In today’s briefing:
- SK Hynix To Announce ADR Listing at AGM? (Positives of ADR Listing Vs Negatives of Share Dilution)
- Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) – The IPO Pricing Is Expensive
- Aequitas: SBI Funds Management Pre-IPO Tearsheet
- Aequitas: Sieyuan Electric A/H Listing – Power Infrastructure Build-Out Beneficiary
- Hangzhou Tongshifu IPO: Investors Can Delay to Lighten Their Coffers for This Copper Art
SK Hynix To Announce ADR Listing at AGM? (Positives of ADR Listing Vs Negatives of Share Dilution)
- According to numerous local media sources, SK Hynix is pursuing the issue of ADRs. Listing of ADR could get announced at its AGM on 25 March.
- The issuance is expected to represent approximately 2.4% of the total outstanding shares which is now worth 16 trillion won (US$10.7 billion).
- All in all, I think that the positives (reduce valuation gap with global peers and inclusion in major global indices) clearly outweigh the negatives (a small amount of share dilution).
Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) – The IPO Pricing Is Expensive
- The IPO pricing is HK$95.6-112.5 per share. If based on our forecast in 2025 and 2026, P/S is as high as 50x-59x and 21.4x-25.2x, respectively, much higher than peers.
- The IPO valuation is far higher than traditional medical device companies, reflecting the extremely optimistic expectations for the potential of Diagens’ AI technology and high growth prospects in the future
- The IPO pricing has “overdrawn” the growth expectations for next two years.A more comfortable valuation is 10x-15x P/S. If AI AutoVision achieves rapid growth, then 20x-25x P/S looks more persuasive.
Aequitas: SBI Funds Management Pre-IPO Tearsheet
- SBI Funds Management Ltd is looking to raise aboutUS$1.5bn in its India IPO, which will be run by a number of banks including Axis, BofA, HSBC, Jefferies, Motilal and SBI.
- SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
- According to CRISIL, it was the largest AMC in India in terms of quarterly average assets under management (QAAUM) with a 15.4% market share, as of Dec 31, 2025.
Aequitas: Sieyuan Electric A/H Listing – Power Infrastructure Build-Out Beneficiary
- Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.
- SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Hangzhou Tongshifu IPO: Investors Can Delay to Lighten Their Coffers for This Copper Art
- Hangzhou Tongshifu launched its Hongkong IPO aiming to raise up to HK$504B. They developing copper-based cultural and creative products by integrating traditional techniques with modern design and usage scenarios.
- Hangzhou Tongshifu intends to use the IPO proceeds for product development, enhancing production capabilities, enhancing retail and marketing infrastructure and strengthen digital infrastructure.
- We don’t expect any significant listing gains for the stock. Would recommend investors to stay in the sidelines for now and wait for the right dip.
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