In today’s briefing:
- MiniMax (100 HK): Focus on Technical Advantages After Big Share Unlock
- Shenzhen Transsion (傳音控股) Pre-IPO: The Positives and Negatives
- Pre-IPO Easy Click Worldwide Network Technology (A/H Listing) – About the Business and the Outlook
- Ming Yu (明宇制药) Pre-IPO: Prospectus Update Suggests Mixed Views Across Products
MiniMax (100 HK): Focus on Technical Advantages After Big Share Unlock
- The stock plunged further after the company unlocked 48.9% of its total equity.
- However, the company still has tech advantages globally and domestically, especially in voice.
- Given sales based multiples, we believe there is limited downside risk remaining for the stock.
Shenzhen Transsion (傳音控股) Pre-IPO: The Positives and Negatives
- A-Share Shenzhen Transsion Holdings (688036 CH) is seeking a H-share IPO in HK. Its 1Q26 net profit has surged by 42.9%, thanks to revenue growth and margin expansion.
- Key positives are its dominant market position in the emerging markets, established ecosystem beyond handsets, and strategic AI investment to drive premiumisation.
- Key negatives are cost inflation which poses pressure margin, increasingly fierce market competition, and its exposure to political and currency risks.
Pre-IPO Easy Click Worldwide Network Technology (A/H Listing) – About the Business and the Outlook
- The “service + technology” dual-engine structure constitutes the most valuable strategic depth for Easy Click in the current situation where the overseas marketing service providers are all experiencing intense competition.
- The fluctuations in performance do not indicate a deterioration in Easy Click’s operations. Instead, it is the result of the Company using short-term profits to secure long-term strategic depth.
- Considering the valuation in Hong Kong stock market is usually 20% to 40% lower than in A-share market, a comfortable P/E range could be 35x-45x (based on forecast in 2026).
Ming Yu (明宇制药) Pre-IPO: Prospectus Update Suggests Mixed Views Across Products
- Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors.
- In our previous note, we looked at the company’s core products MHB018A and MHB036C, as well as its management and investor backings.
- In this note, we look at the developments in the company’s assets and the competitive landscape.
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