Equity Capital Markets

We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.

2. Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.

3. [Japan Offering] Nihon Dengi (1723 JP) Selldown by Banks, the CEO, and One Crossholder

On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.
On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.

4. Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive

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, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn’t make much of a splash.
On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman’s turn to sell some more of Kanzhun (2076 HK) stock.

5. [Japan Offering] Infroneer (5076 JP) Launches New Share Offering to Pay Down M&A Debt

Today after the close, INFRONEER Holdings (5076 JP) announced an equity offering worth ~¥150bn at last price. Including greenshoe, it increases share count ex-Treasury by 21%.
Max Real World Float increases nearly 60%. The goal? Pay down debt from its ¥91bn acquisition of Swing Corp and ¥9bn acquisition of Arsocia Construction (plus associated net debt).
There are interesting parameters attached here. It is worthwhile considering how this will work.

6. Aequitas: Moore Threads Technology A/H Listing – Peer Comparison and Thoughts on Valuations

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.

7. Aequitas: Woori Financials Placement – Long-Awaited Cleanup Sale by Posco

POSCO Holdings (005490 KS) is looking to raise US$503m in a secondary sale of its shares in Woori Financial Group (316140 KS).
This is a long-awaited cleanup sale by POSCO Holdings (005490 KS).
In this note, we will run the deal through our ECM framework.

8. [Japan Offering] IDaaS Provider Hennge (4475 JP) Announces Offering For Last Minute TOPIX Entry

On Friday 2 October, just three business days before the TSE announces the restructuring of the TOPIX Index which would not include it, Hennge KK (4475 JP) squeezes in.
To effect that inclusion, the company has announced a secondary equity offering where three of the top four execs (all with the company nearly 30yrs) are selling 1.75mm shares and…
…there is a new share offering of 1.1mm shares. Total should be about US$30mm. 5x ADV. ~9% of shares out. Supply/demand dynamics are interesting. The stock is not cheap.

9. Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices

Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
A smart device and mobile Internet service provider primarily engaged in the design, R&D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
In this note, we look at its PHIP updates and valuation.

10. ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

Sep 27

0

Weekly Top Ten Equity Capital Markets – Sep 27, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas: Tencent Investee Selldown – Start of Another US$70bn Selldown Wave

Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.

2. Aequitas ECM Weekly (21 September 2026)-NSE, GCash, Ligent, Kingwong, Elice, Z.AI, Kanzhun, Groww

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, National Stock Exchange (NSEIN IN) managed to garner interst from a long list of anchor investors, while GCash (Mynt) is said to be planning to launch.
On the placement front, Tencent (700 HK) continues to trim its investment portfolio.

3. RoboTechnik (300757.SZ): The H-Share Is Cheap. The Company Is Not.

2026 A+H IPOs have punished day-one buyers: Luxshare, Innolight and Longsys all closed below issue despite discounts of 13–44%.
RoboTechnik’s photonics inflection is real, but FY27E at 372x EPS leaves almost no fundamental valuation support.
Investment positioning: bid only at ≥30% discount, size for a weak open, stop at CNY545 and exit around Southbound eligibility.

4. Oura (OURA) IPO: Three Numbers Investors Should Watch

By IPO Prophet, IPO Prophet

Oura, Inc. plans to sell 50.0 million shares at an expected price of $40.00 to $44.00 per share and list on the Nasdaq Global Select Market under the ticker OURA.
At the $42.00 midpoint, the offering would raise approximately $2.10 billion and value the company at approximately $13.48 billion.
Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the offering.

5. National Stock Exchange of India (NSEIN IN) Updates: The 3.6% Float Matters More Than the 1.5x Book

126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares.
The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand.
We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.

6. Kinwong Electronic H Share Listing (3228 HK): The Investment Case

Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
It makes rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other PCBs for automotive electronics, smart devices, industrial control, telecommunications, and data infrastructure customers.
The investment case is bearish: Kinwong is a price-taker in a fragmented, capital-intensive industry, with squeezed core margins, profits propped up by copper-scrap sales and heavy capex-driven cash burn.

7. Elice Group IPO Valuation Analysis

My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range.
Given the lack of upside, I have a Negative View of this IPO. The bankers used eight overseas companies as comps for Elice Group. I disagree.
My base case valuation of Elice Group is based on a P/E of 34.7x my estimated net profit of 20.1 billion in 2026.

8. Aequitas: Robotechnik A/H Listing – Only Cheap on Y+2 P/E

RoboTechnik Intelligent Technology (RBTK HK) is looking to raise up to US$662m in its upcoming Hong Kong IPO.
It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

9. Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

Shenzhen Kinwong Electronic (3228 HK)‘s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.
The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers.
We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.

10. RoboTechnik H Share Listing (3757 HK): The Investment Case

RoboTechnik Intelligent Technology (RBTK HK) makes manufacturing equipment for the PV and silicon photonics (SiPh) industries. It is seeking to raise up to US$663 million at HK$436.00 per share.
Its legacy PV business is collapsing, while SiPh assembly and testing equipment, acquired through ficonTEC in 2025, generated 80% of 1H26 revenue.
The investment case is cautious: RoboTechnik leads a fast-growing SiPh niche, but is barely profitable, leveraged and goodwill-heavy, with a weak governance record.

Sep 20

0

Weekly Top Ten Equity Capital Markets – Sep 20, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Mynt (GCash) IPO: 2Q and Valuation Update

GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation.

2. Kioxia’s (285A JP) $10bn US ADR: The Leak Is Unconfirmed, but the Logic Is Sound

Bloomberg’s $10bn Kioxia US ADR report is anonymously sourced with no filing or term sheet — a placed leak. The underlying transaction is real, CFO-guided, and realistically prices Q2 CY2027.
Primary issuance dilutes 5.7%; a secondary clears c.28% of the register at no cost. Treasury stock covers only $5.3bn. Structure decides the trade, not size.
BULLISH maintained, fair value ¥72,000 pre-split / ¥24,000 post-split on 12x FY2027E EPS ¥6,000; ¥90,000 ADR scenario at 15x requires confirmation, non-dilutive structure and index entry.

3. Ligent Technologies (9856 HK) IPO: Valuation Insights

Ligent Technologies (9856 HK) is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share.
I previously discussed the IPO in Ligent Technologies IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

4. Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

5. Ligent Technologies (9856 HK) IPO: Low Expectations

By Hong Jie Seow, Aequitas Research

Ligent Technologies (9856 HK)‘ IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out.
It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.
Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with CIG Shanghai (6166 HK)‘s 10.7x FY27 PER, equalling HK$36.06.

6. Aequitas: Kanzhun Placement – Second Selldown in the Year by Tencent, Previous One Did Not Go Well

Tencent (700 HK) (via Image Frame Investment) aims to raise around US$287m via selling a part of its stake in Kanzhun (2076 HK).
Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

7. NSE IPO – New SEBI Consultation Paper on CAS – Why It Eases the Worries a Bit

By Sreemant Dudhoria, Sree Capital

Insight on SEBI’s new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
We discuss the various aspects of the paper presented by SEBI.
Finally, we discuss how the impacts the NSE IPO which is opening this week.

8. HONG KONG IPO WATCH: Ligent Technologies – Connecting AI Globally

By David Mudd

Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd. The company will raise HK$5.67 billion.
The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.
Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.

9. Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

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, Shenzhen Longsys Electronics (9976 HK) didn’t do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn’t as busy but we did look at a few deals and upcoming lockups.

10. Aequitas: NSE IPO – Digestible Valuation, Given Its Dominance

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming 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 will talk about valuations.

Sep 13

0

Weekly Top Ten Equity Capital Markets – Sep 13, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas: Zhipu Placement – Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.

2. Aequitas: Shenzhen Longsys Electronics A/H Trading – One of the Lowest Insti Demand

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

3. Aequitas: Wistron Corp GDR – Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
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.

4. Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

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, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.

5. Aequitas: Genscript Biotech Placement – Earnings-Led Inflection; Re-Rating May Limit Upside

GenScript Biotech (1548 HK) is looking to raise up to US$300m from a primary placement. Proceeds are to be used for capacity expansion and platform infrastructure purposes.
Genscript Biotech is a global life-science platform spanning research tools and services, biologics CDMO (ProBio) and industrial synthetic biology, with additional exposure to cell therapy through Legend Biotech.
In this note, we will talk about the placement and run the deal through our ECM framework.

6. SB Energy Pre-IPO: Tearsheet

SB Energy, an AI data center and power infrastructure developer, has filed its S1 for a Nasdaq listing. JPM, GS and MS are the lead bankers.
We look at the company’s core segments: Standalone Power and Data Centers.
We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

7. Big Wave Robotics: Updated IPO Valuation Analysis

Big Wave Robotics IPO is expected to start trading on 29 September. The company has lowered the IPO price range to 15,000 won to 18,000 won per share.
To satisfy market expectations and regulators, Bigwave Robotics lowered its target offering price band and reduced the total number of shares offered.
My updated valuation analysis suggests a target price of 27,575 won per share, which is 53% higher than the recently lowered high end of the IPO price range.

8. YMTC (长江存储) Pre-IPO: Tearsheet

YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.
We look at the company’s core segments: NAND Flash products and other products and services.
We then look at the company’s financial profile, profit turnaround, pre-IPO valuation and investor backing.

9. Longsys (江波龙) IPO Trading

Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
In our previous note, we looked at the company’s deal terms, cornerstone and sponsor track records, and valuation.
In this note, we provide an update for the IPO before its trading debut.

10. Aequitas: ClubMed Pre-IPO Tearsheet

ClubMed Lifestyle Group (CLBMD HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO. The deal will be run by BNP, HSBC and JPM.
ClubMed Lifestyle Group is a global premium vacation lifestyle group.
The firm focuses on delivering comprehensive, high-quality premium all-inclusive resort operations and asset-light vacation scenario services.

Sep 06

0

Weekly Top Ten Equity Capital Markets – Sep 6, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas: Cathay Pacific Placement – Swire Selling Shares Ahead of Its Prior Lockup Commitment

Swire Pacific (19 HK) is raising up to US$612m from a selldown in Cathay Pacific (293 HK) to fund the repurchase of an exchangeable bond due in 2027.
This follows a prior sell-down in early March 2026, via a club deal and comes ahead of the lockup expiry.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

2. Aequitas: Shein Global Holdings IPO Trading – No Demand.. Existing Holders Took Half the Deal

SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.

3. Aequitas: Bilibili Placement – CB, Placement, Repurchase – Confused?

Tencent (700 HK) aims to raise around US$400m via selling some of its stake in Bilibili (9626 HK) in HK.
At the same time, the company will issue CB, along with a delta placement, and buyback some shares.
In this note, we will talk about the placement and run the deal through our ECM framework.

4. Lintec (7966 JP): The Current Playbook

Since the announcement of the US$0.7 billion secondary offering, Lintec Corp (7966 JP)’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec’s share decline is lower than the median of recent large placements.
The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.

5. Longsys Electronics H Share Listing (9976 HK): The Investment Case

Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$798 million.
It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).
The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.

6. Yangtze Memory Technologies Co (YMTC) IPO Preview

Yangtze Memory Technologies (YMTC CH) is getting ready to complete its IPO on the Shanghai Stock Exchange in late 2026/early 2027, aiming to raise about $4.9 billion.
Implied valuation of YMTC is up to 330 billion yuan. However, there have been reports about implied valuation of YMTC closer to the 1 trillion yuan ($149 billion).
Based on CXMT’s P/S of 19.6x and using YMTC’s estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan ($548 billion) for YMTC.

7. Aequitas: Light and Wonder Placement -Portfolio Rebalancing by Caledonia

Caledonia is looking to raise US$273m via the sale of shares in Light & Wonder (LNW AU) .
The raising is a portfolio rebalancing by Caledonia with Caledonia indicating no more selling in the medium-term.
In this note, we will talk about the placement and run the deal through our ECM framework.

8. SHEIN (希音) IPO Trading

SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.
In our previous notes, we looked at the company’s fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.

9. Aequitas: Eoptolink A/H Listing – Early Look – At What Could Be HK’s Largest 4Q Listing at >US$3bn

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

10. Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week.
On the placement front, deals continued to flow in across the region, throughout the week.

Aug 30

0

Weekly Top Ten Equity Capital Markets – Aug 30, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas: Alibaba Placement – US$10bn Raising, Relatively Ok Size, Index Flows

Alibaba (9988 HK) is looking to raise around US$10bn to fund its AI spending.
Alibaba (BABA US) recently reported its 1H26 results, with elevated AI capex and negative free cash flows.
In this note, we will talk about the placement and run the deal through our ECM framework.

2. SHEIN Global (625 HK) IPO: Valuation Insights

SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look
I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors.

3. SHEIN (希音) IPO: Analysis of Deal Terms

SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.
In this note, we look at the deal terms and recap our valuation note for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

4. SHEIN Global (625 HK) IPO: Cheap for Some Reason

SHEIN Global Holdings (625 HK) has an ambitious IPO plan to raise HK$13.1bn. However, the volatile earnings record and challenging environment require a sizeable safety margin.
We project a 3-year EPS CAGR of -5.3% as profitability will only slightly recover next year. Yet, our forecasts may still be optimistic.
The maximum IPO price (HK$49.50) implies a FY16 PER of 18.5x, but its small size and volatile growth are negatives. We will only be involved at the low end.

5. Aequitas: Wistron GDR Early Look – Repeat GDR, With Strong Fundamentals

Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

6. Aequitas: Shein Global Holdings IPO – Thoughts on Valuation- Just like Its Wares, It Is Cheap But…

SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the IPO pricing.

7. Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (SHEIN HK) is set to launch this week/today, as per media reports, while deal in India continue to flow in.
On the placement front, Alibaba (9988 HK) launched the largest HK primary raising yet on Sunday.

8. Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

9. Aequitas: Japan Airport Placement – US$350m Cross-Unwinding; Large Deal in ADV

A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal Co (9706 JP).
The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.
In this note, we will talk about the placement and run the deal through our ECM framework.

10. Ingenic Semiconductor (北京君正) IPO Trading

Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.
In our previous notes, we looked at the company’s fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.

Aug 23

0

Weekly Top Ten Equity Capital Markets – Aug 23, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Mech-Mind Robotics (梅卡曼德) Pre-IPO: Tearsheet

Mech-Mind, a supplier of AI and 3D vision-guided robot components, has passed the HKEX listing hearing and is seeking a Main Board listing. CSI and CITIC are the joint sponsors.
We look at the company’s core segments: intelligent robotic guidance and intelligent inspection and measurement.
We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

2. Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?

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

3. Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.

4. [Japan Offering] Nippon Paper Selling 30% of Lintec (7966 JP) – Big Offering W/ Offsetting Buyback

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

5. Pre-IPO SHEIN Global Holdings – Thoughts on Valuation and the Outlook

By Xinyao (Criss) Wang

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

6. Aequitas: Ingenic Semiconductor A/H Listing – Relatively Cheap Valuation; A-Share Momentum

Ingenic Semiconductor (INGC HK) is looking to raise up to US$410m in its upcoming Hong Kong IPO.
Ingenic is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

7. Mynt (GCash) Pre-IPO: Early Thoughts

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

8. Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation

By Daniel Hellberg, Tracking Traffic

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

9. SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

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

10. Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

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

Aug 16

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Weekly Top Ten Equity Capital Markets – Aug 16, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Aequitas ECM Weekly (10 August 2026)- HK Trip Notes, Innolight, Shein, Manipal, Leap, LIC, Bizlink

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).

2. Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

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.

3. FT States Anthropic Is Planning an IPO at $2T+ Valuation: Buy the Rumor, Sell the News & Market Top?

By Hong Jie Seow, Aequitas Research

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.

4. Aequitas: DMG Mori Placement-Slightly Opportunistic Raising, on the Back of Strong Earnings Release

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.

5. Aequitas: Ingenic Semiconductor A/H Listing – PHIP Update and Valuation

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.

6. Aequitas: Ingenic Semiconductor A/H Listing – Profits Going the Wrong Way Due to Pricing Pressures

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.

7. IPO WATCH: Unitree Robotics – One Small Step for Man, One Giant Leap for Humanoids

By David Mudd

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.

8. Aequitas: NSE Pre-IPO – Peer Comparison

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 will undertake a peer comparison.

9. Weekly Deals Digest (16 Aug) – Shein, Kakaku, Austal, BetMakers, Cleanaway, Cygnus, FleetPartners

A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
ECM developments: SHEIN Global Holdings (SHEIN HK) and GCash (Mynt) (GCASH PM) IPOs.
Event-Driven developments: Kakaku.com Inc (2371 JP), Austal Ltd (ASB AU), Betmakers Technology Group (BET AU), Cleanaway Waste Management (CWY AU), Cygnus Metals (CY5 AU), FleetPartners Group (FPR AU).

10. Aequitas: Knowledge Realty Trust IPO Lockup Expiry – US$4bn+ Lockup Release

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.

Aug 09

0

Weekly Top Ten Equity Capital Markets – Aug 9, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Shein IPO Preview

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.

2. Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.

3. Aequitas: Shein Global Holdings Pre-IPO – Thoughts on Valuation

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.

4. Aequitas: Shein Global Holdings Pre-IPO – Peer Comparison

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.

5. Life Insurance Corporation of India Placement – Damned If You, Damned If You Don’t Upsize

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.

6. Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han’s

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, Zhongji InnoLight (3308 HK) made a tepid debut in HK’s largest IPO this year.
There weren’t many placements over the past week, apart from Quanta Computer (2382 TT)‘s GDRm but we did look at a few upcoming lockup expiries.

7. Unitree Robotics IPO Preview

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).

8. SHEIN (希音) Pre-IPO: Peer Comparison

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.

9. Unitree Robotics (688836 CH) IPO: Valuation Insight

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.

10. SHEIN Global IPO: Valuation First-Look

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.

Aug 02

0

Weekly Top Ten Equity Capital Markets – Aug 2, 2026

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

Zhongji InnoLight (3308 HK) fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.
Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull’s grey market price was down 1% from the IPO.
It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.

2. HK IPO WATCH: Zhongji Innolight – Global Dominance for AI Buildout

By David Mudd

Zhongji Innolight has placed its dual-listed H shares at HK$980 per share, approximately a 10% discount to its A shares. The listing will be the largest in HK since Alibaba.
Zhongji Innolight is the world’s largest manufacturer of optical transceiver modules, holding 21.2–23.1% global market share in datacom optical modules as of 2025.
The company supports global cloud and AI computing infrastructure with strong hyperscaler qualification relationships with Google, Amazon, Meta, and Nvidia, its largest customers.

3. Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO.
Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT’s current market cap.
Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS).

4. Aequitas ECM Weekly (27 July 2026)- Innolight, SBI, Tier IV, Indo-MIM, Gcash, Archion, SinoTruck

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, Zhongji Innolight (300308 CH) launched HK’s largest listing so far this year, while SBI Funds Management reopened the Indian markets.
There weren’t many placements over the past week but we did look at a few upcoming lockup expiries.

5. Aequitas: Shein – The Negatives – Controversies, Down Rounds, Cash Payouts & Earning as Well.

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.
In this note, we talk about the not-so-positive aspects of the deal.

6. Zhongji Innolight (中际旭创) IPO Trading

By αSK IPO Databooks, Smartkarma

Zhongji Innolight raised HKD 52,891m (USD 6,746m) from its global offering and will list on the HKEx on Thursday, July 30, 2026.
In our previous notes, we looked at the company’s fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.

7. IPO Databook: Beijing ESWIN Computing Technology (HK) – Jul 2026

Beijing ESWIN Computing Technology Co., Ltd. is a RISC-V oriented chip product provider in China, researching and designing chips, chipsets, and circuit boards. It was China’s largest domestic smart device.
Beijing ESWIN Computing Technology served 220 customers worldwide and was China’s largest domestic smart device human-machine interaction chip product provider in 2025.
The company reported a loss of RMB(1,515,844) thousand for 2025 and net cash used in operating activities of RMB(1,171,001) thousand.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

8. Nvidia to Acquire a 4.5% Stake in Naver for About $1 Billion

On 27 July, it was announced that NVIDIA plans to purchase a 4.5% stake (7.24 million shares) in Naver for 1.48 trillion won (approximately $1 billion).
To mitigate the dilution of shareholder value resulting from the issuance of new shares, Naver plans to cancel 4.9 million treasury shares (3.1% of outstanding shares) on 3 August.
The capital infusion from Nvidia is likely to put a greater emphasis on additional sales and profit growth from Naver’s AI infrastructure related businesses.

9. SHEIN Global Pre-IPO: Key Positives and Negatives

SHEIN Global Holdings (SHEIN HK) aims to raise HK$15.7-23.5bn in its upcoming HK IPO and has passed the listing committee hearing. It recorded losses of US$99m in 1Q26.
Key positives are its leadership position with global presence, excellent brand portfolio with comprehensive offerings, and unique operating model and end-to-end intelligent supply chain.
Key negatives are its exposure to regulatory and tariff uncertainties, geopolitical and supply chain scrutiny, and challenges from intensifying competition.

10. Aequitas: Manipal Health IPO – RHP Updates and Thoughts on Valuations