In today’s briefing:
- Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small
- Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance
- Laopu Gold Placement – Relatively Small Deal, past One Did Well
- Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record
- AUX Electric IPO: Forecasts and Valuation
- Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
- Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook
- Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
- Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence
Akeso Inc Placement – Another Opportunistic Raise, Mixed past Deal but Is Relatively Small
- Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
- Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance
- Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
- The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Laopu Gold Placement – Relatively Small Deal, past One Did Well
- What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
- The shares have done very well since its listing and the previous deal in the name did well too.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record
- Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
AUX Electric IPO: Forecasts and Valuation
- Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
- The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
- We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.
Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
- The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd.
- . As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
- The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024.
Pre-IPO Beijing Sinotau International Pharmaceutical Technology – The Pipeline and the Outlook
- The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
- There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
- Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.
Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
- Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
- The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.
- Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.
Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence
- Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
- STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
- In this note, we look at the company’s past performance.
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