Daily Brief ECM: Aequitas: Alibaba Placement – US$10bn Raising and more

• 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.

• Zhuhai Kingsware Artificial Intelligence Co., Ltd. is an AI company providing AI digital worker and enterprise-grade agent solutions. It ranked first in China’s AI digital worker solutions market by revenue.
• Zhuhai Kingsware deployed over 2.0 million AI digital workers and serves over 1,600 clients, including 120+ Fortune Global 500 companies.
• The company reported revenue of RMB256,097 in 2025 and a loss for the year of RMB(345,635) in 2025. Net liabilities were RMB1,578,703.

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• 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. 

• Lalithaa Jewellery Mart Ltd (1607844D IN) raised INR 17 billion in its IPO,which is a combination of fresh issue of INR 12 billion and offer for sale of INR 5billion.
• The company is jewelery retailer with a strong regional presence across South India, catering primarily to the mass and value-conscious customer segment.
• We had discussed about ground feedback from Chennai – Lalitha Jewellery IPO – On Ground Feedback From Chennai . This insight discusses about listing dynamics.

• SSI New Material (Zhenjiang) Co., Ltd. is an electronic functional enhancement materials company with an established presence across four key material types. Its products enhance performance in consumer electronics and.
• The company ranked first in global acoustic enhancement materials with 20.0% market share in 2025, and revenue increased by 76.1% in 2025.
• Gross profit margin decreased from 56.1% in 2024 to 46.6% in 2025, and net profit may decline for the year ending 2026.

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• YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.
• CXMT’s 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.
• SUBSCRIBE. Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.

• Eaglerise Electric & Electronic (CHINA) Co., Ltd. is a global supplier of power equipment and solutions, leveraging proprietary core technologies and R&D capabilities, specializing in transformer equipment.
• The company ranked second among China-based suppliers in the global medium-voltage transformer equipment market with a 2.3% share in 2025.
• Gross profit margin decreased from 21.7% in 2023 to 17.6% in 2025.

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• Albatross Acquisition Corporation is a newly formed blank check company incorporated in the Cayman Islands for effecting a business combination.
• The management team has extensive experience identifying, evaluating, and executing investments, with a network providing access to proprietary deal flow.
• As of June 30, 2026, actual total assets were $175,633, and there is substantial doubt about continuing as a going concern.

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• Symbiotec Pharmalab will launch its India IPO on August 24. The IPO consists of fresh issue of INR1.5B and OFS of INR16.1B. The price band is set at INR938–988.
• The IPO subscription will close on August 27, with expected listing on September 1. At the upper price band, the company is seeking a market cap of INR62B (~$650M).
• The company proposes to deploy an estimated amount of INR1B in FY27 for repayment of borrowings. As of March 31, 2026, total outstanding borrowings stood at INR3.9B.

• Medcaptain has built its business matrix through continuous M&As. The merger strategy directly supports its expansion and market position improvement, but also posed a huge potential risk of goodwill impairment.
• Medcaptain’s structure, where half of revenue is tied to a single business line, makes profits highly vulnerable to policy changes, price cuts, intensified competition, thereby exacerbating the fragility of profits.
• Post-Money valuation of RMB8.245bn already includes M&A premium and market sentiment factors, the IPO valuation may be in the range of RMB6-8bn, but it may face downward pressure after listing