In today’s briefing:
- Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025
- Toyoda Gosei (7282 JP): The Current Playbook
Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025
- Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this year.
- Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings. With nearly 300 listings in the pipeline, 2026 should be another banner year.
- Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.
Toyoda Gosei (7282 JP): The Current Playbook
- Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
- It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda’s share decline is better than the median of recent large placements.
- The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.
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