In today’s briefing:
- Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind
- MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
- ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage
- Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem
Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind
- For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
- Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS’s market share may be further squeezed.
- The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).
MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
- MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
- It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
- In this note, we talk about the positive aspects of the deal.
ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage
- 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, filings and listings have cooled off going into the general summer lull.
- On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.
Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem
- Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
- Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
- I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
