environment require a sizeable safety margin.
• We project a 3-year EPS CAGR of -5.3% as profitability will only slightly recover next year. Yet, our forecasts may still be optimistic.
• The maximum IPO price (HK$49.50) implies a FY16 PER of 18.5x, but its small size and volatile growth are negatives. We will only be involved at the low end.

• Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC 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.

• Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Mech-Mind Robotics Technologies (MMRT HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
• It is a leading provider of intelligent robot components and a pioneer in embodied intelligence, with operations spanning research and development, self-owned high-standard manufacturing, and global sales and deployment.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.
• Our previous note covered Mech-Mind’s business, financials and investor backing.
• This note compares Mech-Mind with its listed peers on financial, operating and valuation.

• Alibaba (9988 HK)  is looking to raise around US$10bn to fund its AI spending.
• Alibaba (BABA US) recently reported its 1H26 results, with elevated AI capex and negative free cash flows.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Zhuhai Kingsware Artificial Intelligence Co., Ltd. is an AI company providing AI digital worker and enterprise-grade agent solutions. It ranked first in China’s AI digital worker solutions market by revenue.
• Zhuhai Kingsware deployed over 2.0 million AI digital workers and serves over 1,600 clients, including 120+ Fortune Global 500 companies.
• The company reported revenue of RMB256,097 in 2025 and a loss for the year of RMB(345,635) in 2025. Net liabilities were RMB1,578,703.

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• 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, SHEIN Global Holdings (SHEIN HK) is set to launch this week/today, as per media reports, while deal in India continue to flow in.
• On the placement front, Alibaba (9988 HK) launched the largest HK primary raising yet on Sunday. 

• Lalithaa Jewellery Mart Ltd (1607844D IN) raised INR 17 billion in its IPO,which is a combination of fresh issue of INR 12 billion and offer for sale of INR 5billion.
• The company is jewelery retailer with a strong regional presence across South India, catering primarily to the mass and value-conscious customer segment.
• We had discussed about ground feedback from Chennai – Lalitha Jewellery IPO – On Ground Feedback From Chennai . This insight discusses about listing dynamics.

• SSI New Material (Zhenjiang) Co., Ltd. is an electronic functional enhancement materials company with an established presence across four key material types. Its products enhance performance in consumer electronics and.
• The company ranked first in global acoustic enhancement materials with 20.0% market share in 2025, and revenue increased by 76.1% in 2025.
• Gross profit margin decreased from 56.1% in 2024 to 46.6% in 2025, and net profit may decline for the year ending 2026.

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• YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.
• CXMT’s 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.
• SUBSCRIBE. Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.

• Eaglerise Electric & Electronic (CHINA) Co., Ltd. is a global supplier of power equipment and solutions, leveraging proprietary core technologies and R&D capabilities, specializing in transformer equipment.
• The company ranked second among China-based suppliers in the global medium-voltage transformer equipment market with a 2.3% share in 2025.
• Gross profit margin decreased from 21.7% in 2023 to 17.6% in 2025.

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• Albatross Acquisition Corporation is a newly formed blank check company incorporated in the Cayman Islands for effecting a business combination.
• The management team has extensive experience identifying, evaluating, and executing investments, with a network providing access to proprietary deal flow.
• As of June 30, 2026, actual total assets were $175,633, and there is substantial doubt about continuing as a going concern.

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• Symbiotec Pharmalab will launch its India IPO on August 24. The IPO consists of fresh issue of INR1.5B and OFS of INR16.1B. The price band is set at INR938–988.
• The IPO subscription will close on August 27, with expected listing on September 1. At the upper price band, the company is seeking a market cap of INR62B (~$650M).
• The company proposes to deploy an estimated amount of INR1B in FY27 for repayment of borrowings. As of March 31, 2026, total outstanding borrowings stood at INR3.9B.

• Medcaptain has built its business matrix through continuous M&As. The merger strategy directly supports its expansion and market position improvement, but also posed a huge potential risk of goodwill impairment.
• Medcaptain’s structure, where half of revenue is tied to a single business line, makes profits highly vulnerable to policy changes, price cuts, intensified competition, thereby exacerbating the fragility of profits.
• Post-Money valuation of RMB8.245bn already includes M&A premium and market sentiment factors, the IPO valuation may be in the range of RMB6-8bn, but it may face downward pressure after listing

• Junlebao Dairy Group Co., Ltd. is a reputable Chinese dairy company with over 30 years of experience. It ranked No. 3 in China’s dairy market in 2025 with a 4.3%.
• The company operated 33 dairy farms and 20 dairy production facilities across China as of June 30, 2026, cooperating with approximately 5,200 distributors.
• The company reported a net loss attributable to owners of (21,442) in 2023 and net current liabilities of 5,276,220 as of December 31, 2024.

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• Panacro (Hangzhou) Pharmaceutical Consulting Co., Ltd. is a clinical CRO based in Hangzhou, China, advancing clinical research through digital transformation. It provides clinical trial technical services to accelerate drug development.
• Proprietary digital infrastructure integrates CTMS, eTMF, and CTFS across the full project lifecycle. The company reported a gross profit margin of 38.9% in 2025.
• Net cash generated from operating activities was RMB46,583 thousand for the six months ended June 30, 2026.

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• Medcaptain Medical Technology is a global medical device provider with a product portfolio across life support, minimally invasive intervention, and in vitro diagnostics, serving over 140 countries and regions.
• The company ranked first in China’s infusion workstation market from 2018 to 2025, reaching over 6,000 hospitals in China and 140 countries globally.
• FY2025 revenue was RMB1,619,152 thousand, and gross profit was RMB869,660 thousand. The company reported a net loss of RMB96,617 thousand in FY2024.

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• NexGel, Inc. manufactures high water content hydrogels for various applications, serving as a contract manufacturer and marketing branded consumer products, recently acquiring Celularity Inc.’s BioNx portfolio.
• NexGel manufactures high water content hydrogels, specializing in custom gels using proprietary technologies. The company acquired Celularity Inc.’s BioNx portfolio on April 17, 2026, and operates two segments.
• NexGel reported a net loss of $4.5 million and used $2.7 million cash in operations for the six months ended June 30, 2026, with substantial doubt about its ability to.

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• A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
• ECM developments: SHEIN Global Holdings (SHEIN HK) and GCash (Mynt) (GCASH PM) IPOs; Lintec Corp (7966 JP) secondary offering.
• Event-Driven developments: Baudroie (4413 JP), Ausgold Ltd (AUC AU), Carnaby Resources (CNB AU), EQT Holdings (EQT AU), European Lithium (EUR AU), Steadfast (SDF AU), Reliance Worldwide Corp (RWC AU). 

• HCW Biologics Inc. is a clinical-stage biopharmaceutical company developing fusion immunotherapeutics for diseases promoted by chronic inflammation. It also commercializes proprietary compounds as reagents.
• HCW9302 showed preliminary clinical activity in Phase 1. HCW11-018b and HCW11-040 have Phase 1 trials planned for 2027. Founder Dr. Wong discovered Anktiva®.
• Material weaknesses were identified regarding long-lived assets and warrant modifications. Q1 2026 financial statements should not be relied upon due to an EPS calculation error.

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