Daily Briefs

• Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
• Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
• The shares have done very well since its listing and the previous deal in the name did well too.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• Xiaomi (1810 HK) reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.
• Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.
• Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.

• Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
• The margin pressure came from e-commerce promotion and product function development.
• We conclude an upside of 18% and a price target of HK$120. Buy.

• Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.
• The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.
• Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.

• Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
• Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
• The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
• We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.

• CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.
• The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.
• Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.

• The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
• There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
• Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.

• New Oriental is an education service company based in China that has seen significant growth and success since its founding in 1993.
• The company faced challenges in 2021 due to policy changes in China, but has since recovered and is deemed undervalued by Xu Zhong Xu.
• Xu Zhong Xu, a knowledgeable investor with background in the education industry, provides insights on the company’s history, growth trajectory, and potential for continued success.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.