In today’s briefing:
- CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation
- CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights
- SHEIN Update: US$2 Bn Net, “Mid-Teens” Revenue Growth Targets Shared | New Challenges in France?
- PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation
- Physicswallah IPO – RHP Updates and Thoughts on Valuation
- Pre-IPO Immvira Bioscience – The Pipeline, the Concerns and the Valuation
CNGR A/H Listing: Healthy A/H Premium and Cheap Valuation
- CNGR Advanced Material (300919 CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
- CNGR is a Chinese battery-component producer and a new energy materials company. It is the global leader of nickel-based and cobalt-based pCAM (cathode) for lithium-ion batteries.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights
- CNGR Advanced Material (2579 HK), a new energy materials company, has launched an H Share listing to raise US$507 million.
- I discussed the H Share listing in CNGR Advanced Material H Share Listing: The Investment Case.
- The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.
SHEIN Update: US$2 Bn Net, “Mid-Teens” Revenue Growth Targets Shared | New Challenges in France?
- Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, “mid-teens” sales growth
- SHEIN faces familiar issues in France, where the company has just opened a physical store
- The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO
PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation
- Physicswallah Limited (2076103D IN) IPO opens today – 11 Nov 2025.The issue is a combination of fresh issue of INR 31 billion and offer for sale of INR 3.8 billion.
- In this insight we discuss about the company, the industry, past controversies in the sector across major players.
- We finally provide rationale why we do now know what valuation multiple to assign given the various factors.
Physicswallah IPO – RHP Updates and Thoughts on Valuation
- Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
- Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
- We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.
Pre-IPO Immvira Bioscience – The Pipeline, the Concerns and the Valuation
- The virus carrier process is complex.Cost of MVR-T3011 large-scale production is higher than antibody drugs.The awareness of oncolytic virus among doctors is insufficient. Market competition in engineered exosome is fierce.
- As a clinical stage company, commercialization of its products is likely to seek business partners through a license-out model. So, how much sales/profit belongs to Immvira remains to be seen.
- We think a neutral scenario is that valuation could be about US$10-1.2 billion. However, if the clinical data falls short of expectations, the valuation may be halved to US$500 million.
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