ECM

• According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, which would be the largest IPO in history.
• This is likely to clearly benefit early investors in the company such as SK Telecom which had a 0.3% stake in Anthropic at the end of 2025.
• Given the fact that Anthropic is likely to complete its IPO sometime in October 2026, the further alpha on SK Telecom could take place in the next 1-2 months.

• Lyntris is a scaled defense technology platform operating across mission-critical communications, sensing, data and other technologies supporting U.S. and allied defense programs.
• The company offers institutional investors exposure to the modernization of military infrastructure without relying on a single product or emerging technology.
• The offering is led by Evercore, Citigroup, Guggenheim Securities and BofA Securities, providing a strong institutional syndicate with broad distribution across aerospace and defense, industrial technology and generalist investors.

• Under the current e-commerce “price comparison” mechanism, coupled with the peak of traffic dividends, there is still uncertainty as to whether domestic coffee machine brands can maintain long-term growth.
• Compared with fast-moving consumer goods, coffee machines, as durable goods, have a low frequency of repeat purchases by consumers. This may lead to declining performance growth of Gemilai.
• Given the expected about 40% profit CAGR over the next three years, the market may offer a valuation higher than traditional home appliance stocks such as Midea (e.g. 20-25x P/E).

• LEAP India Limited (1414703D IN) (Leap) raised around US$260m in its upcoming India IPO.
• As per F&S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Lyntris Inc. (NYSE: LYNX) is preparing to raise approximately $492 million in an initial public offering of 24.0 million shares priced between $19.00 and $22.00 per share.
• At the $20.50 midpoint, the offering would value Lyntris at approximately $2.36 billion based on roughly 115.1 million shares expected to be outstanding following the offering.
• The company has applied to list on the New York Stock Exchange under the ticker LYNX. Evercore ISI, Citigroup and Guggenheim Securities are serving as lead book-running managers, with BofA Securities, Baird, Raymond James and William Blair also participating in the offering.

• Karman Line Acquisition Corp. is a newly organized blank check company (SPAC) formed to effect a business combination, focusing on aerospace and defense sectors.
• Management and board possess decades-long expertise, providing strategic, technical, and M&A advice in space and wireless industries.
• As of April 30, 2026, total assets were $23,019, total liabilities were $39,318, and shareholders’ deficit was $(16,299).

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• Hangzhou CIEC Group is a commodity trading service provider and trader in China, distributing over 294 physical commodities. The company aims to strengthen working capital, raise business profile, and enhance.
• Hangzhou CIEC Group was the fifth largest commodity trading service provider in China by trading volume and sales revenue in 2025, with a 21.3% trading volume CAGR.
• Revenue was 270,479,007 RMB’000 in 2025, and gross profit decreased by 9.4% to RMB1,721.5 million in 2025.

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• NorthStrive Acquisition Corp I. is a blank check company formed to effect a business combination with one or more businesses or entities. It focuses its search on companies in the.
• NorthStrive focuses on the manufacturing sector, prioritizing U.S.-based targets with strong competitive positions, growth potential, and experienced management teams.
• As of June 30, 2026, actual total assets were $90,687, and as adjusted total assets were $100,733,377.

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• Ingenic Semiconductor (INGC HK), aims to raise up to US$500m in its H-share listing.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Dmg Mori Co Ltd (6141 JP) is looking to raise up to US$320m from a primary offering to overseas investors.
• Proceeds will mainly be used for capex at various production plants to increase production capacity.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.
• I previously discussed the IPO in Mynt (GCash) IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive. The pricing date is 28 September.

• Ever Glory United Holdings Limited is a leading integrated M&E engineering service provider in Singapore, offering comprehensive electrical, air-conditioning and mechanical ventilation, fire protection, and plumbing, sanitary and gas services.
• The company ranked second among domestic M&E engineering service providers in Singapore in 2025, with a revenue CAGR of 60.0% from 2023 to 2025.
• Profit for 2025 was S$20,122 thousand, and net current assets were S$53,729 thousand as at 30 June 2026.

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• AfterNext Acquisition I Corp. is a Cayman Islands exempted company formed to effect a business combination, having not yet selected a target.
• Fintech accounted for 5% of global banking net revenue in 2022, estimated to exceed $400 billion by 2028, growing 15% annually.
• Total assets were $101,073,918 As Adjusted, with working capital at $(465,310) Actual, and a going concern doubt.

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• ClearOne, Inc. sold its operating assets in October 2025 and is merging with Cortigent, a neurotechnology company developing implantable neurostimulation systems for artificial vision and stroke recovery.
• Cortigent is a pioneer in precision targeted neurostimulation systems, with its Orion system designated as an FDA Breakthrough Device in 2018.
• Cortigent incurred a net loss of $0.8 million for the three months ended March 31, 2026, and $3.1 million for FY2025.

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• Curis, Inc. is a biotechnology company developing emavusertib, an orally available small molecule inhibitor of IRAK4 and FLT3, evaluated in clinical studies for PCNSL and CLL.
• Emavusertib received Orphan Drug Designation from FDA for PCNSL, AML, MDS and from EC for PCNSL, showing a 100% ORR in 5 BTK-naïve patients.
• As of March 31, 2026, cash and cash equivalents were $15,001, with an accumulated deficit of $1.3 billion, raising substantial doubt about going concern.

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• Shenzhen Megmeet Electrical (002851 CH) (SME), an industrial technology group, aims to raise around US$750m in its H-share listing.
• SME has a broad product portfolio with six major business segments comprising power supplies, new energy transportation, industrial automation, smart home appliances, intelligent equipment, and precision connectivity and magnetic components.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Ingenic Semiconductor (INGC HK) , aims to raise up to US$500m in its H-share listing.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• In this note, we look at the firm’s PHIP updates and valuation.

• Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.
• We look at the company’s core segments: memory ICs and computing ICs.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• Pm Capital Global Opportunity (PGF AU) is looking to raise US$124m in its primary offering.
• Proceeds will be invested in line with current investment strategy and issuance of new shares provides greater market liquidity for trading stock.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Autel’s core business focuses on two main areas: vehicle diagnosis solution solutions and smart charging solutions. Gross margin improved simultaneously with revenue growth, demonstrating the scale effect of platform-based business.
• If the AI business proportion continues to increase, the valuation multiple is expected to rise. Embodied intelligence commercialization progress also has big potential. However, geopolitical risk may bring valuation discount.
• Autel has a weaker ability to withstand risks compared to competitors with diversified strategies. A comfortable valuation range could be P/E of 15-24x, based on 2026 net profit forecast.

• APC has traded above its $18 IPO price for most of its first six months, reaching $21.72 before settling back toward $19. 
• Q2 revenue beat expectations, though EPS missed; management reaffirmed 2026 Adjusted EBITDA and cash-flow guidance. 
• The planned U.S. Petroleum Partners acquisition adds 400+ wholesale locations and reinforces APC’s growth-oriented strategy.

• Shiprocket is India’s largest e-commerce enablement platform by FY26 revenue (35-45% market share in D2C), serving 215,000 active merchants with plug-and-play tools for shipping, checkout, payments, marketing, and fulfillment.
• The company operates two segments: a profitable, scaling Core Business (Domestic Shipping and Shipping Apps) alongside a fast-growing, loss-making Emerging Business (cross-border, checkout, marketing, hyperlocal delivery, and capital solutions).
• At 3x Price/sales, Shiprocket offers access to the structural growth of Indian merchants, whether through aggregators, D2C or global markets. Can the company become a unicorn again?

• RelyEZ Energy Storage Technology Co., Ltd. is a leading integrated ESS solutions provider in China, ranking 10th by shipment volume and 4th by newly installed capacity in 2025.
• Total revenue increased from RMB434.6 million in 2023 to RMB1,867.6 million in 2025, with a 6.8 GWh total production capacity.
• Revenue was RMB1,867,611 in 2025, with gross profit of RMB300,609 and profit before tax of RMB174,937.

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• The IPO market showed signs of its traditional late-summer slowdown Friday as Latigo Biotherapeutics (LTGO) and BlossomHill Therapeutics (BLSM) made their Nasdaq debuts. Both biotechnology offerings found enough support to avoid significant breaks below their IPO prices by the close, but neither produced the sustained aftermarket momentum that characterized some of the stronger new issues earlier this summer.
• Latigo priced 19.2 million shares at $18.00, raising approximately $346 million, and opened at $21.00, a 16.7% premium to its IPO price.
• The shares initially traded as high as $22.47, but the early strength quickly faded. LTGO ultimately closed at $18.25, down 13.1% from its opening trade and just 1.4% above its IPO price, on approximately 2.59 million shares of volume.

• Lyntris is targeting a $2.2-$2.5 billion valuation, leveraging exposure to growing defense spending and mission-critical technology across space, air, land and sea.
• The IPO is heavily secondary, with Trive Capital selling 19.1 million shares, representing 79.6% of the base offering and limiting primary capital raised.
• Strong Adjusted EBITDA growth and margins highlight improving financial performance, while the late-August debut faces a typically quiet IPO market backdrop.

• Ingenic Semiconductor (INGC HK), aims to raise up to US$500m in its H-share listing.
• Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Encube Ethicals Limited (0526723D IN) (EEL) plans to raise around US$314m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Kotak.
• EEL is a contract manufacturer of topical pharmaceutical formulations, including creams, gels, lotions, ointments, solutions and sprays, serving 50 countries.
• As per F&S, EEL was the fastest-growing top five topical generics player by volume and secured the highest number of topical ANDA approvals globally during FY24–26.

• Milky Mist Dairy Food (1231D IN) is looking to raise up to US$163m in its upcoming 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 past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
• KRT is India’s largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
• In this note, we will talk about the lockup dynamics and possible placement.

• Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle
• Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.
• The scarcity of automotive-grade storage and Ingenic’s leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  

• Ingenic Semiconductor Co., Ltd. is a fabless IC provider specializing in memory, computing, and analog ICs for various devices. It holds leading market positions in niche DRAM, SRAM, NOR Flash,.
• Ranked 7th globally in Niche DRAM and NOR Flash, and 2nd in SRAM and IP-Cam SoC by 2025 revenue. 1x-nm LPDDR4 products entered mass production.
• FY2025 revenue was 4,741,008. Net margin decreased from 11.4% (2023) to 7.9% (2025). Gross margin decreased from 35.5% (2023) to 32.8% (2025).

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• Chinese robot maker Yushu Technology (Unitree Robotics, 688836 CH Equity) priced its initial public offering (STAR market) in a deal that would make it the first mainland-listed humanoid robot manufacturer. 
• The retail portion was 8,000x oversubscribed with 9.8 million individual investor orders, marking a landmark moment for China’s embodied-AI sector. China’s global market share in humanoid robots is >85%.
• The nearest listed competitor is UBTECH Robotics (9880 HK); however, Agibot, the world’s largest humanoid robot company by unit sales, is slated to list on the Shanghai exchange soon.

• SOLV priced at the high end, opened 20% higher and subsequently completed a heavily demanded upsized follow-on at $36.00.
• Revenue, margins, EBITDA and backlog all accelerated sharply following the IPO, reinforcing the company’s infrastructure growth story.
• The stock’s pullback reflects a broader rotation from AI infrastructure, but renewed enthusiasm could quickly put MWH back in favor.

• We spoke to couple of players in the ecosystem of Milky Mist Dairy Food Ltd (1023949D IN) supply chain.
• This insight talks about the various softer aspects about the company culture, management, promoters and their business practices.
• Finally, we provide our view on company, valuation and conclusion.

• Hubei Dinglong (HDLNG HK) , aims to raise at least US$750m in its H-share listing.
• It provides upstream integrated materials and solutions for the semiconductor and other high-tech industries in response to the broad and growing demand for supply chain localization and technology roadmaps.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform ‘Trunat’ which covers In Vitro testing for 30 diseases today with 43 assays
• After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio’s acquisitions are now expected to ramp-up
• IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery

• Shares have declined nearly 50% from the IPO price, reflecting weak sentiment toward Brazilian fintechs and continued selling pressure following the offering.
• Operational performance remains relatively stable, with an EPS beat in the latest quarter offset by weaker-than-expected revenue growth.
• The significantly lower valuation creates a more compelling entry point, though competitive and geographic risks remain elevated.

• Zhejiang Energy Marine Environmental Technology Co., Ltd, founded in 2018, is a leading global green shipping equipment and systems provider. It offers five business lines and was the largest provider.
• The company was the largest global green shipping equipment and system provider by revenue in 2025. Revenue increased by 89.4% from RMB1.32 billion (5M2025) to RMB2.51 billion (5M2026).
• Revenue was RMB2,507,000 thousand (5M2026) and profit for the period was RMB622,104 thousand (5M2026). Total assets were RMB4,119,286 thousand as of May 31, 2026.

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• Suzhou Genhouse Bio Co., Ltd., founded in May 2014, develops innovative oncology drug candidates, focusing on RAS signaling pathways and synthetic lethality mechanisms. It seeks a primary HKEX Main Board.
• Suzhou Genhouse Bio owns 38 granted patents and 120 patent applications, with GH21 being the second clinically advanced SHP2 inhibitor globally.
• Revenue was RMB557,741 for five months ended May 31, 2026, while 2024 saw a RMB(151,775) loss.

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• My Size, Inc. is a fashion technology company with an integrated portfolio addressing size, fit, inventory, circular economy, and international distribution. Its strategy is to build an integrated fashion platform.
• My Size operates Naiz Fit, Orgad, and Percentil. It entered an Equity Purchase Agreement with Square Gate Capital for up to $10.0 million in common stock purchases.
• The Company incurred significant losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern. Its MVLS was $2.1 million.

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• Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
• Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
• Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.

• 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, SBI Funds Management didn’t deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
• Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 

• Splash Beverage Group, Inc. is transitioning from a beverage brand company to regulated cannabinoid and wellness markets. It acquired exclusive worldwide rights to CannEpil®, a pharmaceutical product for epilepsy and.
• The company is transitioning to regulated cannabinoid and wellness markets, acquiring exclusive worldwide rights to CannEpil® on July 6, 2026. A one-for-four reverse stock split was effected July 24, 2026.
• The company reported a net loss from continuing operations of $(2,136,469) for the three months ended March 31, 2026. Auditors noted going concern issues.

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• Veradermics is a dermatologist-founded, late clinical-stage biopharmaceutical company developing innovative therapeutics for aesthetic and dermatological conditions, initially focusing on VDPHL01 for pattern hair loss.
• Veradermics is developing VDPHL01, an oral, non-hormonal extended-release minoxidil formulation for pattern hair loss affecting 80 million US individuals.
• Future sales of registered securities and equity/debt issuances may cause common stock price decline and substantial dilution to existing stockholders.

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• The value of SmartMore’s business model is based on IndustryGPT, combined with sensors and robots, it achieves a leap from “single-point AI” to “system-level AI”, effectively solving industry pain points.
• The “software and hardware integration” approach leads to a “heavy” business model, with higher demands for supply chain, hardware manufacturing, after-sales maintenance, and may result in lower asset turnover rates.
• As an industry leader with faster growth, SmartMore can enjoy a certain premium. If based on 2026 forecast, market value could be about RMB9.1 billion – RMB12.2 billion.

• Change Agents Corporation is a technology-focused company developing innovative Agentic AI software and consumer health products, expanding into drone interception and surveillance AI enhanced technology solutions.
• The company is developing innovative Agentic AI software, consumer health products, Catch-Up video platform, Beacon GEO search product, and distributes the FDA-registered Keto Air device.
• The company had an accumulated deficit of approximately $110.4 million as of March 31, 2026, and $200,000 cash as of July 31, 2026, raising going concern doubt.

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• DataMeds AI, Inc. is a holding company for operating companies focused on healthcare technology and pharmaceutical services, aiming to be a micro health ecosystem.
• DataMeds AI is a 50-state FDA licensed pharmaceutical wholesaler distributor, serving over 5,000 registered pharmacies nationwide with a network of over 19,000.
• The company has a history of losses and anticipates continuing losses, receiving a Nasdaq non-compliance notice for minimum stockholders’ equity.

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• My base case valuation of Shein is market cap of US$26 billion, lower than the target IPO valuation range of US$30 billion to US$40 billion that the company is seeking.
• Given the lack of upside, I have a Negative View of the Shein IPO.
• I estimate Shein to generate net revenue of US$42.8 billion (up 2.3% YoY) in 2026, US$44.4 billion (up 3.7% YoY), and US$47.5 billion (up 6.9% YoY) in 2028.

• Sichuan Biokin Pharmaceutical Co., Ltd. is an integrated biopharmaceutical group founded in 1996, focused on developing oncology therapeutics using ADC, ARC, and TCE technologies.
• Iza-bren is the world’s first approved bispecific ADC, and the company has a global strategic license agreement with BMS, receiving US$800 million upfront.
• The company reported RMB5,821,050 thousand revenue and a 95.0% gross profit margin in 2024, alongside a RMB1,053,618 thousand net loss in 2025.

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• DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.
• Bain Capital’s backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.
• Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?

• In this insight we analyze SHEIN’s Marketing expenses, which rose sharply in FY25 and Q126
• We also revisit SHEIN’s Fulfilment expenses, which likely ballooned in Q226 on higher fuel
• We believe high and rising Marketing, Fulfilment expenses to smother FY26 margins

• Ambitious Entertainment, Inc., incorporated in Nevada in September 2020, focuses on developing film and television content for rapid sales, global scalability, and early monetization.
• Six mega influencers bring over 450 million impressions to the Cancel Me project, and AI R&D aims to reduce costs by 20%.
• An independent registered public accounting firm expressed substantial doubt about the company’s ability to continue as a going concern.

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• In this insight we discuss why Milky Mist Dairy Food Ltd (1023949D IN) is different from its peers.
• We discuss contours of the IPO and compare its valuation with peers in the industry.
• Finally, we conclude by sharing our view on this IPO.

• Spectral Capital Corporation is a technology-focused holding company pursuing a growth strategy centered on acquiring, integrating, and advancing businesses in telecommunications, data infrastructure, and advanced computing technologies.
• Spectral Capital served approximately 335 enterprise customers as of March 31, 2026, with Q1 2026 revenue run rate approaching $1 billion annualized.
• Spectral Capital suffered recurring losses from operations and has a working capital deficit, raising substantial doubt about its ability to continue.

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• BlossomHill upsized its IPO 20% but opened 1.6% below issue, suggesting the enlarged deal stretched underlying demand.
• BH-30643 remains the primary value driver, targeting resistant EGFR-mutant NSCLC, including the underserved C797S-positive population.
• The stock closed at its $16 IPO price, but persistent intraday weakness suggests investors may need patience as clinical catalysts develop.

• Latigo upsized its offering and priced at the high end, reflecting significant institutional demand entering the public markets.
• LTGO opened 16.7% above its IPO price but steadily sold off, closing just 1.4% above $18.00.
• Phase 3 catalyst ahead: LTG-001 is expected to enter Phase 3 development in 2H 2026, providing an important clinical catalyst and potential de-risking event.

• Juniper Green Energy Ltd (1831458D IN) raised about US$187m in its India IPO.
• Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
• The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
• We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers’ median FY27 PER. 

• Bizlink Holding (3665 TT) is looking to raise up to US$315m in its upcoming GDRs offering. The firm is also looking to raise another US$500m via convertible bonds.
• Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Hangzhou Yodosmart Automotive Technology Co., Ltd. is a leading domestic provider of in-vehicle intelligent connectivity solutions in China, offering customized solutions to OEM customers.
• Hangzhou Yodosmart is the fourth largest domestic provider of in-vehicle communication solutions in China with 4.9% market share in 2025.
• For the five months ended May 31, 2026, gross profit was 42,237 RMB’000 and adjusted net profit was 13,141 RMB’000.

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• Attovia Therapeutics (NASDAQ: ATTO) made an impressive public market debut Wednesday, finishing its first day of trading well above its initial public offering price after strong institutional demand carried into the secondary market. 
•  The clinical-stage biotechnology company priced its upsized IPO at $17.00 per share, selling 17.0 million shares to raise $289 million, before opening at $21.00, a 23.53% premium to the offering price.
• Shares traded as high as $22.79, never fell below $20.21, and closed at $21.90, representing a 28.82% gain from the IPO price. 

• My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company’s target valuation of 42 billion RMB. 
• My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.
• Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. 

• LEAP India Limited (1414703D IN)  (Leap) is looking to raise up to US$260m in its upcoming India IPO.
• As per F&S, Leap is India’s largest on-demand asset pooling provider in supply chain management, operating a share-and-reuse model with 13.5 million assets across 7,747 customer touchpoints nationwide.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

• The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is “heavy asset” model, which results in significant lagging behind in cost control and expansion speed.
• The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.
• Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than Domino’s Pizza, but higher than that of traditional restaurants with slow growth.

• Braveheart upsized its IPO, priced above the range, and surged 65.6% on day one, validating extraordinary institutional demand.
• Strong Phase 3-ready clinical profile, Fidelity’s anchor order, and elite healthcare investors fueled one of the week’s strongest biotech debuts.
• Near-Term profit-taking is possible following the outsized first-day gain, despite an attractive longer-term clinical development story.

• Molbio Diagnostics will launch its India IPO on August 10. The IPO consists of fresh issue of INR2B (~$21M) and OFS of up to 9M equity shares aggregating to INR7B.
• The IPO price band is set at INR768 to INR807 per share. The IPO subscription will close on August 12, with expected listing on August 17.
• Molbio proposes to utilize the net proceeds for funding the capex of infrastructure for R&D facility and for purchase of equipment for Goa and Visakhapatnam units.

• SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn 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 in our previous note. In this note, we will undertake a peer comparison.

• Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. 
• Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
• Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). 

• SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.
• I previously discussed the IPO in SHEIN Global IPO: The Bull Case and SHEIN Global IPO: The Bear Case. 
• In this note, I present my forecasts and examine Shein’s potential valuation range. My analysis suggests a valuation range of US$33.3 billion to US$34.0 billion.

• Ezconn Corporation (6442 TT) is looking to raise up to US$190m in its upcoming global depository receipts (GDRs) offering.
• In June 2026, Ezconn announced its board’s resolution to issue between 4-5m common shares via a GDR offering, with proceeds to be used to purchase overseas raw materials.
• Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
• Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
• In this note, we will talk about the lockup dynamics and possible placement.

• Dongshan’s core competitiveness lies in its technological R&D barriers. Dongshan has the ability to provide integrated comprehensive solutions, making it one of the few all-round suppliers among new energy customers.
• Affected by the price reduction of old models from major customers in 2024, Dongshan’s profit was under pressure. The improvement in 26Q1 results indicates that performance turning point has occurred. 
• There is usually a 20%-40% A/H discount, but Hong Kong stock market shows high recognition for high-growth technology-based manufacturing enterprises. Therefore, we expect an A/H discount of 20-30% for Dongshan. 

• SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn 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 undertaken a peer comparison in our previous notes. In this note, we talk about valuations.

• A leading defense technology company delivers “sense-to-act” connectivity solutions for the modern, connected battlespace, enabling warfighters to detect threats earlier.
• Total revenue was $240,984 for six months ended June 30, 2026, and $388,943 for the year ended December 31, 2025.
• The company reported a net loss of $(8,458) for 2025 and total indebtedness was approximately $275.7 million as of June 30, 2026.

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• Lead candidate BH-30643 targets multiple EGFR mutations, with C797S-positive NSCLC offering a differentiated opportunity where no targeted therapy is currently approved.
• A broader oncology pipeline provides additional optionality, with BH-30236 in Phase 1 and pan-KRAS candidate BH-501284 approaching a planned 2027 IND.
• Cormorant, OrbiMed, Vivo Innovation and Janus Henderson highlight a strong pre-IPO shareholder roster, adding credibility to an otherwise high-risk early-stage biotech offering.

• Strong IPO debut highlighted investor appetite for premium, health-focused consumer brands with differentiated positioning.
• Raised outlook in May demonstrated early execution, but continued sales momentum remains critical for valuation support.
• Long-Term upside depends on expanding distribution while maintaining growth expectations and creating future liquidity opportunities.

• Shein is actively preparing for an IPO on the Hong Kong Stock Exchange, tentatively scheduled for the second half of 2026.
• The company is targeting a listing valuation of US$40 billion to US$50 billion, representing a significant haircut from its historical peak valuations.
• I think the company is likely to face tough challenges in in reaching valuation at even lower end of its target valuation range. 

• SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.
• In our previous note, we briefly looked at the company’s business, financials and investor backing.
• In this note, we compare the company with listed peers from financial, operating and valuation perspectives.

• The Government of India (GOI) is looking to raise at least US$1.3bn via selling a 2.2% stake in Life Insurance of India (LICI IN). 
• There is a further upsize option for ~4% of the stock to bring overall deal size to around US$3.3bn.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• GCash (1490676D PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.     
• GCash is the Philippines’ dominant e-wallet and digital financial services platform. Beyond payments, Mynt has built GCash into a broader financial ecosystem covering lending and wealth management.
• The investment case is based on strong market position, a dominant Payment solutions business, a rapidly growing Digital Financial services business and margin expansion. 

• Thousand Oaks, California-based Latigo Biotherapeutics has filed for a Nasdaq IPO seeking to raise approximately $272 million through the sale of 16.0 million shares priced between $16.00 and $18.00 each.
• At the midpoint of the proposed range, the company would have an implied market capitalization of approximately $1.02 billion.
• Latigo intends to trade on the Nasdaq Global Select Market under the ticker LTGO, with the offering being led by Goldman Sachs, Jefferies, Leerink Partners, and Guggenheim Securities.

• Volatile aftermarket. Shares rallied early before falling more than 40%, but have recovered to within striking distance of the IPO price.
• Execution improving. Better-than-expected adjusted earnings and reaffirmed full-year guidance restored investor confidence following a difficult spring.
• Sponsor overhang remains. Bain Capital’s significant ownership could create future follow-on offering opportunities as it monetizes its investment.

• Amos Food, a Chinese sugar confectionery maker, has filed its prospectus with the HKEX. BOA, CMS, and JPM are the joint sponsors.
• We look at the company’s core segments: Amos, Biobor and third-party brands.
• We think the deal is not interesting. Revenue growth and margin expansion prospects are outweighed by large concentration risk, geopolitical risk and weak consumer-sector sentiment.

• Upsized, high-end pricing proved too aggressive, with shares never reclaiming the $18.00 IPO price.
• Stock declined nearly 50% over six months, making Eikon one of 2026’s weakest biotech IPO performers.
• Operational execution remained solid, but valuation reset dramatically as biotech investors became increasingly selective.

• Attovia Therapeutics (NASDAQ: ATTO) has filed to raise approximately $200 million through an initial public offering of 12.5 million shares priced between $15.00 and $17.00 per share, implying a midpoint offering size of $200 million and a fully diluted market capitalization of approximately $616 million at the midpoint.
• The offering is being led by Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets, and LifeSci Capital.
• Attovia is a clinical-stage biotechnology company developing next-generation biologics for immune-mediated diseases using its proprietary ATTOBODY platform. 

• Latigo Biotherapeutics is expected to list on the Nasdaq under the ticker LTGO, offering 16.0 million shares at a price range of $16.00 to $18.00 per share and targeting approximately $272 million in gross proceeds. 
• The company is developing a portfolio of non-opioid pain therapies targeting the Nav1.8 sodium channel, with its lead candidate, LTG-001, advancing toward Phase 3 development for acute pain.
• The platform addresses one of the largest unmet needs in medicine as healthcare providers continue seeking effective alternatives to opioid-based pain management.