In today’s briefing:
- Pony AI Secondary HK Offering – Stock Has Been Volatile, a Look at Possible Trading Setup
- SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights
- Sany Heavy Industry IPO Valuation Analysis
- CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth
- Fibocom IPO Trading: Sluggish Demand
- Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook
- Laser Power & Infra Limited Pre-IPO Tearsheet
Pony AI Secondary HK Offering – Stock Has Been Volatile, a Look at Possible Trading Setup
- Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
- The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
- In this note, we’ll take a look at the deal and talk about the impact of the raising.
SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights
- Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
- I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case.
- The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.
Sany Heavy Industry IPO Valuation Analysis
- Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
- IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
- There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.
CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth
- CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
- CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
- In this note, we talk about the not-so-positive aspects of the deal.
Fibocom IPO Trading: Sluggish Demand
- Fibocom Wireless (300638 CH) raised US$380m in its upcoming Hong Kong IPO.
- It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook
- Herb Standard adopts light-asset model, which helps to bring about high gross margin.However, gross margin showed a declining trend due to increase in promotional discounts to capture more market share
- The total sales value of products returned was up 317% YoY in FY2025 due to unsold products after promotional events. There’re concerns whether the current strong growth momentum is sustainable
- Our forecast is revenue to increase 20%/15%/12% and net profit to increase 14% /11.7%/8.8% in FY2026/FY2027/FY2028, respectively.Due to higher growth/profit margin, valuation of Herb Standard could be higher than peer
Laser Power & Infra Limited Pre-IPO Tearsheet
- Laser Power & Infra Limited (1635018D IN) is looking to raise about US$135m in its upcoming India IPO. The deal will be run by ICICI Securities and IIFL.
- Laser Power & Infra Limited (LPIL) is an integrated manufacturer and EPC (Engineering, Procurement, and Construction) solutions provider for the power transmission and distribution industry in India.
- The company operates two primary business segments: Manufacturing and EPC, which together form a vertically integrated model.
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