Daily Brief ECM: Lintec (7966 JP): The Current Playbook and more

• Since the announcement of the US$0.7 billion secondary offering, Lintec Corp (7966 JP)’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).
• It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec’s share decline is lower than the median of recent large placements.
• The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.

• Giant Oak Acquisition Corporation is a blank check company incorporated in the British Virgin Islands, formed to effect a business combination.
• Giant Oak Acquisition seeks growth businesses with strong management, proven revenue and earnings growth, avoiding start-ups or negative cash flow.
• The accounting firm expressed substantial doubt about the company’s ability to continue as a “going concern” as of June 30, 2026.

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• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week. 
• On the placement front, deals continued to flow in across the region, throughout the week.

• A month into SHEIN’s IPO process, its near-term (FY26) growth prospects are downbeat
• Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
• Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish

• Nanjing Novlead Biotechnology, incorporated in 2018, operates in the gas-based cardiopulmonary device market, focusing on inhaled nitric oxide (iNO) therapy. Its Core Product, iNOwill, was approved by NMPA in 2022.
• The company has five approved products and five product candidates, holding 85 patents and 196 registered trademarks as of the Latest Practicable Date.
• Revenue was RMB63,207 thousand in 2025, with a gross profit margin of 55.9% and a loss of RMB(95,271) thousand for the year.

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• Shenzhen Capchem Technology Co., Ltd. is a PRC-based provider of electronic chemicals and functional materials, specializing in battery chemicals. The company aims to optimize its capital structure and enhance core.
• The company is ranked second largest battery electrolyte provider globally in 2025 and first for capacitor chemicals by revenue from 2020 to 2025.
• For the six months ended June 30, 2026, revenue was RMB7,455,314 thousand and profit for the period was RMB998,900 thousand.

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• Hangzhou Tangji Medical Technology Co., Ltd. is a China-based medical device company established in 2016, providing novel solutions for metabolic diseases. It developed the first medical device approved for digestive.
• The company developed the first medical device approved for digestive endoscopic treatment of obesity in China. The global EBMT market is projected to grow to US$1,248 million by 2030.
• Revenue was RMB23,690 and gross profit was RMB20,110 for the six months ended June 30, 2026. The gross profit margin was 84.9% for the same period.

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• Medcaptain Medical launched Hongkong IPO to raise nearly HK$ 600M. They are a global medical device provider supplying life support products, minimally invasive intervention products, and in vitro diagnostics products.
• Medcaptain intends to use the proceeds for research and development, expand production capacity, enhance their sales & marketing capabilities, for strategic investments, upgrade IT infrastructure and for general corporate purpose.
• The valuation that they are seeking, seems relatively steep, but fundamentally worth for long term investors. The company needs to scale up the operations further, but that will take time.

• ClubMed Lifestyle Group is a global premium vacation lifestyle group, anchored by its Club Med brand, operating premium all-inclusive resorts and providing asset-light vacation scenario services worldwide.
• The group operated 69 premium resorts globally and had a sales network spanning over 40 countries, with revenue increasing to EUR1,948.5 million in 2025.
• Revenue was EUR1,948,546 in 2025, with net liabilities of EUR171.9 million as of June 30, 2026, and profit decreased from EUR68,768 in 2023 to EUR10,917 in 2025.

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• Exegenesis Bio Inc. is a biopharmaceutical company developing gene therapies for neurological and ophthalmic diseases, established in 2019. It seeks to list on the Main Board under Chapter 18A with.
• Two core products and one key product are internally developed. EXG102-031 completed Phase IIa 52-week follow-up in May 2026. EXG001-307 completed Phase I/II.
• Revenue was RMB1,299 in 2025, with a loss for the year of RMB(826,902). Net liabilities were RMB(2,649,112) as of June 30, 2026.

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