In today’s briefing:
- Saint Bella IPO (2508.HK): Pricing and Post-IPO Performance, Wild Price Swings Could Be Short-Lived
- Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation
- Medtide (泰德医药) IPO Trading Update
- IFBH IPO Trading – Strong Overall Demand, Clawback Triggered
- Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Pre-IPO China Medical System (867 HK) – About the IPO in Singapore and Concerns on Valuation Outlook
- Kanzhun HK Secondary Listing – Re-IPO but Needs to Correct or Offer a Wider Discount
- ECM Weekly (30 June 2025) – FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent
Saint Bella IPO (2508.HK): Pricing and Post-IPO Performance, Wild Price Swings Could Be Short-Lived
- Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.
- The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares.
- Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.
Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation
- Anjoy Foods Group (2648 HK), already listed in Shanghai, is offering 40 million shares in Hong Kong to raise up to HKD2.6 billion (USD335 million); Offer closes today, June 30th.
- HK offer is priced at a decent discount to A share price and at valuation multiples that are aligned with its peer group and business fundamentals.
- With limited organic growth and little evidence of a strategic pivot to higher-value offerings, Anjoy Foods lacks a compelling long term investment case.
Medtide (泰德医药) IPO Trading Update
- Medtide raised HKD 514m (USD 65.5m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, June 30th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
IFBH IPO Trading – Strong Overall Demand, Clawback Triggered
- IFBH (6603 HK) raised about US$148m in its HK IPO.
- IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Pre-IPO China Medical System (867 HK) – About the IPO in Singapore and Concerns on Valuation Outlook
- CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from “dependence on generic drugs” to “innovation-driven drugs”.
- However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.
- After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance.
Kanzhun HK Secondary Listing – Re-IPO but Needs to Correct or Offer a Wider Discount
- Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares.
- We have covered the company since its listing, links to our prior notes are below.
- In this note, we’ll talk about the deal dynamics and structure.
ECM Weekly (30 June 2025) – FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent
- 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, in a busy listing week, the results from listing were mixed.
- On the placements front, there were a number of large deals across the region.
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