Daily Brief ECM: Aequitas: Hunan Junxin A/H Listing – Topline Growth Has Moderated and more

• Hunan Junxin Environmental Protection (HJXEP HK), a waste treatment company, aims to raise around US$400m in its H-share listing.
• Hunan Junxin Environmental Protection (HJEP) operates in the solid waste treatment and green energy sectors.
• In this note, we talk about the company’s past performance.

• Shenzhen Kinwong Electronic Co., Ltd. is a globally recognized PCB manufacturer, holding the world’s largest market share in automotive electronics PCB. The company is undertaking a primary listing on HKEX.
• Kinwong Electronic is the world’s largest automotive electronics PCB provider with 10.6% market share in 2025, and achieved 14 consecutive years of revenue growth.
• Revenue was RMB15,308,052 thousand in 2025, with a 20.9% growth rate. Gross profit margin decreased to 18.7% by April 30, 2026.

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• Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.
• GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
• In this note, we will talk about the lockup dynamics and possible placement.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
• Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
• In this note, we look at the company’s past performance.

• Strong IPO debut: PAYP opened 19% above its $16 IPO price and traded as high as $24.89 during its first several weeks.
• Meaningful pullback: Shares fell to $12.07 on June 22 amid sustained selling pressure and a challenging financial-sector backdrop.
• Fundamentals remain constructive: July 30 results beat EPS and revenue estimates, while management raised its outlook; shares have since recovered to $17.56.

• Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.
• Considering the decline in Kinwong’s profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.
• A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.

• Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
• MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
• As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
• It is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
• In this note, we look at the company’s past performance.

• Zhejiang Taotao Vehicles designs, manufactures, and distributes outdoor leisure and electrified mobility products. It holds a leading position in the global LSEV market, with over 97% of 2025 revenue from.
• The company ranked first by revenue in the global LSEV industry in 2025, with a market share of approximately 10.9%.
• The gearing ratio increased from 10.2% in 2023 to 28.6% in 2025. Gross profit margin was 41.4% for four months ended April 30, 2026.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.