In today’s briefing:
- Hong Kong 2025 Placements – Year so Far and Trends for Potential Primary Placements
- Beijing Roborock A/H Listing: Leader in Its Niche but Tariffs and Competition Risks
- Capitaland Integrated Commercial Trust Placement: DPU Accretive Acquisition for a Familiar Asset
- Innogen (银诺医药) Pre-IPO: Thoughts on Valuation
- Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing
- Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization
- Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown
- Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) – Some Points Worth the Attention
- Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround
Hong Kong 2025 Placements – Year so Far and Trends for Potential Primary Placements
- 2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
- Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
- In this note, we try to identify the possible primary placements that could take place over the rest of the year.
Beijing Roborock A/H Listing: Leader in Its Niche but Tariffs and Competition Risks
- Beijing Roborock Technology (688169 CH), a robot vacuum maker, aims to raise around US$500m in its H-share listing.
- It was founded in 2014, backed by Xiaomi, and is a global leader in intelligent home robotics.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Capitaland Integrated Commercial Trust Placement: DPU Accretive Acquisition for a Familiar Asset
- Capitaland Integrated Commercial Trust (CICT SP) is looking to raise at least S$500M (US$388m) in a primary placement.
- The deal represents 9.7 days of 3 month ADV and ~3% of market cap.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Innogen (银诺医药) Pre-IPO: Thoughts on Valuation
- Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
- In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.
- In this note, we will provide a valuation for the company’s core product.
Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing
- Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
- Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization
- Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
- The company refiled its prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its core asset list.
- In this note, we look at changes between filings and also further examine the prospect of LV232 and TPN171.
Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown
- The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
- In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
- The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.
Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) – Some Points Worth the Attention
- Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists
- Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company’s equity they held at a discount, indicating that these investors lack confidence in the Company’s prospects.
- Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.
Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround
- The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.
- Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.
- A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.
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