Daily Brief China: SJ Semiconductor, CXMT Corporation, Alibaba, SHEIN Global Holdings, Nanjing Novlead Biotechnology, Contemporary Amperex Technology, Shenzhen Capchem Technology, Medcaptain Medical Technology, ClubMed Lifestyle Group and more

• CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.
• Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.
• All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.

• CXMT’s H1-2026 results beat IPO guidance by roughly 25–36%, with R&D up 87% YoY and four DRAM process nodes now in mass production — the growth story remains fully intact.
• Spot at RMB58.60 implies 23x FY26E and 20x FY27E EPS — a scarcity premium the STAR Market’s thin free float can sustain longer than fundamentals justify.
• We maintain our BEARISH stance but raise our fair value to RMB31.40, based on an 12x China-specific multiple band applied to upgraded FY26E/FY27E EPS.

• 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.

• A month into SHEIN’s IPO process, its near-term (FY26) growth prospects are downbeat
• Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
• Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish

• Nanjing Novlead Biotechnology, incorporated in 2018, operates in the gas-based cardiopulmonary device market, focusing on inhaled nitric oxide (iNO) therapy. Its Core Product, iNOwill, was approved by NMPA in 2022.
• The company has five approved products and five product candidates, holding 85 patents and 196 registered trademarks as of the Latest Practicable Date.
• Revenue was RMB63,207 thousand in 2025, with a gross profit margin of 55.9% and a loss of RMB(95,271) thousand for the year.

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• CXMT Corporation (688825 CH) beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn. 
• Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.
• While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.  

• CATL’s BESS revenue surged 87.5% YoY to RMB53.26bn in H1 2026, now 19.23% of sales — the mix shift the market still prices as a battery cyclical.
• RMB17bn deployed into AI data centers, hydropower, and robotics turns CATL into an equity holder in the demand for its own BESS hardware.
• BULLISH, FV HK$770 (3750 HK) — basis: SOTP blending core battery PE re-rating with unpriced AI-grid infrastructure optionality and RMB40bn buyback-cancellation support.

• Shenzhen Capchem Technology Co., Ltd. is a PRC-based provider of electronic chemicals and functional materials, specializing in battery chemicals. The company aims to optimize its capital structure and enhance core.
• The company is ranked second largest battery electrolyte provider globally in 2025 and first for capacitor chemicals by revenue from 2020 to 2025.
• For the six months ended June 30, 2026, revenue was RMB7,455,314 thousand and profit for the period was RMB998,900 thousand.

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• Medcaptain Medical launched Hongkong IPO to raise nearly HK$ 600M. They are a global medical device provider supplying life support products, minimally invasive intervention products, and in vitro diagnostics products.
• Medcaptain intends to use the proceeds for research and development, expand production capacity, enhance their sales & marketing capabilities, for strategic investments, upgrade IT infrastructure and for general corporate purpose.
• The valuation that they are seeking, seems relatively steep, but fundamentally worth for long term investors. The company needs to scale up the operations further, but that will take time.

• ClubMed Lifestyle Group is a global premium vacation lifestyle group, anchored by its Club Med brand, operating premium all-inclusive resorts and providing asset-light vacation scenario services worldwide.
• The group operated 69 premium resorts globally and had a sales network spanning over 40 countries, with revenue increasing to EUR1,948.5 million in 2025.
• Revenue was EUR1,948,546 in 2025, with net liabilities of EUR171.9 million as of June 30, 2026, and profit decreased from EUR68,768 in 2023 to EUR10,917 in 2025.

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