ECM

• 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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• Ags Health Limited (1539131D IN) is looking to raise about US$504m in its upcoming India IPO. The deal will be run by ICICI, JPM, Jefferies, Nomura and JM Fin.
• AGS Health (AGSH) is a technology-enabled healthcare revenue cycle management (RCM) company, providing billing, coding, analytics, automation and patient-access services primarily to U.S. healthcare providers.
• It contracts directly with US-based health systems, hospitals and large physician groups establishing direct relationships to optimize their revenue cycle operations across patient access, coding, billing and collections.

• CleanMax Enviro Energy Solutions Ltd (8382406Z IN) raised about US$342m in its India IPO in Mar 2026. The lockup on its pre-IPO investors is set to expire soon.
• CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
• In this note, we will talk about the lockup dynamics and possible placement.

• Muthooot Fincorp Limited (8232702Z IN) (MFL) plans to raise around US$315m in its upcoming India IPO. The deal will be run by Kotak, MS, JM Fin and SBI Caps.
• It provides diversified financial services, led by gold loans and complemented by business loans, loans against property, digital lending, microfinance, housing finance and other financial services.
• As per CRISIL, MFL had the fastest-growing gold loan AUM in India among peers, with gold loan AUM growing at a CAGR of 59.0% between FY24-26.

• Tablespace Technologies (2210530D IN) is looking to raise around US$350m in its upcoming India IPO. The deal will be run by BofA, IIFL and others.
• Tablespace Technologies Limited (TTL) is a premium managed workspace solutions provider in India. 
• The company operates a customized “single-cheque” end-to-end service model that streamlines the entire office experience for its clients. 

• XCF Global, Inc. invests in renewable energy assets and production facilities, primarily focusing on sustainable aviation fuel (SAF) to reduce carbon footprint.
• Incorporated January 20, 2023, XCF Global acquired renewable energy assets and produced 5.8 million gallons of SAF, diesel, and naphtha.
• Total revenue was $6,576,232 for six months ended June 30, 2025, with substantial doubt about going concern.

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• Direct Drive Tech Limited is a robotics technology company specializing in direct drive technology, selling robotic actuator modules and robots in China. It seeks a Main Board HKEX listing under.
• Direct Drive Tech ranked 1st in PRC consumer robotic direct drive actuator modules by revenue in 2025 with 61.1% market share. Revenue increased from RMB17.5 million in 2023 to RMB281.7.
• The company incurred operating loss since inception, with net loss of (880,977) RMB’000 in 2025 and net liabilities of (1,347,370) RMB’000 as of June 30, 2026.

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• SKG Health Technologies Co., Ltd. develops smart devices for soothing, recovery, and health management across wearables and home products. It ranked first in China’s smart soothing wearables industry by GMV.
• SKG Health Technologies ranked first globally in smart soothing wearables with 4.6% market share in 2025, holding 1,554 registered patents worldwide.
• Revenue was RMB1,217,540 thousand in 2025, and net profit decreased slightly to RMB131.8 million in the same year.

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• The Trust is an exchange-traded product providing exposure to TRX, a digital asset, and aims to earn additional TRX through staking on the Tron Network.
• TRX is the 8th largest digital asset by market capitalization at $31.5 billion, and custodian cold wallets are supported by a $250 million insurance policy.
• Custodian cold wallets are insured for $250 million, but TRX trading prices exhibit extreme volatility, and its supply is subject to dilution.

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• Lintec Corp (7966 JP) is a maker of printed adhesives, stickers, seals, labels, barcodes strips, etc. They also do adhesives for optical products and LCDs/electronics. That’s 80-90% of OP.
• Nippon Paper Industries Co L (3863 JP) owns 32%. Today they announced they are selling 30%, worth ¥112bn or so at last price. It’s big. 60x ADV. 
• Lintec today announced Q1 earnings, which are probably a trifle light. They also announced a buyback of up to 10.55% of shares to mitigate the impact of the offering. Better.

• Nippon Paper Industries Co L (3863 JP) is looking to raise US$600m in an upcoming secondary sale of shares in Lintec Corp (7966 JP).
• This sale is part of Nippon Paper’s balance sheet optimization plans, as laid out in their medium term plan 2030.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Svatantra Microfin Limited (1607575D IN) (SML) plans to raise around US$315m in its upcoming India IPO. The deal will be run by Axis, Avendus, IIFL, Kotak and SBI Caps.
• SML is an inclusion-focused non-banking financial company, focused on providing microfinance and individual loans, particularly to rural and semi-urban women entrepreneurs.
• As per CRISIL, SML was the second largest non-banking financial company – microfinance institution (NBFC-MFI) in India as of FY24-26 in terms of microfinance assets under management.

• iPower is a technology- and data-driven infrastructure company with a foundation in supply chain services, pursuing AI infrastructure acquisition and financing.
• iPower acquired Bitcoin and Ethereum in December 2025, then sold sUSDai and Ethereum in August 2026.
• iPower leverages internal software, data, and operational experience with a network of procurement and commerce partners.

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• Tianjin Chenxing Technology Co., Ltd. is a high-speed industrial robotics enterprise focused on R&D, production, sales, and service. It seeks to list on the Hong Kong Stock Exchange Main Board.
• The company ranked first among parallel robot companies in China with a 20.4% market share in 2025. It also ranked second globally.
• For the six months ended June 30, 2026, revenue was RMB135,086 thousand and gross profit was RMB36,656 thousand.

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• In Taotao’s overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao’s traditional core business.
• The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.
• Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.

• Freenome, Inc. is an early cancer detection company developing blood-based tests leveraging AI/ML to transform multi-cancer and multi-disease detection.
• SimpleScreen CRC test received FDA approval as a blood-based screening option for CRC in adults 45 and older at average risk.
• Proprietary technology platform with novel assay, scalable automation, and AI/ML expertise.

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• Jaovi Inc. is a Wyoming development-stage company developing a cloud-based project management software platform. It has no revenue and incurred losses since inception.
• Jaovi develops a cloud-based project management software platform. The global market was $9.76 billion in 2025, projected to grow to $23.09 billion by 2031.
• As of May 31, 2026, Jaovi reported total assets of $53,100, cash of $1,100, and a net loss of $(3,531) since inception.

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• Shenzhen Immunofoco Biotechnology, founded in 2020, is an innovative cell therapy company developing CAR-T therapies for solid tumors, hematological malignancies, and autoimmune diseases.
• The company has one Core Product, IMC002, in a registrational Phase III clinical trial in China, with eight self-developed candidates in its pipeline.
• As of June 30, 2026, cash and cash equivalents were 401,854 thousand RMB, and total assets were 550,963 thousand RMB.

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• Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators.
• We look at the company’s core segments: Payment Solutions and Digital Financial Services, led by CreditTech.
• We think the deal is worth following as it has profitability with scale and market dominance.

• Hitachi Ltd (6501 JP) is looking to raise around JPY116bn(US$730m) via a cleanup in Hitachi Construction Machinery(6305 JP), comprising 21.46m shares(~10.1% of voting rights), as per the company’s press release.
• Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
• In this note, we will talk about the possible deal dynamics.

• Mech-Mind Robotics Technologies (MMRT HK) aims to raise up to US$300m in its Hong Kong listing.
• 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 look at its past performance and other deal dynamics that might impact the listing.

• The core competitiveness of Mech-Mind lies in its “perception – cognition – decision-making – execution” full-stack technology. The prominent feature of the Company’s products is its versatility. 
• The industrial scenarios that Mech-Mind is proficient in are fundamentally different from the broader consumer-level scenarios at present.The data trained for industrial scenarios cannot be fully applicable in all cases.
• Considering that Mech-Mind is not yet profitable and has a small revenue scale but a fast growth rate, comfortable P/S range could be 12-18x if based on 2026 revenue forecast.

• Andersen Group Inc. provides independent tax, valuation, and financial advisory services to clients in the United States. The company differentiates itself by not providing audit services, offering a comprehensive suite.
• Andersen Group achieved a 15% revenue CAGR from 2003 through 2025. Over 70% of 2025 revenue came from clients engaged for more than three years.
• As of June 30, 2026, total assets were $571,487 and total liabilities were $540,033. Revenue for the six months ended June 30, 2026, was $458,404.

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• Varsal Tech, Inc. develops and supplies ISO-certified and GMP-compliant chemicals, intermediates, and customized product solutions, serving diversified global customers.
• Varsal Tech reported FY2025 net revenue of $22,929,976 and net income of $7,113,972.
• A material weakness in internal control was identified due to limited accounting personnel and inability to properly segregate duties.

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• Hunan Yuneng New Energy Battery Material Co., Ltd. is a globally leading new energy materials company focused on R&D, manufacturing, and sales of phosphate-based cathode materials, primarily LFP cathode materials.
• The company ranked #1 globally in phosphate-based cathode materials shipment volume for six consecutive years (2020-2025), holding a 28.2% global market share in 2025.
• Revenue was RMB41,357,671 in 2023, with total assets of RMB49,271,086 and total equity of RMB19,103,243 as of March 31, 2026.

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• VS Trust operates six leveraged ETFs, each seeking 3x daily performance of its reference asset via futures contracts, listing on CBOE BZX Exchange.
• Six new fund series are listed on CBOE BZX Exchange, each seeking 3x daily performance with a 1.85% management fee.
• The newly formed funds have no operating history and have not commenced trading, with potential for full principal loss due to 3x leverage.

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• Alliance Laundry Holdings Inc. is the world’s largest designer and manufacturer of commercial laundry systems, leveraging over 100 years of engineering excellence.
• Alliance Laundry Holdings has approximately 40% market share in North America and an estimated installed base of eight million units globally.
• Net revenues were $1,709,237 for the year ended Dec. 31, 2025, with net income of $101,755 for the same period.

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• Rubber Leaf Inc is a Nevada-incorporated holding company operating through its Hong Kong subsidiary, specializing in automotive rubber and plastic sealing strips. It supplies major auto OEMs like eGT and.
• The company specializes in automotive rubber and plastic sealing strips, supplying major OEMs. It entered a joint R&D agreement with FAW-Volkswagen in October 2023 and cooperated with Hozon in February.
• Revenues were $6,038,954 and net income was $183,440 for the six months ended June 30, 2026. Total assets were $11,375,449 as of June 30, 2026.

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• ING Groep NV (INGA NA) is looking to sell a stake of around 5.6% in TMBThanachart Bank (TTB TB) to raise up to US$500m via a secondary selldown.
• TMBThanachart Bank (TTB) is one of Thailand’s largest commercial banks, formed through the 2019 merger of TMB Bank and Thanachart Bank, with a focus on retail, SME and corporate banking.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.
• The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.
• Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice’s implied forward multiple.

• Lalithaa Jewellery Mart Ltd (1607844D IN) is looking to raise up to US$178m in its upcoming India IPO.
• Lalithaa Jewellery Mart Ltd (LJML) is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Milky Mist Dairy Food (1231D IN) raised US$163m in its India IPO.
• Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
• 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.

• Horizon Industrial Parks Limited (1327105D IN)  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
• HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Silicon2 (257720 KS) has secured a third party allocated capital increase worth 300 billion won (representing 10.3% of market share) from CVC Capital private equity firm.
• Silicon2 plans to use the capital for working capital to expand its global logistics infrastructure and increase its market share overseas.
• The company’s excellent sales growth and profit margins in the past year have been able to reduce concerns about the U.S. tariffs.

• Mech-Mind Robotics Technologies (MMRT HK) aims to raise up to US$300m in its Hong Kong listing.
• 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 look at its past performance and other deal dynamics that might impact the listing.

• Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators.
• We look at the company’s core segments: Payment Solutions and Digital Financial Services, led by CreditTech.
• We think the deal is worth following as it has profitability with scale and market dominance.

• POCO is one of the few domestic enterprises that possess the entire production capacity of alloy soft magnetic materials. The three business lines have achieved a “micro-ecosystem” synergy effect
• Global leaders in inductors have overcome the technical shortcomings. Leveraging their strong customer relationships, patent barriers, and scale advantages, they may directly seize orders from core customers such as NVIDIA.
• As POCO is a global leader in its specific field and is in a high-growth sector, A/H discount could be relatively limited. Based on 2026 forecast, P/E could be 50-70x. 

• In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).
• I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO. 
• What makes this decision so challenging for SK Hynix’s management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon. 

• Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
• 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.

• Ingenic Semiconductor (INGC HK) is looking to raise up to US$410m in its upcoming Hong Kong IPO.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• 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, has passed the HKEX listing hearing and is seeking a Main Board listing. CSI and CITIC are the joint sponsors.
• We look at the company’s core segments: intelligent robotic guidance and intelligent inspection and measurement.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.
• Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.
• Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.

• On 17 August, it was reported that Kakao Mobility’s BOD has approved a plan to issue ADRs.
• The primary reason for this is so that the TPG consortium (Kakao Mobility’s second largest shareholder) could sell some of its stake in the company.
• If Kakao Mobility achieves a high valuation on NASDAQ, this could actually positively impact both Kakao Mobility and Kakao Corp. 

• Transwarp Technology (688031 CH) , an AI infrastructure software provider, aims to raise around US$100m in its H-share listing.
• Transwarp Technology Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to build AI infrastructure software that drives intelligent transformation and business model innovation across industries. 
• In this note, we talk about the company’s past performances.

• Lalithaa Jewellery Mart Ltd (1607844D IN)‘s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.
• In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.
• We finally conclude our findings and present our view on the IPO.

• Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• COSMOPlat IoT, an industrial IoT controller and data intelligence solutions provider, has filed its prospectus with the HKEX. CICC and HSBC are the joint sponsors.
• We look at the company’s core segments: IoT products and data intelligence solutions.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• SHENZHEN WOKE TECHNOLOGY Co., LTD is a Southeast Asia-focused cross-border brand owner of 3C accessories, small appliances, and home furnishings, seeking listing to strengthen its supply chain.
• The company is No. 1 in Indonesia’s 3C accessories sector with 2.2% market share (2025), achieving RMB1,216.9 million revenue in 2025.
• Revenue was RMB1,216,944 (2025), with net assets of RMB10,396 (June 30, 2026), and net foreign exchange losses of RMB17.9 million (six months ended June 30, 2026).

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• For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
• Failure to anticipate and plan for these challenges hurt sales growth and SHEIN’s valuation
• SHEIN’s stuggles speak directly to management’s ability to identify risks and quickly adapt

• China segment firm in Q2, but its strength was overwhelmed by weakness in International
• International segment continued to bleed cash in Q2, mostly offsetting China gains
• As uneven performence continues, Didi may start to feel pressure to relist shares

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, there were a number of deals launched in India
• On the placement front, there were a few placement in India along with Dmg Mori Co Ltd (6141 JP) in Japan.

• SHEIN is facing various unfavorable challenges. The core factors that previously supported its high growth and valuation are collapsing, so its future prospects and valuation is no longer optimistic
• If the IPO valuation falls below US$25bn, it can be regarded as an opportunity with a certain margin of safety to participate; US$25-30bn falls within a neutral but cautious range
• A valuation above US$30bn implies greater risks than opportunities, considering the significant potential selling pressure from existing shareholders after lock-up period ends, and a P/E higher than Inditex is unreasonable.

• COSMOPlat IoT, an industrial IoT controller and data intelligence solutions provider, has filed its prospectus with the HKEX. CICC and HSBC are the joint sponsors.
• We look at the company’s core segments: IoT products and data intelligence solutions.
• We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

• Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
• A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
• The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.