Daily Brief ECM: Aequitas: Zhipu Placement – Back for Another US$5bn and more

• Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
• Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.
• Our previous notes covered the company’s business, industry backdrop, financials and pre-IPO investor backing.
• In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.

• Transwarp Technology (688031 CH) , an AI infrastructure software provider, aims to raise up to US$109m in its H-share listing.
• Transwarp Technology (Shanghai) Co (TTC) is an AI infrastructure software provider in China. TTC enables enterprises to efficiently build AI infrastructure software.
• We have looked at the PHIP updates in our previous note. In this note, we talk about the IPO pricing.

• Sunway Healthcare Holdings (SUNMED MK) raised US$735m in its Malaysia IPO in March 2026. The lockup on controlling shareholders and Pre-IPO investors is set to expire soon on 18 September.
• Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.
• In this note, we will talk about the lockup dynamics and possible placement.

• This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.
• We discuss 5 areas which could potentially impact NSE’s near term earnings.
• Finally, we discuss on IPO valuation and our view on the same.

• Orion180 is a founder-led, technology-focused, high-growth, high-margin specialty insurance group. The IPO aims to increase capitalization and create a public market.
• Orion180 is the second largest E&S homeowners insurance provider, with $601 million in managed premiums and over 14,000 agents.
• Total revenues were $80,077 for the six months ended June 30, 2026, and the company reported a net loss of $(3,042) for the six months ended June 30, 2025.

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• SOBR Safe, Inc. develops non-invasive technologies for real-time alcohol tracking and identity verification, aiming to deliver reliable solutions.
• SOBRsafe™ software solution includes patent-pending hardware devices SOBRcheck™ and SOBRsure®, with 2 full-time employees as of September 9, 2026.
• The company generated significant losses from operations since inception and anticipates continued significant losses, with stockholders’ equity below Nasdaq requirements.

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• Bluerock Acquisition Corp. II is a blank check company formed to effect a business combination with one or more entities. It has not selected a specific target or engaged in.
• The company aims to identify targets with strong fundamentals and high-quality growth potential, capitalizing on its management team’s resources and experience.
• Bluerock Acquisition Corp. II reported a net loss of $(47,475) for the six months ended June 30, 2026, and a total Shareholders’ Deficit of $(25,000).

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