In today’s briefing:
- ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility
- CNGR Advanced Material (2579 HK): Opportunity Is Out There
- CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs
- Pre-IPO Hunan Mabgeek Biotech – The Concerns and the Outlook
ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, all markets were in full throttle mode going into the year end.
- On the placements front, there were a number of deals across the region.
CNGR Advanced Material (2579 HK): Opportunity Is Out There
- CNGR Advanced Material (2579 HK)‘s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.
- Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR’s 12.5x.
- By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.
CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs
- CNGR Advanced Material (2579 HK) 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.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Pre-IPO Hunan Mabgeek Biotech – The Concerns and the Outlook
- The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
- Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market.
- Since Mabgeek has no commercialized product on the market, and the R&D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.
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