In today’s briefing:
- Tekscend Photomask (429A JP) IPO: Trading Debut
- SANY Heavy Industry H Share Listing: The Investment Case
- TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group
- Chando Global Pre-IPO Tearsheet
- Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap
- Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
- JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”
- Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
- Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company
Tekscend Photomask (429A JP) IPO: Trading Debut
- Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
- I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights.
- The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.
SANY Heavy Industry H Share Listing: The Investment Case
- Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion.
- SANY has six operating segments. The largest segment, as measured by revenue and gross profit, is excavating machinery.
- The fundamentals are good, with strong growth, an increasing overseas mix, an improving margin profile, strong cash generation, and a solid balance sheet.
TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group
- TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
- Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
- TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.
Chando Global Pre-IPO Tearsheet
- Chando Global Limited (CHANDO HK) is looking to raise at least US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International and UBS.
- Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost & Sullivan (F&S).
- Its flagship brand, CHANDO, had consistently ranked among the top two domestic cosmetics brands for 12 consecutive years from 2013 to 2024 by retail sales.
Tekscend Photomask IPO Trading – Priced at the Top, but Still Relatively Cheap
- Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
- TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
- In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.
Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates
- Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
- 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.
JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”
- JST Group (1703609D CH) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
- It is China’s largest and most popular e-commerce SaaS ERP provider.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Sany Heavy Industries A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn 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 company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.
Pre-IPO Shanghai MediTrust Health Technology Group – The Business Model and the Concerns Behind
- The essence of MediTrust’s business model is building an ecosystem of “Internet/AI + drugs + medical services + insurance”. The core competitiveness lies in the network effect of medical payments.
- Smart Pharma Solution overly relies on pharmaceutical companies’ promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
- Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor
Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company
- HCI has announced plans to spin off Exzeo as a standalone entity which is their insurance technology solutions company
- Through the Exzeo Platform, they currently provide services in 13 states in which their customers have operations.
- They had revenue of $45.6 million, $88.3 million, and $133.9 million and income (loss) after taxes of ($42.0 million), $12.9 million, and $26.1 million in 2022, 2023, and 2024, respectively.
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