Daily Brief ECM: Aequitas ECM Weekly (28 September 2026)- Tencent and more

• 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, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn’t make much of a splash.
• On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman’s turn to sell some more of Kanzhun (2076 HK) stock.

• This insight discusses about the broad structure of upcoming IPO of Mahanadi Coalfields Limited (0808507D IN) .
• It discusses about the company profile, key customers and financial snapshots.
• Finally, we highlight the various points to look forward to in this IPO.

• Shenzhen ADTEK Technology (ADTEK HK) aims to raise at least US$500m in its Hong Kong listing.
• It is a provider of optical connectivity products and solutions.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Shenzhen Transsion Holdings Co., Ltd. is a smart device and mobile Internet service provider, specializing in smart devices, focusing on mobile phones.
• Shenzhen Transsion Holdings ranked eighth in the global mobile phone market in 2025 and reported a 21.9% revenue increase for the six months ended June 30, 2026.
• FY2025 revenue was RMB65,591,236 thousand and net profit was RMB2,605,236 thousand, with both decreasing from 2024 figures.

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• Although Transsion holds an absolute leading position in African market, its fundamentals are in early stage of profit recovery, and it‘s facing dual uncertainties of patent litigation and intensified competition.
• When competitors use mid-to-high-end models to encroach from above and use operator subsidies to pounce from below,Transsion lacks core product line with high profit margins to provide a profit buffer.
• Transsion’s “multi-brand, full coverage” strategy is difficult to completely avoid the impact of the industry’s downward cycle. Compared with peers, the A/H discount may fall within the range of 15%-25%.