In today’s briefing:
- ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation
- Accelevation (ACCV) Brings Data Center Infrastructure to Nasdaq in $660 Million IPO
- RoboTechnik (罗博特科) IPO Trading
- Transsion (传音控股) A+H Pre-IPO: PHIP Updates
- Aequitas: Shenzhen AdTek Pre-IPO – Profits Have Quadrupled on AI Connectivity Boom
- Oura Inc. (OURA US): Oura’s $14.4 Billion IPO: A Smart Ring With Big Ambitions
- Aequitas: Beijing ESWIN Computing Technology IPO – Limited Margin Uplift, Offered At A Premium
- Aequitas: Robotechnik A/H IPO Trading – Weak Insti and Retail Demand
- ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening
- Aequitas: Red Avenue New Materials A/H IPO Trading – Weak Insti and Retail Demand
ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation
- ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Accelevation (ACCV) Brings Data Center Infrastructure to Nasdaq in $660 Million IPO
- Accelevation Holdings Corp. (ACCV) plans to sell 30.0 million shares of Class A common stock at $20 to $24 per share and list on the Nasdaq Global Select Market .
- At the $22 midpoint , the offering would total $660 million and imply an approximately $4.92 billion equity value on an as-exchanged basis , which includes the LLC units that existing owners can exchange for Class A shares.
- Accelevation is issuing 8.64 million shares, while existing stockholders are selling 21.36 million shares.
RoboTechnik (罗博特科) IPO Trading
- RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
- In our previous notes, we looked at the company’s fundamentals and the deal terms.
- In this note, we provide an update for the IPO before its trading debut.
Transsion (传音控股) A+H Pre-IPO: PHIP Updates
- Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.
- While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.
- The recovery held up in 1H while maket position weakened.
Aequitas: Shenzhen AdTek Pre-IPO – Profits Have Quadrupled on AI Connectivity Boom
- Shenzhen ADTEK Technology (ADTEK HK) aims to raise at least US$500m in its Hong Kong listing.
- It is a provider of optical connectivity products and solutions.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Oura Inc. (OURA US): Oura’s $14.4 Billion IPO: A Smart Ring With Big Ambitions
- Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
- Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
- Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.
Aequitas: Beijing ESWIN Computing Technology IPO – Limited Margin Uplift, Offered At A Premium
- Beijing ESWIN Computing Technology (ESWIN HK) is looking to raise up to US$318m in its upcoming Hong Kong IPO.
- Beijing ESWIN Computing (ESWIN) is a fabless chip product provider based in China that specializes in researching, designing, and commercializing hardware-software integrated semiconductor solutions built on the open-source RISC-V architecture.
- In this note, we look at the company’s past performance and valuations.
Aequitas: Robotechnik A/H IPO Trading – Weak Insti and Retail Demand
- RoboTechnik Intelligent Technology (RBTK HK) raised US$662m in its Hong Kong IPO.
- It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening
- September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
- The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
- The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.
Aequitas: Red Avenue New Materials A/H IPO Trading – Weak Insti and Retail Demand
- Red Avenue New Materials Group (RANMG HK) raised ~US$380m in its Hong Kong IPO.
- It operates across rubber additives for tyres and other chemical products, electronic materials, and fully biodegradable materials.
- In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.
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