In today’s briefing:
- ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare
- Mininglamp Technology IPO Trading: Strong Retail Demand, Decent Insti Demand
- Pre-IPO Softcare (PHIP Updates) – Some Points Worth the Attention
ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare
- 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, there were a flurry of deal launches across Hong Kong and India.
- On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.
Mininglamp Technology IPO Trading: Strong Retail Demand, Decent Insti Demand
- Mininglamp Technology (1912140D HK) raised around US$131m in its Hong Kong IPO.
- Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
Pre-IPO Softcare (PHIP Updates) – Some Points Worth the Attention
- The rise of Softcare is in line with the logic of “Chinese supply chain going global”.It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
- Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
- Given that Softcare’s main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
