In today’s briefing:
- Insilico Medicine Pre-IPO – An Emerging AI-Enabled Drug Discovery Platform
- OmniVision H Share Listing: The Investment Case
- Zhou Liu Fu IPO Lockup: US$120m Lockup Release; Only Cornerstones Are Coming Out of Lockup
- IFBH IPO Lockup – US$262m Lockup Release but the Stock Has Nosedived
- CiDi IPO Trading – Subdued Insti Demand
- CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates
- Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount
- CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive
- GigaDevice A/H Listing – PHIP Updates and Thoughts on A/H Premium
Insilico Medicine Pre-IPO – An Emerging AI-Enabled Drug Discovery Platform
- InSilico Medicine Cayman TopCo (ISM HK) is looking to raise around US$293m in its upcoming Hong Kong IPO.
- Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
- In this note, we look at the company’s past performance.
OmniVision H Share Listing: The Investment Case
- OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.
- OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
- The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation.
Zhou Liu Fu IPO Lockup: US$120m Lockup Release; Only Cornerstones Are Coming Out of Lockup
- Zhou Liu Fu Jewellery (6168 HK) raised US$143m from its Hong Kong IPO in June 2025 via a primary offering of HKD 24/share in its IPO.
- It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
- In this note, we will talk about the lockup dynamics and possible placement.
IFBH IPO Lockup – US$262m Lockup Release but the Stock Has Nosedived
- IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
- IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
- In this note, we will talk about the lockup dynamics and possible placement.
CiDi IPO Trading – Subdued Insti Demand
- CiDi Inc (CIDI HK) raised US$183m in its Hong Kong IPO.
- CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
- In this note, we will talk about the demand and trading dynamics.
CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates
- CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.
- In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.
- We also briefly look at its potential range of pricing for respective business segments.
Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount
- Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise up to US$139m in its upcoming Hong Kong IPO.
- SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive
- CaoCao (2643 HK) raised US$236m from its HK IPO in June 2025 via a primary offering of HKD41.94/share in its IPO.
- It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
- In this note, we will talk about the lockup dynamics and possible placement.
GigaDevice A/H Listing – PHIP Updates and Thoughts on A/H Premium
- GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
- GD is a leading specialty memory chip and MCU company in mainland China.
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
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