Daily Brief ECM: Aequitas: Shein Global Holdings Pre-IPO – Peer Comparison and more

• SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
• Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
• We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

• Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. 
• Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
• Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). 

• SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.
• I previously discussed the IPO in SHEIN Global IPO: The Bull Case and SHEIN Global IPO: The Bear Case. 
• In this note, I present my forecasts and examine Shein’s potential valuation range. My analysis suggests a valuation range of US$33.3 billion to US$34.0 billion.

• Ezconn Corporation (6442 TT) is looking to raise up to US$190m in its upcoming global depository receipts (GDRs) offering.
• In June 2026, Ezconn announced its board’s resolution to issue between 4-5m common shares via a GDR offering, with proceeds to be used to purchase overseas raw materials.
• Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
• Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
• In this note, we will talk about the lockup dynamics and possible placement.

• Dongshan’s core competitiveness lies in its technological R&D barriers. Dongshan has the ability to provide integrated comprehensive solutions, making it one of the few all-round suppliers among new energy customers.
• Affected by the price reduction of old models from major customers in 2024, Dongshan’s profit was under pressure. The improvement in 26Q1 results indicates that performance turning point has occurred. 
• There is usually a 20%-40% A/H discount, but Hong Kong stock market shows high recognition for high-growth technology-based manufacturing enterprises. Therefore, we expect an A/H discount of 20-30% for Dongshan. 

• SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
• Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
• We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.

• A leading defense technology company delivers “sense-to-act” connectivity solutions for the modern, connected battlespace, enabling warfighters to detect threats earlier.
• Total revenue was $240,984 for six months ended June 30, 2026, and $388,943 for the year ended December 31, 2025.
• The company reported a net loss of $(8,458) for 2025 and total indebtedness was approximately $275.7 million as of June 30, 2026.

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• Lead candidate BH-30643 targets multiple EGFR mutations, with C797S-positive NSCLC offering a differentiated opportunity where no targeted therapy is currently approved.
• A broader oncology pipeline provides additional optionality, with BH-30236 in Phase 1 and pan-KRAS candidate BH-501284 approaching a planned 2027 IND.
• Cormorant, OrbiMed, Vivo Innovation and Janus Henderson highlight a strong pre-IPO shareholder roster, adding credibility to an otherwise high-risk early-stage biotech offering.

• Strong IPO debut highlighted investor appetite for premium, health-focused consumer brands with differentiated positioning.
• Raised outlook in May demonstrated early execution, but continued sales momentum remains critical for valuation support.
• Long-Term upside depends on expanding distribution while maintaining growth expectations and creating future liquidity opportunities.