In today’s briefing:
- Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations
- Sany Heavy Industry IPO in Hong Kong
- Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind
- Sany Heavy Industry IPO: Valuation Assessment
- JST Group IPO Trading: Strong Insti and Retail Demand
- Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins
- CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position
- Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company
- Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead
- Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO
Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations
- Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
- Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Sany Heavy Industry IPO in Hong Kong
- Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
- The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
- Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment.
Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind
- Zijin Gold showed strong growth momentum in 25Q1-Q3, mainly driven by high gold prices and the two major acquisitions of the Ghana Akyem Gold Mine and Kazakhstan Raygorodok Gold Mine.
- Based on 25Q1-Q3 results, we updated our forecast of Zijin Gold, with net profit to reach US$1.5 billion/US$2.3 billion/US$3.5 billion in 2025/2026/2027, respectively.Theoretically speaking, valuation still has positive upside potential.
- However, our greatest concern is not the fundamental factors but the selling caused by liquidity crisis, which may lead to a synchronous correction of Zijin when the global market declines.
Sany Heavy Industry IPO: Valuation Assessment
- Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
- Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
- Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.
JST Group IPO Trading: Strong Insti and Retail Demand
- JST Group (6687 HK) raised around US$270m in its HK IPO.
- It is China’s largest and most popular e-commerce SaaS ERP provider.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins
- Bama Tea (BAMA HK) launched its Hongkong IPO aiming to raise up to HK$368M. The company plans to sell 9M shares at HK$45-$50 per share.
- Bama Tea is a provider of tea leaf products in China, covering all six major types of tea leaves in China and non-tea-leaf products such as tea-ware and tea snacks.
- Amidst the highly fragmented tea consumption market Bama Tea relies on a volume play model with its branded offerings. We would recommend the investors to subscribe to the issue.
CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position
- CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise 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 positive aspects of the deal.
Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company
- They are a bank holding company headquartered in Jefferson City, Missouri. As of June 30, 2025, they had total balance sheet assets of $19.1 billion.
- Net income totaled $186.2 million, an increase of $14.9 million, or 8.7%, compared to $171.3 million for the six months ended June 30, 2024.
- Hile regional bank IPOs have generally been well-received in recent years, recent market sentiment toward the sector has turned more cautious, suggesting a more measured investor response this time around.
Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead
- Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
- Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
- Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.
Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO
- The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
- AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC.
- The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well.
💡 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
