ECM Daily Briefs | Page 8 of 161

In today’s briefing:

LG Electronics India IPO: Attractive Upside
LG Electronics India IPO: Leading Player Priced at a Steep Discount ?
ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact
JST Group Pre-IPO: PHIP Update: Inflecting into Profitability
Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable

LG Electronics India IPO: Attractive Upside

After incorporating the company’s FY25 results, we have tweaked our income statement estimates and valuations of LG Electronics India IPO.
Our base case valuation is target price of 1,514 INR which is 33% higher than the high end of the IPO price range.
It appears that the company wants the IPO to be successful and after much review the company has decided to price the IPO at more attractive levels to new investors.

LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

By Devi Subhakesan

LG Electronics (066570 KS) will divest a 15% stake in its 100% subsidiary LG Electronics India (123D IN) through an IPO, raising Rs116 billion (USD 1.3 billion).
The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.
LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.

JST Group Pre-IPO: PHIP Update: Inflecting into Profitability

JST Group (1703609D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable

Despite TONGSHIFU’s leading position through vertically integrated business model, the inherent limitations of the industry are obstacles for further expansion. Performance growth is clearly constrained by the overall market capacity.
The “double attack” market pattern makes it more difficult for TONGSHIFU to achieve breakthrough growth within the existing market. Outside of copper-based products, TONGSHIFU hasn’t found a second growth curve.
TONGSHIFU’s valuation should be lower than Pop Mart/Laopu Gold/Bloks due to the big gap in growth potential/profitability/cashability. However, valuation could be higher than industry average due to leading market position.

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Oct 05

Daily Brief ECM: LG Electronics India IPO: Updates Support the Bull Case and more

In today’s briefing:

LG Electronics India IPO: Updates Support the Bull Case
Pre-IPO Ganzhou Hemay Pharmaceutical – The Concerns on the Pipelines

LG Electronics India IPO: Updates Support the Bull Case

LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
I previously discussed the IPO in LG Electronics India IPO: The Bull Case and LG Electronics India IPO: The Bear Case.
In this note, I look at the recent updates outlined in the RHP. Overall, the RHP updates are supportive of the bull case.

Pre-IPO Ganzhou Hemay Pharmaceutical – The Concerns on the Pipelines

Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.
Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.
The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay’s valuation will be discounted. Valuation of Hemay should be lower than peers.

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Oct 04

Daily Brief ECM: Tata Capital Limited – IPO | Underwriting and more

In today’s briefing:

Tata Capital Limited – IPO | Underwriting, Collections & Attrition
LG Electronics India IPO – RHP Updates and Peer Comparison Refresh.
CMTX IPO Preview

Tata Capital Limited – IPO | Underwriting, Collections & Attrition

By Pranav Bhavsar

Tata Capital Limited (TATACAP IN) IPO highlights strong branch growth and granular loan book, though new-to-credit exposure remains limited and underwriting largely product-driven.
Weak sourcing disclosures beyond Home Loans raise concerns on DSA reliance, portfolio quality, and resilience during downturns, especially in competitive lending segments.
Collections are highly digitized and analytics-driven, yet regulatory inspections reveal persistent compliance, governance, and risk management lapses across Tata Capital, TMFL, and TCHFL.

LG Electronics India IPO – RHP Updates and Peer Comparison Refresh.

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance in our previous note, in this note we talk about the RHP updates and refresh our peer comparison

CMTX IPO Preview

CMTX is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The company will offer a total of 1 million shares (new shares) in this IPO.
The target IPO price range is 51,000 to 60,500 won per share. The projected market capitalization after listing is 473 billion to 561.2 billion won.
CMTX began by manufacturing ceramics and sapphire components for semiconductor etching processes and has since expanded its business to include core consumable silicon components such as silicon rings and electrodes.

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Oct 03

Daily Brief ECM: WeWork India Management Ltd – IPO | Red Flags Galore and more

In today’s briefing:

WeWork India Management Ltd – IPO | Red Flags Galore
WeWork India IPO – Thoughts on Peer Comp and Valuation
WeWork India – IPO Review: A Premium Flex Space Player with Strong Promoter Backing
Cosin Solar Technology Co Pre-IPO Tearsheet
Pre-IPO FS.COM – The Concerns Behind the Business Model and the Outlook

WeWork India Management Ltd – IPO | Red Flags Galore

By Pranav Bhavsar

WeWork India Management Ltd (1690124D IN) IPO is an OFS under SEBI Regulation 6(2), reflecting weak financial eligibility, ongoing losses, and dependence on deferred tax credits for reported profitability.
Promoter and governance risks loom large, with pending ED, CBI, and EOW proceedings against Jitendra and Karan Virwani, plus complaints of incomplete or misleading disclosures in filings.
The IPO mainly serves as a deleveraging tool for the promoter, with pledged shares, heavy audit qualifications, weak controls, and depleting cash exposing material investor risks.

WeWork India IPO – Thoughts on Peer Comp and Valuation

By Akshat Shah

WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.

WeWork India – IPO Review: A Premium Flex Space Player with Strong Promoter Backing

By Himanshu Dugar

WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?

Cosin Solar Technology Co Pre-IPO Tearsheet

By Hong Jie Seow

Cosin Solar Technology Co (SUPCOZ CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International.
Cosin Solar Technology Co. (CST) is a Chinese company specializing in concentrated solar power (CSP) solutions, particularly molten salt tower systems.
The company’s main business lies in providing the collector system and other core sub-systems essential for constructing large-scale CSP plants.

Pre-IPO FS.COM – The Concerns Behind the Business Model and the Outlook

FS adopts a unique light-asset business model of “R&D design + outsourcing production + direct sales platform”, which leads to higher profit margin than traditional channel sales vendors.
FS once failed in A-Share IPO and received penalty in 2025. Internal control defects are the “Achilles heel”, which makes us worry whether FS has the problem of “inflating revenue”.
Although FS has positive performance growth, the uncertainty of Sino-US relations and exchange rate risks may put pressure on profitability. Valuation of FS could be lower than peers.

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Oct 02

Daily Brief ECM: Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure and more

In today’s briefing:

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher
Tata Capital IPO: RHP Update Points to Mixed Fundamentals
Impact Therapeutics (英派药业) Pre-IPO: Credible R&D in PARP
Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return
Pre-IPO Videotimes Technology Holdings – Expected to See Performance Decline Due to Tariff War
Tata Capital IPO – Peer Comp and Thoughts on Valuation

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher

The company priced 32.5 million shares at $21.00 and saw its shares open at $25.00, a 19% premium.
Investor demand was strong and stemmed from pre-IPO testing-the-waters meetings with more than 100 investors.
The strong momentum generated from the debut suggests that traders may continue to gravitate toward the name, creating the potential for sharp swings in the near term.

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion.
I had previously discussed the investment case in Tata Capital IPO: The Investment Case.
The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA.

Impact Therapeutics (英派药业) Pre-IPO: Credible R&D in PARP

By Ke Yan, CFA, FRM

Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors
In this note, we look at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064.
We also look at the company’s pre-IPO investors and management team.

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.

Pre-IPO Videotimes Technology Holdings – Expected to See Performance Decline Due to Tariff War

Videotimes adopts a “domestic production + overseas sales” model. The Company competes for market share by relying largely on Amazon channel and price cuts, with overall revenue showing upward trend.
Due to Sino-US tariff war and the risk of US dollar depreciation, future performance decline seems inevitable. Our forecast for 2025 is revenue/net profit could be down 4.8% YoY/21% YoY.
Valuation of Videotimes could be lower than peer. A comfortable range is P/E of 10-15x. However, if 2025 performance decline is confirmed, valuation may be revised down to 6-10x P/E.

Tata Capital IPO – Peer Comp and Thoughts on Valuation

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

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Oct 01

Daily Brief ECM: LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation and more

In today’s briefing:

LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation
Tata Capital Pre-IPO – RHP Updates
WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends
Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO
Myungin Pharma Pre-IPO: Strong Insti Subscription Rates
Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative
Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation

LG Electronics’ BOD finally approved a plan to sell a 15% stake in LG Electronics India in an IPO to be completed in 2025.
According to local media, LG Electronics India is now valued at about US$13 billion which is higher than LG Electronics’ market cap of US$8.8 billion.
Our base case valuation of LG Electronics India is implied market cap of 1,280 billion INR or US$14.4 billion.

Tata Capital Pre-IPO – RHP Updates

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates

WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends

By Akshat Shah

WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.

Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand

By Akshat Shah

Jain Resource Recycling (2300699D IN) raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
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.

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.
Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.
Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.

Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
In this note, we talk about the firm’s trading dynamics.

Capillary Technologies India Pre-IPO: Increased Monetization But CFO Turned Negative

By Hong Jie Seow

Capillary Technologies India Ltd (CTIL) (0611334D IN) is looking to raise about US$240m in its upcoming India IPO.
Capillary has been able to diversify the uses of its offerings across different industries. Despite declines in number of customers and brands, they have been offset by increased monetization abilities
In this note, we look at the company’s past performance.

Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.

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Sep 30

Daily Brief ECM: Zijin Gold IPO (2259 HK): Trading Debut and more

In today’s briefing:

Zijin Gold IPO (2259 HK): Trading Debut
Tekscend Photomask (429A JP) IPO: Valuation Insights
[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest
Tekscend Photomask IPO – Peer Comparison
The Pinkfong Company IPO Valuation Analysis
Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance
Zijin Gold (2259 HK) IPO Debut – Some Points Worth the Attention
Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.
Sunway Healthcare Pre-IPO Tearsheet
Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold IPO (2259 HK): Trading Debut

Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Tekscend Photomask (429A JP) IPO: Valuation Insights

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case and Tekscend Photomask (429A JP) IPO: The Bear Case.
In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.

[Japan ECM] MIGALO Holdings (5535 JP) Offering to Raise Capital, Generate Interest

By Travis Lundy

Migalo Holdings (5535 JP) is one of the rare TSE Prime-listed companies which got the boot from TOPIX, stayed in Prime, and is clawing its way back.
As of end-March-25, it met all the criteria to stay in Prime and rejoin TOPIX. Now they are launching a primary offering, and this may presage an effort to rejoin.
They are adding float and 10% of shares to the pile, in this ¥4.4-5.0bn offering. But instos are net short this stock.

Tekscend Photomask IPO – Peer Comparison

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

The Pinkfong Company IPO Valuation Analysis

Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months).
This represents a 22% upside to the high end of the IPO price range. Given the reasonable upside, we have a Positive view of the Pinkfong Co IPO.
Pinkfong Co is one of the most sought-after acquisition candidates in the global animation industry and this is one of the major reasons why it should trade at premium valuation.

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.
Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.
The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.

Zijin Gold (2259 HK) IPO Debut – Some Points Worth the Attention

Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.
Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range.
Considering better profitability/shareholder resources, Zijin Gold has more advantage than Shandong Gold Mining. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.

Zijin Gold : Listing Pop Likely. Know Your Thresholds. Avoid Valuation Pitfalls.

By Devi Subhakesan

Riding on strong investor demand, Zijin Gold (2259 HK) has exercised its over-allotment option, boosting the total IPO size to USD 3.7 billion from USD 3.2 billion previously.
As Hong Kong’s only pure-play gold miner with global exposure, Zijin Gold may command a premium, though any sharp price gains still depend on sustained gold price strength.
Investors should define their medium- to-long-term gold price thresholds to shape a clear post-IPO strategy for Zijin Gold.

Sunway Healthcare Pre-IPO Tearsheet

Sunway Healthcare (2268774D MK) is looking to raise at least US$800m in its upcoming Malaysia IPO. The deal will be run by AmInvestment Bank, Maybank, CIMB, HSBC, Jefferies and UBS.
It is one of the largest private hospital groups and only private hospital group (among major private hospital groups) in Malaysia that provide services covering the full lifecycle of care.
The firm’s flagship hospital, Sunway Medical Centre Sunway City Kuala Lumpur, in Subang Jaya, Selangor, which is a quaternary hospital, commenced operations in November 1999.

Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold (2259 HK) raised around US$3.2bn in its Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Sep 29

Daily Brief ECM: ECM Weekly (29 September 2025)- Zijin and more

In today’s briefing:

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?
Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention
Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.

IPO Review: India’s Youngest and Largest Player for Ethanol, Worth a Bet?

By Himanshu Dugar

TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.

Pre-IPO CF PharmTech (PHIP Updates) – Some Points Worth the Attention

CF017 is CF PharmTech’s core performance driver. Once CF017 faces policy adjustments or intensified market competition, revenue will be significantly impacted. Its ability to sustain operations will be severely tested.
Although CF PharmTech has made a profit, problems such as a slowdown in revenue growth and heavy reliance on single product will lead to a valuation discount by the market.
A reasonable valuation range might be between RMB3-5 billion. If valuation exceeds RMB5 billion, it would seem overly optimistic and require strong support from subsequent performance and solid fundamentals.

Pre-IPO Suzhou Ribo Life Science – The Strength, the Concerns and the Outlook for the SiRNA Unicorn

The delivery system is a crucial element that drives the development/iteration of innovative oligonucleotide therapeutics. Ribo has mastered both GalNAc and LNP technologies, whose effectiveness/safety have been verified and recognized.
The valuation fluctuations not only reflect the market’s prudence towards commercialization prospects of small nucleic acid drugs, but also highlight the balance problem between Ribo’s R&D investment and profit model.
Since Sirnaomics’ delivery technologies have not been proven or validated scientifically, Ribo’s valuation should be higher than Sirnaomics.Valuation outlook is based on the druggability and commercialization performance of Ribo’s pipelines.

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Sep 28

Daily Brief ECM: Weekly Deals Digest (28 Sep) – Zijin Gold and more

In today’s briefing:

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Zijin Gold (2259 HK), Tekscend Photomask (429A JP) and Tata Capital Limited (TATACAP IN) IPOs.
Event-Driven developments: Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Paramount Bed Holdings Co Lt (7817 JP), Soft99 Corp (4464 JP), Changhong Jiahua Holdings (3991 HK).

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Sep 27

Daily Brief ECM: Trading Strategy of Zijin Gold on the First Day of IPO and more

In today’s briefing:

Trading Strategy of Zijin Gold on the First Day of IPO

Trading Strategy of Zijin Gold on the First Day of IPO