In today’s briefing:
- [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
- Human Made IPO: Making A Fashion Statement With Premium Valuation
- Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
- Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
- JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
- Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
- Pre-IPO InxMed – The Pipeline and the Outlook
[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
- Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP).
- The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
- They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.
Human Made IPO: Making A Fashion Statement With Premium Valuation
- Human Made (456A JP) raised US$116m in its Japan IPO.
- Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
- In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.
Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
- Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
- In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
- Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.
Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
- Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
- According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
- JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.
Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
- Artificial Intelligent Interconnection Technology (AII HK) (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
- Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
- Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.
Pre-IPO InxMed – The Pipeline and the Outlook
- FAK inhibitors’ R&D is not smooth.The breakthrough in FAK clinical protocol lies in the possibility of finding new application scenarios, such as the potential for combination with various anticancer drugs.
- If ifebemtinib can be successfully approved for 2-3 core indications (e.g. PROC, NSCLC) and enter medical insurance smoothly, its sales peak in the China market may reach RMB2-3 billion.
- Post-Money valuation after Series C Financing was USD306 million. The issuance valuation of InxMed may be given a certain premium on top of Series C valuation, such as US$350-500 million.
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