Equity Capital Markets

MiniMax is getting ready to complete its IPO in Hong Kong in early January 2026. MiniMax is expected to raise at least US$500 million and as much as US$700 million.
Backed by Alibaba (9988 HK), MiniMax is targeting a valuation of more than US$4 billion.
MiniMax develops multimodal AI models including MiniMax M1, Hailuo-02, Speech-02 and Music-01, which can process text, audio, images, video and music.

2. MiniMax Hong Kong IPO Valuation Analysis

Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165).
We believe many investors are willing to pay for the high valuations mainly due to MiniMax’s position as one of the leaders in the LLM/AGI sector in China/globally.
We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.

3. Biren Technology (6082 HK) IPO: What Valuations?

By Osbert Tang, CFA

Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.
Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX’s P/S of 41.8x serves as Biren’s ceiling, and any price over HK$23.75 appears expensive.

4. Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview

Chinese AI firm Zhipu AI launched its share sale in Hong Kong, aiming to become the first large language model (LLM) developer to list on the exchange.
Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.
Zhipu faces domestic competition from rivals like MiniMax, who are also planning a Hong Kong IPO, and global competition from firms such as OpenAI and Anthropic.

5. Shenzhen Edge Medical (精锋医疗) IPO: Well-Timed Launch Supports Valuation

Shenzhen Edge Medical, a China-based surgical robotic company, launched its IPO to raise at least USD 154 million via a Hong Kong listing.
In this note, we look at the deal terms and provide a valuation for the company.
We think the deal is well timed when its comparable peer performed well.

6. MiniMax Pre-IPO – Fast User Growth, Low Market Share. Earlier App Was Pulled

MiniMax, a global AI foundation model company, aims to raise around US$600m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
In this note, we look at the company’s past performance.

7. GigaDevice Semiconductor Secondary Listing (Hong Kong) Preview

GigaDevice Semiconductor is getting ready to complete its secondary listing in Hong Kong in January 2026.
The company aims to raise up to HK$4.68 billion (US$601 million) through this secondary listing. GigaDevice Semiconductor (603986 CH) is offering 28.9 million H-shares in its Hong Kong public offering.
GigaDevice Semiconductor is a fabless integrated circuit design house offering a diversified portfolio of semiconductor products, including specialty memory chips, micro control units (MCUs), analog chips, and sensor chips.

8. Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Valuation Analysis

Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2).
Given the excellent upside, we have a Positive View of this IPO. At this valuation, it represents an implied market cap of US$12.6 billion (HK$98.2 billion).
Zhipu AI ranked first among China’s independent developers and second among all developers of general-purpose large models by revenue market share in 2024, with a share of 6.6%.

9. InSilico Medicine (英矽智能) IPO Trading

InSilico Medicine raised HKD 2025m (USD 261m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 30, 2025.
In our previous note, we looked at the company’s fundamentals, and an assessment of the value of its pipelines.
In this note, we provide an update for the IPO before trading debut.

10. Suzhou Ribo Life Science (瑞博生物) Pre-IPO: PHIP Updates Highlight Asset Prioritization

Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
While our previous notes cover the fundamentals of the company, in this note we look at the updates from the latest PHIP prospectus.
We think the company is still worth following as it streamlines its product pipeline and makes progress in clinical trials.

Dec 28

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Weekly Top Ten Equity Capital Markets – Dec 28, 2025

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. Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

By Andrei Zakharov

Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.
Biren Technology was founded in 2019 by CEO & Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.
This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.

2. Shanghai Biren Technology Pre-IPO – Growing Rapidly, Sometimes

Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise around US$600m in its Hong Kong listing.
According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
In this note, we look at the company’s past performance.

3. Shanghai Biren Technology IPO – It’s Not Cheap, but Neither Are Its Peers

Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise up to US$624m in its Hong Kong listing.
According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

4. Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast

The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.

5. Biren Technology IPO (6082.HK): Signals Investor Conviction With Higher Valuation Vs. Prior Funding

By Andrei Zakharov

Biren Technology, a Shanghai-based developer of GPGPU chips and GPGPU-based intelligent computing solutions, is expected to price the offering next week.
The company’s Global Offering puts the initial price range per share at HK$17.00 to HK$19.60, implying a market cap of ~HK$44.6B or ~$5.7B at midpoint on a fully diluted basis.
After enjoying years of technological and market share dominance in the GPU space in China, NVIDIA faces growing competition from “four little dragons” – MetaX, Moore Threads, Biren and Enflame.

6. Biren Technology IPO Preview

Biren Technology is getting ready to complete its IPO in Hong Kong on 2 January 2026. The IPO price range is from HK$17.00 to HK$19.6 per share.
Biren Technology is China-based semiconductor company specializing in general-purpose computing on graphics processing units (GPGPU) and GPGPU-based intelligent computing solutions. Its mission is to deliver foundational computing power for AI.
The company has experienced a significant revenue growth from from RMB 0.5 million in 2022 to RMB 62.0 million in 2023 and RMB 336.8 million in 2024.

7. ECM Weekly (22 December 2025) – SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

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, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.

8. OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role

OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
In this note, we look at the company’s past performance and valuations.

9. Hanx Biopharm (翰思爱泰) IPO Trading

Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
In our previous note, we looked at the company’s core products, management track records.
In this note, we provide an update for the IPO before trading debut.

10. Pre-IPO Guangdong Rong Tai Pharmaceutical – Low Profitability Is a Pain Point

As a digital circulation platform, Rong Tai’s business essence is a “middleman”, with limited added value and a naturally lower profit margin than that of R&D-oriented pharmaceutical companies.
Rong Tai’s profitability is disappointing. It’s difficult for the Company to bring decent returns to investors. This actually reflects from the side the flaws of Rong Tai’s business model/channel resources.
Reasonable valuation is RMB1.6bn, lower than post-money valuation after Series B Financing(RMB2.7bn). If market sentiment is pessimistic at the time of IPO, there could be big downward space for valuation.

Dec 21

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Weekly Top Ten Equity Capital Markets – Dec 21, 2025

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. SBI Shinsei Bank (8303 JP) IPO: Trading Debut

SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

2. Korea Zinc Announces a Third Party Capital Raise of 2.9 Trillion Won & 11 Trillion Won US Investment

On 15 December, Korea Zinc (010130 KS) announced a large scale third party capital raise of 2.85 trillion won (US$2.2 billion).
Korea Zinc plans to issue 2.21 million new common shares (11.4% of current outstanding shares) at the issue price of 1,291,330 won per share (22.7% lower than current price).
Korea Zinc announced a strategic partnership with the U.S. government and U.S.-based defense contractors to invest approximately 11 trillion won (US$7.4 billion) in constructing a critical minerals smelter in Tennessee, U.S.

3. Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity

By IPO Boutique, IPO Boutique

Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.

4. Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026

In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.

5. Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.

6. SBI Shinsei Bank IPO Trading – Strong Demand, Peers Mini-Rally Will Help

SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.

7. OmniVision Integrated Circuits Group A/H Listing – PHIP Updates and Thoughts on A/H Premium

Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.

8. Pre-IPO InSilico Medicine (PHIP Updates) – Some Points Worth the Attention

Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.
Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.
Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.

9. Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) – Some Points Worth the Attention

FOREST CABIN’s been subject to administrative penalties for false advertising. The natural ingredient that consumers truly pursue holds the highest premium in essence oil, but its content/efficacy is exaggerated.
Pre-IPO valuation reached over RMB3.8bn. Some investors may believe that, given that FOREST CABIN’s profitability has initially been proven, its valuation is attractive. However, think FOREST CABIN have some issues.
Valuation of FOREST CABIN should be lower than Mao Geping. A comfortable range could be P/E of 20-30x. If future growth declined/profit margin deteriorates, valuation may fall to 10-20x P/E.

10. OneRobotics (Shenzhen) Co Tearsheet

OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
The company covers the full industry chain from R&D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.

Dec 14

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Weekly Top Ten Equity Capital Markets – Dec 14, 2025

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. 2026 (“Year of the Horse”) Major IPOs Pipeline in Asia

In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin, Shein, Flipkart, and Canva.

2. [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.

3. Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook

Based on 2025 revenue forecast of RMB24.1bn and the IPO price range, P/S is about 1.28-1.56x, higher than ZKH but lower than Ww Grainger. This is a reasonable valuation range.
The median IPO price range (HK$14.1/share) is a more likely/relatively safe outcome.This not only acknowledges JD Industrials’ leading position/growth story, but also partly reflects the market’s perception of its challenges.
The IPO pricing is the result of seeking a balance between the “premium of industry leaders” and “its shortcomings”.However, future valuation depends on whether JD Industrials can solve fundamental issues.

4. HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials

HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we look at the firm’s past performance.

5. ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.

6. Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise

By IPO Boutique, IPO Boutique

Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.

7. 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.

8. 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.

9. 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.

10. 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.

Dec 07

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Weekly Top Ten Equity Capital Markets – Dec 7, 2025

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. Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.

2. [Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.

3. SBI Shinsei Bank IPO – Stronger Support, Decent Valuation

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

4. SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive

SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights.
The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

5. JD Industrials IPO – Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

6. UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

7. Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation

JD Industrials’ business model integrates the advantageous resources of JD Group and follows “self-operated heavy asset” route.The operation model is to rely on JD Logistics network to achieve efficient performance.
The platform’s openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.

8. NS Group IPO – Deal Downsized; Pricing Looks Digestible Now

NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

9. 3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

10. Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth

By Tina Banerjee

Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.

Nov 30

0

Weekly Top Ten Equity Capital Markets – Nov 30, 2025

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. [Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.

2. [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP).
The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.

3. Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges.

4. [Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution

Today after the close, Tokyo-based Dear Life (3245 JP) announced a primary offering to raise approximately ¥7bn through 15% dilution. Implying a 13+% price drop to protect PER.
But the company plans on growing earnings. It has some projects in inventory, but it obviously plans a lot of turnover this year and needs to replenish.
The MTMP “slogan” is “2028 – Ride the Wave!” This is a bit what investing in Tokyo real estate is like now. So one rides it until one doesn’t.

5. Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.

6. Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

7. Jingdong Industrials (JDI) IPO: The Investment Case

JD Industrial Technology (2231713D CH), a leading industrial supply chain technology and service provider in China, is seeking to raise US$500 million.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2024, according to CIC.
The investment case is bearish due to weak market share gains, declining product revenue growth, margin pressures, declining cash generation and factoring of receivables.

8. UltraGreen.ai IPO: High Growth and High Margins, Market Leader

UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

9. SBI Shinsei Bank Pre-IPO – Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.

10. Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025

By David Mudd

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings. With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.

Nov 23

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Weekly Top Ten Equity Capital Markets – Nov 23, 2025

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. SBI Shinsei Bank (8303 JP) IPO: The Investment Case

SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
In December 2021, Shinsei Bank was privatised by SBI Holdings (8473 JP) through a contentious tender offer at JPY2,800 per share.
The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.

2. [Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float

Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
Though it is not particularly expensive, Momentum is not this stock’s friend right now.

3. Toyoda Gosei (7282 JP): A US$0.8 Billion Secondary Offering

Toyoda Gosei (7282 JP) has announced a secondary offering of up to 29.7 million shares (34.2 million including overallotment), worth around US$0.7 billion (US$0.8 billion including overallotment).
Toyoda Gosei’s primary goal with the secondary offering is to reduce Toyota Motor (7203 JP)‘s shareholding to around 20% of outstanding shares.
The offering as a percentage of outstanding shares and ADV is large compared to recent large placements. The likely pricing date is 1 December.

4. SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note, we talk about the positive aspects of the deal.

5. China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing

China Hongqiao (1378 HK) is looking to raise around US$1.2bn from a primary placement.
This represents 9.1 days of the stock’s three month ADV, and 2.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

6. SBI Shinsei Bank (8303 JP) IPO: Valuation Insights

SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
I discussed the investment thesis in SBI Shinsei Bank (8303 JP) IPO: The Investment Case.
In this note, I discuss valuation. My analysis suggests that SBI Shinsei is fairly valued at the IPO price of JPY1,440 per share.

7. Toyoda Gosei Placement – Somewhat Expected but Relatively Large with Delayed Buyback

Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) plan to raise around US$700m via selling down some of their stake in Toyoda Gosei (7282 JP).
The deal is a large one to digest at over 20% of the company and 90 days of ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.

8. UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding

UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
In this note, we look at the company’s past performance.

9. Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers

Chuangxin Industries (CXI HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO.
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

10. SBI Shinsei Bank Pre-IPO – The Negatives – PAT Growth Aided by One-Offs, Margins Under Pressure

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note we talk about the not-so-positive aspects of the deal.

Nov 16

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Weekly Top Ten Equity Capital Markets – Nov 16, 2025

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. ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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, the deal flow continues unabated, although a lot of listing in Hong Kong didn’t do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.

2. Groww IPO Trading – Decent Overall Demand

Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

3. CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

CNGR Advanced Material (2579 HK), a new energy materials company, has launched an H Share listing to raise US$507 million.
I discussed the H Share listing in CNGR Advanced Material H Share Listing: The Investment Case.
The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.

4. Human Made Pre-IPO: A Bathing Ape, Reborn

Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
In this note, we look at the company’s past performance.

5. CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation

CNGR Advanced Material (300919 CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
CNGR is a Chinese battery-component producer and a new energy materials company. It is the global leader of nickel-based and cobalt-based pCAM (cathode) for lithium-ion batteries.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

6. Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

By Tina Banerjee

Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.

7. Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

8. Physicswallah IPO – RHP Updates and Thoughts on Valuation

Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.

9. Pine Labs IPO Trading – Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

10. Klook Pre-IPO – The Positives – Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.

Nov 09

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Weekly Top Ten Equity Capital Markets – Nov 9, 2025

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. Hitachi Construction Machinery Block – US$450m Selldown by Hitachi

Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

2. ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

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 flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.

3. PonyAI and WeRide Secondary HK Trading – Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.

4. CNGR A/H Listing: PHIP Update and Thoughts on A/H Premium

CNGR Advanced Material (300919 CH), a Chinese battery-component producer, aims to raise up to US$700m in its H-share listing.
CNGR is a Chinese battery-component producer and a new energy materials company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

5. Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.

6. Pony.AI Hong Kong Public Offering Valuation Analysis

Pony.ai has finalized the Hong Kong public offering price at HK$139 per share and it expects to raise HK$6.71 billion (US$860 million) from its planned secondary listing in Hong Kong.
Our base case valuation of Pony.Ai is HK$178.2 per share over the next 6-12 months, which represents 28% higher than the Hong Kong public offering price.
Given the solid upside, we have a Positive View of Pony.ai. Despite our Positive view, there have been increasing concerns about the overstretched valuations of major AI/tech related companies globally.

7. Seres Group H Share Listing (9927 HK): Trading Debut

Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres’ AH discount remains attractive.

8. Groww IPO – Peer Comp and Thoughts on Valuation

By Himanshu Dugar, Stylus Holdings

Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

9. Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.

10. Pre-IPO Softcare (PHIP Updates) – Some Points Worth the Attention

The rise of Softcare is in line with the logic of “Chinese supply chain going global”.It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
Given that Softcare’s main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.

Nov 02

0

Weekly Top Ten Equity Capital Markets – Nov 2, 2025

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. [Japan Offering] Kasumigaseki Capital (3498 JP) – BIG Primary for Big Plans

On Friday, Kasumigaseki Capital (3498 JP) announced Aug-25 earnings and a combination ¥45-50bn primary+secondary offering worth 5.3mm shares, 6x ADV, and a float increase of 37%. Shares fell 15% today.
2yrs ago they did a large offering. It went well. They’d had a ridiculous plan to grow OP 6x from ¥3.5bn to ¥20bn in 2yrs to Aug-26. Then by Aug-25.
They got to ¥8.5bn in Aug-24 and now ¥18.9bn in Aug-25 and now guide to ¥26.5bn in Aug-26 (the original plan having been ¥20bn).

2. WeRide HK Listing: The Investment Case

WeRide (WRD US), a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.
It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.
The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.

3. Seres Group H Share Listing (9927 HK): Valuation Insights

Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.

4. Seres Group Hong Kong IPO Preview

Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.

5. Pony AI Secondary HK Offering – Needs to Correct Some More

Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

6. SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights.
Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

7. WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

8. Seres Group A/H IPO Pricing – Thoughts on Valuations

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

9. ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.

10. Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed