Daily Briefs

NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.
The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.
NVIDIA’s data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

By Joe Jasper

We maintain our near-term bullish outlook on S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
Our intermediate-term bullish outlook has been in place since 5/14/25. We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026

Cooper Cos. Surges as Jana Pushes Merger—Will Bausch + Lomb Strike?

By Quantum Commodity Intelligence

Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

Oil futures: Crude drifts as surplus concerns continue to weigh

Crude oil futures were moving sideways on Tuesday as markets steadied after early-week losses, although surplus fears continued to drive sentiment.
Front-month Feb26 ICE Brent futures were trading at $62.01/b (2000 GMT) versus Monday’s settle of $62.49/b, while Jan26 NYMEX WTI was at $58.35/b against a previous close of $58.88/b.
Forecasts of a surplus of at least 2 million bpd in the new year continue to weigh heavily on sentiment, despite OPEC+ pausing output hikes in Q1 and the threat to Russian supplies from sanctions.

Doximity: Inside the Multimodal Surge — How a 5% Feature Became 40% of Bookings in One Year!

Doximity, Inc. recently reported its fiscal second-quarter earnings for 2026, highlighting both strides in its growth strategy and existing challenges.
Overall, the company demonstrated strong financial performance and operational expansion, positioning itself as a key player in the digital health space, but it also noted some market uncertainties and risks that could impact future performance.
On the positive side, Doximity recorded $169 million in revenue, marking a 23% year-over-year increase and exceeding its previous guidance.

Middleby Sells Viking Stake: Josh Harris’s Next Billion-Dollar Power Move?

Middleby Corp.’s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis.
The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations.
This performance underscores Middleby’s capacity to leverage its investments in marketing and strategic growth initiatives over the years.

Constellation’s Power Grab: Why Buying Calpine Could Change Everything!

Constellation Energy Corporation’s third quarter financial performance reflects strong operational execution across its nuclear and energy generation assets.
The company reported GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, an increase compared to the same period last year.
This performance was attributed to fewer nuclear outage days and robust generation volumes, though the financial benefits were partially offset by nonrecurring operating and maintenance (O&M) headwinds due to stock compensation plans triggered by the company’s stock appreciation.

The Structural Forces Behind Intel’s Supply Squeeze

By Raghav Vashisht

Intel’s supply constraints aren’t manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.
Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.

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Dec 10

Daily Brief TMT/Internet: SK Hynix, Broadmedia Corp, Meesho, Tencent, Swiggy, AppLovin , Kaynes Technology India, Miroku Jyoho Service, NVIDIA Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?
[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play
More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue
Meesho Ltd IPO Trading – Robust Overall Demand
Primer: Tencent (700 HK) – Dec 2025
Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)
Primer: AppLovin (APP US) – Dec 2025
The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity
Primer: Miroku Jyoho Service (9928 JP) – Dec 2025
Nvidia Wins Major AI Chip Battle as CEO Jensen Huang Outmaneuvers U.S. Lawmakers; What’s Next?

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

By Douglas Kim

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs.
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced.

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue

They’re maxing out M15X ahead of schedule, facing a fab gap until ’27, and now need more capex than their KRW 28tn cash pile comfortably covers.
SK doesn’t want an Hynix ADR; they’re focused on tapping the KRW 150tn Growth Fund to fill the capex gap while avoiding dilution and protecting their already-fragile control stack.
ADR noise spiked because Hynix’s near-term capex needs exceed Growth Fund capacity, pushing them toward a 2.4% treasury dump—but I still don’t see SK pulling the ADR trigger.

Meesho Ltd IPO Trading – Robust Overall Demand

Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Primer: Tencent (700 HK) – Dec 2025

By αSK

Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

By Pranav Bhavsar

Swiggy (SWIGGY IN) and Eternal (ETERNAL IN) are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

Primer: AppLovin (APP US) – Dec 2025

By αSK

AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

By Sudarshan Bhandari

Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

Primer: Miroku Jyoho Service (9928 JP) – Dec 2025

By αSK

Miroku Jyoho Service (MJS) is a dominant player in Japan’s financial and accounting software market, holding a substantial ~25% market share among tax and CPA firms, which provides a stable foundation for growth.
The company is strategically shifting from a one-time license model to a cloud-based subscription model, aiming to increase recurring revenue and customer lifetime value. This transition is crucial for long-term growth but is currently pressuring profitability margins.
Fueled by government-led digitalization initiatives, such as the mandatory Qualified Invoice System, MJS is well-positioned to capitalize on the accelerated adoption of ERP and cloud accounting solutions by its core SME customer base.

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Nvidia Wins Major AI Chip Battle as CEO Jensen Huang Outmaneuvers U.S. Lawmakers; What’s Next?

NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.
The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.
NVIDIA’s data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

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Dec 10

Daily Brief ECM: [Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103) and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
Okuma Corp Placement: Strong Financial Performance in Recent Period
ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
Meesho Ltd IPO Trading – Robust Overall Demand
Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
AVATR Tech Pre-IPO Tearsheet
Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion
CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital
Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.

Okuma Corp Placement: Strong Financial Performance in Recent Period

Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.

ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

Meesho Ltd IPO Trading – Robust Overall Demand

Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

AVATR Tech Pre-IPO Tearsheet

AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.

Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
In this note, we will talk about the lockup dynamics and possible placement.

Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion

By Tina Banerjee

Nephrocare Health IPO will open for subscription on December 10, 2025 and close on December 12, 2025. The IPO price band has been set at INR 438–460 per share.
The issue consists of fresh issue aggregating INR3,534M and offer for sale of up to 11.25M equity shares. At the upper price band, the company aims to raise INR8,710M (~$97M).
The company will use IPO proceeds for funding capex for opening 167 new dialysis clinics in India over FY26–28 and pre-payment, or scheduled repayment, of certain borrowings.

CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital

CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.

Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

By Xinyao (Criss) Wang

Competition in the entire GLP-1 market is constantly intensifying and evolving, which is expected to shift from the current focus solely on BMI indicators to a comprehensive patient-centered management model.
XW003 faces the challenge of head-to-head trials with competing drugs. There could be uncertainties in future clinical trials of XW004, XW014. Commercialization is a tough task for Sciwind’s GLP-1 pipeline.
The total peak sales of XW003, XW004 and XW014 could be RMB5-7 billion. Valuation of Sciwind could be lower than peers such as Innovent Biologics (1801 HK), Innogen (2591 HK).

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Dec 10

Daily Brief India: AU Small Finance Bank Limited, ICICI Prudential Life Insurance, Meesho, Swiggy, Wakefit Innovations, ICICI Prudential AMC, Kaynes Technology India, InterGlobe Aviation Ltd, Ashok Leyland, Sona Blw Precision Forgings Lt and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact
ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
Meesho Ltd IPO Trading – Robust Overall Demand
Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)
Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
ICICI Prudential AMC IPO: The Market Leader in Active Fund Management
The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity
Primer: InterGlobe Aviation Ltd (INDIGO IN) – Dec 2025
2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD
The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact

By Brian Freitas

AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

Meesho Ltd IPO Trading – Robust Overall Demand

Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

By Pranav Bhavsar

Swiggy (SWIGGY IN) and Eternal (ETERNAL IN) are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

By Nimish Maheshwari

ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

By Sudarshan Bhandari

Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

Primer: InterGlobe Aviation Ltd (INDIGO IN) – Dec 2025

By αSK

InterGlobe Aviation (IndiGo) is the undisputed market leader in the Indian aviation sector, commanding a domestic market share of over 60%. Its disciplined low-cost carrier (LCC) model, focus on operational efficiency, and a single-type aircraft fleet have provided a significant cost advantage.
The company is poised for significant growth, driven by a burgeoning Indian middle class and ambitious international expansion plans. A massive order book for new aircraft, including next-generation A321XLRs and A350s, underpins its strategy to increase its international capacity share from 28% to 40% by 2030.
Key risks to the outlook include the inherent volatility of jet fuel prices and currency exchange rates, intense competition within the Indian market, and execution risks associated with its large-scale expansion. Recent operational disruptions have also highlighted challenges in managing its rapid growth.

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2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

By Sreemant Dudhoria,CFA

Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
Also discussed in this note are details about company’s R&D initiatives to reduce cyclicality and strengthen earnings quality.
Finally, we discuss about valuation and the potential upside from its core business and soon to be listed – Hinduja Leyland Finance.

The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future

By Nimish Maheshwari

Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.
The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking.
The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.

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Dec 10

Daily Brief Credit: JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins
Lucror Analytics – Morning Views Asia

JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins

By Leandro Gubler

Long end offers attractive value, with 2053s providing compelling carry-to-duration and 35–65 bps of extra spread versus Tyson and key LatAm peers.
We maintain a constructive view of JBS’s credit profile, supported by diversification, global scale, solid liquidity, and manageable leverage consistent with investment-grade metrics.
A broadly supportive global protein backdrop reinforces earnings resilience across proteins, while healthier conditions in Brazil and Australia help offset ongoing margin pressure in North America Beef.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp
UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.
The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&P and Nasdaq down 0.3% and 0.1%, respectively.

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Dec 10

Daily Brief China: ANE Cayman Inc, Tencent, Hang Seng Index, CiDi Inc, Geekplus Technology, AVATR Technology, NetEase , Foshan Haitian Flavouring & Food, Hangzhou Sciwind Biosciences and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest
Primer: Tencent (700 HK) – Dec 2025
HSI INDEX Tactical Outlook After the Dec 6 Rebalance
Primer: CiDi Inc (CIDI HK) – Dec 2025
Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches
AVATR Tech Pre-IPO Tearsheet
Primer: NetEase (9999 HK) – Dec 2025
Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital
Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

By David Blennerhassett

ANE Cayman Inc (9956 HK)‘s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts.
There is the 9%+ stake held by CDH – another pre-IPO investor – a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest.

Primer: Tencent (700 HK) – Dec 2025

By αSK

Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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HSI INDEX Tactical Outlook After the Dec 6 Rebalance

By Nico Rosti

The Hang Seng Index (HSI INDEX) rally has lost traction since mid-September. The index seems to be approaching a corrective phase.
Our model signaled a modestly overbought state at the end of last week, but the index went down pretty fast this week: it has already breached the median support (25440).
This insight will analyze the model to find support entry zones to play short-term rallies or to take profit from hedges.

Primer: CiDi Inc (CIDI HK) – Dec 2025

By αSK

CiDi Inc. is a high-growth, market-leading provider of autonomous driving solutions for commercial vehicles in China, with a dominant position in the niche but rapidly expanding autonomous mining truck sector.
The company has demonstrated explosive revenue growth, driven by its core autonomous driving segment. However, this growth is accompanied by significant operating losses, negative cash flow, and worsening liquidity, making its upcoming Hong Kong IPO critical for funding future operations and expansion.
Key risks for investors include high customer and supplier concentration, intense competition in the autonomous vehicle space, and execution risk associated with its ambitious international expansion plans.

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Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

By Andrei Zakharov

In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability.
The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.

AVATR Tech Pre-IPO Tearsheet

AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.

Primer: NetEase (9999 HK) – Dec 2025

By αSK

NetEase is a dominant force in China’s gaming market, second only to Tencent, with a proven track record of developing and operating highly successful and long-running PC and mobile games, which form the bedrock of its revenue and profitability.
The company is actively pursuing a global expansion strategy to diversify its revenue base beyond China, establishing overseas studios and investing in international talent to create content for a global audience. This move is crucial for mitigating risks associated with the domestic regulatory environment.
Beyond its core gaming business, NetEase is cultivating a diversified ecosystem that includes its online education service (Youdao), a popular music streaming platform (NetEase Cloud Music), and other innovative businesses, although these currently contribute a smaller portion of overall revenue.

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Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
In this note, we will talk about the lockup dynamics and possible placement.

CiDi Pre-IPO – PHIP Updates – 1H25 Highlighting The Need for Fresh Capital

CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.

Pre-IPO Hangzhou Sciwind Biosciences – Thoughts About the Industry and The GLP-1 Pipeline

By Xinyao (Criss) Wang

Competition in the entire GLP-1 market is constantly intensifying and evolving, which is expected to shift from the current focus solely on BMI indicators to a comprehensive patient-centered management model.
XW003 faces the challenge of head-to-head trials with competing drugs. There could be uncertainties in future clinical trials of XW004, XW014. Commercialization is a tough task for Sciwind’s GLP-1 pipeline.
The total peak sales of XW003, XW004 and XW014 could be RMB5-7 billion. Valuation of Sciwind could be lower than peers such as Innovent Biologics (1801 HK), Innogen (2591 HK).

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Dec 10

Daily Brief Industrials: SK Square , Makino Milling Machine Co, ANE Cayman Inc, Okuma Corp, Kloeckner & Co, CiDi Inc, Geekplus Technology, Ashok Leyland and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Read-Through on the Samsung/Hynix ADR-Listing Noise
Makino Milling Machine (6135 JP): Tender Offer Risk/Reward
ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest
[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
Okuma Corp Placement: Strong Financial Performance in Recent Period
Worthington Steel – Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances
Primer: CiDi Inc (CIDI HK) – Dec 2025
Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches
Primer: Makino Milling Machine Co (6135 JP) – Dec 2025
2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

Read-Through on the Samsung/Hynix ADR-Listing Noise

ADR odds are tiny. Both Samsung and Hynix have thin control stakes, making governance risk too high. Neither is willing to chase a valuation pop at the expense of stability.
Still can’t ignore it, since the ADR chatter is meaningfully swinging the pair trades. Samsung pref spread and Hynix/Square are both getting pushed around.
ADR noise cooled today, but it can easily resurface and skew the setup. Treat as noise, but be ready to hit aggressive reversion trades when it pops again.

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

By David Blennerhassett

ANE Cayman Inc (9956 HK)‘s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts.
There is the 9%+ stake held by CDH – another pre-IPO investor – a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest.

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.

Okuma Corp Placement: Strong Financial Performance in Recent Period

Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.

Worthington Steel – Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances

By Jesus Rodriguez Aguilar

Worthington’s due diligence introduces a credible takeout path, with Kloeckner trading on event probability rather than fundamentals. Concentrated ownership means pricing must satisfy the 41% anchor shareholder to advance discussions.
Standalone equity value sits near €7.05 per share once full balance-sheet obligations are incorporated. Identifiable synergies of €60–85m annually support a realistic takeover corridor of €8.25–9.78 per share.
Worthington has ample balance-sheet capacity to fund the acquisition. Pro forma leverage of 2.7–3.2× under a standard mixed-financing structure is comfortably financeable, making the transaction large but feasible.

Primer: CiDi Inc (CIDI HK) – Dec 2025

By αSK

CiDi Inc. is a high-growth, market-leading provider of autonomous driving solutions for commercial vehicles in China, with a dominant position in the niche but rapidly expanding autonomous mining truck sector.
The company has demonstrated explosive revenue growth, driven by its core autonomous driving segment. However, this growth is accompanied by significant operating losses, negative cash flow, and worsening liquidity, making its upcoming Hong Kong IPO critical for funding future operations and expansion.
Key risks for investors include high customer and supplier concentration, intense competition in the autonomous vehicle space, and execution risk associated with its ambitious international expansion plans.

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Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

By Andrei Zakharov

In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability.
The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.

Primer: Makino Milling Machine Co (6135 JP) – Dec 2025

By αSK

Makino is a globally recognized manufacturer of high-precision, high-quality metal-cutting and electrical discharge machines (EDM), serving demanding industries like aerospace, automotive, and medical.
The company is currently a subject of M&A speculation, with a tender offer from MBK Partners on the table after a hostile bid from Nidec was withdrawn, creating potential for further bids and stock volatility.
Financially, Makino has demonstrated revenue growth, but profitability and free cash flow have been inconsistent, reflecting the cyclical nature of the machine tool industry and recent supply chain pressures.

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2026 High Conviction: Ashok Leyland- Ready with Right Masala: Upcycle, Margin Uptick, R&D &Strong MD

By Sreemant Dudhoria,CFA

Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
Also discussed in this note are details about company’s R&D initiatives to reduce cyclicality and strengthen earnings quality.
Finally, we discuss about valuation and the potential upside from its core business and soon to be listed – Hinduja Leyland Finance.

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Dec 10

Daily Brief Event-Driven: Read-Through on the Samsung/Hynix ADR-Listing Noise and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Read-Through on the Samsung/Hynix ADR-Listing Noise
Makino Milling Machine (6135 JP): Tender Offer Risk/Reward
AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact
A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?
[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play
ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest
More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue
Worthington Steel – Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances

Read-Through on the Samsung/Hynix ADR-Listing Noise

ADR odds are tiny. Both Samsung and Hynix have thin control stakes, making governance risk too high. Neither is willing to chase a valuation pop at the expense of stability.
Still can’t ignore it, since the ADR chatter is meaningfully swinging the pair trades. Samsung pref spread and Hynix/Square are both getting pushed around.
ADR noise cooled today, but it can easily resurface and skew the setup. Treat as noise, but be ready to hit aggressive reversion trades when it pops again.

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact

By Brian Freitas

AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

By Douglas Kim

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs.
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced.

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

By David Blennerhassett

ANE Cayman Inc (9956 HK)‘s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts.
There is the 9%+ stake held by CDH – another pre-IPO investor – a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest.

More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue

They’re maxing out M15X ahead of schedule, facing a fab gap until ’27, and now need more capex than their KRW 28tn cash pile comfortably covers.
SK doesn’t want an Hynix ADR; they’re focused on tapping the KRW 150tn Growth Fund to fill the capex gap while avoiding dilution and protecting their already-fragile control stack.
ADR noise spiked because Hynix’s near-term capex needs exceed Growth Fund capacity, pushing them toward a 2.4% treasury dump—but I still don’t see SK pulling the ADR trigger.

Worthington Steel – Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances

By Jesus Rodriguez Aguilar

Worthington’s due diligence introduces a credible takeout path, with Kloeckner trading on event probability rather than fundamentals. Concentrated ownership means pricing must satisfy the 41% anchor shareholder to advance discussions.
Standalone equity value sits near €7.05 per share once full balance-sheet obligations are incorporated. Identifiable synergies of €60–85m annually support a realistic takeover corridor of €8.25–9.78 per share.
Worthington has ample balance-sheet capacity to fund the acquisition. Pro forma leverage of 2.7–3.2× under a standard mixed-financing structure is comfortably financeable, making the transaction large but feasible.

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 10

Daily Brief Japan: Makino Milling Machine Co, Broadmedia Corp, Okuma Corp, Miroku Jyoho Service, Poletowin Pitcrew Holdings, Medical Data Vision, Fuluhashi EPO, Japan Material and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward
[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play
[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
Okuma Corp Placement: Strong Financial Performance in Recent Period
Primer: Makino Milling Machine Co (6135 JP) – Dec 2025
Primer: Miroku Jyoho Service (9928 JP) – Dec 2025
Poletowin Pitcrew Holdings: Q3 FY01/26 flash update and revision of full-year earnings forecast
Medical Data Vision Co., Ltd (3902 JP): RESEARCH UPDATE
(04 Dec 2025) Fuluhashi EPO(9221 JP) — Fisco Company Research
Primer: Japan Material (6055 JP) – Dec 2025

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.

Okuma Corp Placement: Strong Financial Performance in Recent Period