In today’s briefing:
- JST Group (6687 HK): Valuation Insights
- TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea
- Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- TOP TOY Intl: Pre-IPO – More than Just Emotional Value
- Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation
- Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet
- Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability
- Elevate Campuses Pre-IPO Tearsheet
- Pre-IPO Bama Tea (PHIP Updates) – Some Points Worth the Attention
JST Group (6687 HK): Valuation Insights
- JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
- I previously discussed the IPO in JST Group IPO: The Investment Case.
- In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.
TeraView Holdings IPO Preview – The First U.K. Based Company to Pursue a Listing in Korea
- TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.
- The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November.
- The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called ‘terahertz’.
Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
- Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
- In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.
TOP TOY Intl: Pre-IPO – More than Just Emotional Value
- TOP TOY International Group (TOYTOY HK) is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.
- It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent MINISO Group Holding (9896 HK).
- We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to Bloks Group (325 HK) but a discount to Pop Mart (9992 HK).
Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation
- Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
- In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
- We also look at the company’s pre-IPO investors and management team.
Rubicon Research IPO Trading – Strongest IPO Demand of 2025 Yet
- Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
- Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&D intensity.
- In this note, we will talk about the trading dynamics.
Tenneco Clean Air India Ltd Pre-IPO: Unsustainable Growth in Profitability
- Tenneco Clean Air India Ltd (1880671D IN) is looking to raise about US$350m in its upcoming India IPO.
- Tenneco Clean Air India (TCAIL) designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
- In this note, we look at the company’s past performance.
Elevate Campuses Pre-IPO Tearsheet
- Elevate Campuses Limited (1638929D IN) is looking to raise about US$287m in its upcoming India IPO. The deal will be run by JM Fin, MS and IIFL.
- Elevate Campuses Limited (ECL) owns, operates and manages on-campus student accommodation across Higher Education Institutions and owns K-12 (Kindergarten-to-12th grade) assets, operating under ‘Good Host Spaces’ and ‘ScholarZ’ brands.
- As of Aug 31, 2025, ECL was the largest institutionalized and independent education platform in India, based on student capacity, as per the CBRE Report.
Pre-IPO Bama Tea (PHIP Updates) – Some Points Worth the Attention
- The core of Bama’s business model is light-asset operation of “brand + channel”. Bama is highly dependent on franchise model, but we’ve seen a diminishing marginal benefit of channel penetration.
- Due to sluggish consumption environment, revenue of Bama could decline by 4% in 2025.From 2026 to 2027, as strategic adjustments take effect, Bama may resume growth of 3% to 5%.
- Considering the decline in performance in 25H1 and the low valuation of traditional tea enterprises in the Hong Kong stock market, Bama’s valuation performance may be under pressure.
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