Daily Brief ECM: [Japan Offering] Nippon Paper Selling 30% of Lintec (7966 JP) – Big Offering W/ Offsetting Buyback and more

• Lintec Corp (7966 JP) is a maker of printed adhesives, stickers, seals, labels, barcodes strips, etc. They also do adhesives for optical products and LCDs/electronics. That’s 80-90% of OP.
• Nippon Paper Industries Co L (3863 JP) owns 32%. Today they announced they are selling 30%, worth ¥112bn or so at last price. It’s big. 60x ADV. 
• Lintec today announced Q1 earnings, which are probably a trifle light. They also announced a buyback of up to 10.55% of shares to mitigate the impact of the offering. Better.

• Nippon Paper Industries Co L (3863 JP) is looking to raise US$600m in an upcoming secondary sale of shares in Lintec Corp (7966 JP).
• This sale is part of Nippon Paper’s balance sheet optimization plans, as laid out in their medium term plan 2030.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Svatantra Microfin Limited (1607575D IN) (SML) plans to raise around US$315m in its upcoming India IPO. The deal will be run by Axis, Avendus, IIFL, Kotak and SBI Caps.
• SML is an inclusion-focused non-banking financial company, focused on providing microfinance and individual loans, particularly to rural and semi-urban women entrepreneurs.
• As per CRISIL, SML was the second largest non-banking financial company – microfinance institution (NBFC-MFI) in India as of FY24-26 in terms of microfinance assets under management.

• iPower is a technology- and data-driven infrastructure company with a foundation in supply chain services, pursuing AI infrastructure acquisition and financing.
• iPower acquired Bitcoin and Ethereum in December 2025, then sold sUSDai and Ethereum in August 2026.
• iPower leverages internal software, data, and operational experience with a network of procurement and commerce partners.

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• Tianjin Chenxing Technology Co., Ltd. is a high-speed industrial robotics enterprise focused on R&D, production, sales, and service. It seeks to list on the Hong Kong Stock Exchange Main Board.
• The company ranked first among parallel robot companies in China with a 20.4% market share in 2025. It also ranked second globally.
• For the six months ended June 30, 2026, revenue was RMB135,086 thousand and gross profit was RMB36,656 thousand.

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• In Taotao’s overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao’s traditional core business.
• The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.
• Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.

• Freenome, Inc. is an early cancer detection company developing blood-based tests leveraging AI/ML to transform multi-cancer and multi-disease detection.
• SimpleScreen CRC test received FDA approval as a blood-based screening option for CRC in adults 45 and older at average risk.
• Proprietary technology platform with novel assay, scalable automation, and AI/ML expertise.

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• Jaovi Inc. is a Wyoming development-stage company developing a cloud-based project management software platform. It has no revenue and incurred losses since inception.
• Jaovi develops a cloud-based project management software platform. The global market was $9.76 billion in 2025, projected to grow to $23.09 billion by 2031.
• As of May 31, 2026, Jaovi reported total assets of $53,100, cash of $1,100, and a net loss of $(3,531) since inception.

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• Shenzhen Immunofoco Biotechnology, founded in 2020, is an innovative cell therapy company developing CAR-T therapies for solid tumors, hematological malignancies, and autoimmune diseases.
• The company has one Core Product, IMC002, in a registrational Phase III clinical trial in China, with eight self-developed candidates in its pipeline.
• As of June 30, 2026, cash and cash equivalents were 401,854 thousand RMB, and total assets were 550,963 thousand RMB.

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