In today’s briefing:
- Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices
- Weekly Deals Digest (03 Aug) – CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL
- Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal
- Smart Share Global (EM US): MBO Firmed
- ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
- Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts
Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices
- Laopu Gold (6181 HK) missed global index inclusion in May following completion of full circulation. The primary placement in May then improved chances of index inclusion in August.
- The stock rose nearly 60% in the 2 months following the placement and has lost more than a third of its value from the peak in the last month.
- The stock could be added to both global indices with one inclusion at the end of August and one in mid-September. That could provide short-term support for the stock.
Weekly Deals Digest (03 Aug) – CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: NSDL (NSDL IN) is seeking to raise US$464 million.
- Event-Driven developments: CK Hutchison Holdings (1 HK), Joy City Property (207 HK), HKBN Ltd (1310 HK), Fujitec Co Ltd (6406 JP), Nihon Chouzai (3341 JP), Krosaki Harima (5352 JP).
Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal
- Smart Share Global (EM US) has entered into a definitive merger agreement for a Trustar Capital-sponsored MBO at US$1.25 per ADS.
- The proposal is conditional on regulatory approvals (low risk), shareholder approval (effectively done) and a maximum dissenting condition (likely to be waived).
- This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS cancellation fee).
Smart Share Global (EM US): MBO Firmed
- Nearly seven months after Smart Share (EM US), the largest provider of mobile device charging services in China, announced a preliminary non-binding proposal, a firm Offer has been entered into.
- Terms remains the same as the indicative NBIO: US$0.625/share (US$1.25/ADS), a 74.8% premium to last close. The Offeror comprises a consortium led by Mars Guangyuan Cai, Chairman and CEO.
- Timing from here? Perhaps three to four months, or late November completion by my estimate.
ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
- 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, India deal flow remains strong, with HK A/H listing starting to flow in again.
- On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).
Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts
- Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
- In this note, we look at changes to the company’s PHIP prospectus.
- While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.
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