Daily Brief ECM: Putailai (璞泰来) A+H Pre-IPO: Early Thoughts and more

• Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.
• We look at the company’s core segments: battery key materials and battery automation equipment.
• We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.

• DataCanvas Co., Ltd. is a leading AI computing service provider in China, supporting compute-intensive AI workloads and delivering on-demand cloud computing services.
• The company was ranked as the largest neocloud in China by revenue in 2025, with controllable computing capacity exceeding 29,000 PFLOPS.
• The company reported revenue of RMB588,383 thousand for H1 2026, alongside a loss of RMB(1,094,878) thousand and net liabilities.

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• Velos Acquisition I Corp. is a Cayman Islands blank check company formed to effect a business combination with one or more businesses.
• The company was formed to effect a business combination and has until August 2, 2027, to complete it.
• The company reported a working capital deficit of $8,049,671 as of June 30, 2026, and management has substantial doubt about its ability to continue as a going concern.

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• YUDO HOLDINGS CO., LIMITED is a global precision thermal management technology company and the world’s largest provider of Hot Runner Systems by revenue in 2025.
• Yudo Holdings reported 92.4% of revenue from repeat customers in 1H 2026 and maintained gross profit margins over 50% during the Track Record Period.
• Yudo Holdings reported US$380,816 thousand in revenue for FY2025, alongside a loss of US$(57,711) thousand for the same year.

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