In today’s briefing:
- Weekly Deals Digest (14 Sep) – Zijin Gold, Chery Auto, Hesai, Mandom, Soft99, Evergrande, Shengjing
- ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei
- StubHub IPO (STUB.US): Reasonable Valuation With Superior Gross Margins Unlocks a Buying Opportunity
- Genfleet (劲方医药) IPO: Margin of Safety
Weekly Deals Digest (14 Sep) – Zijin Gold, Chery Auto, Hesai, Mandom, Soft99, Evergrande, Shengjing
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Chery Automobile (CH3456 CH), Zijin Gold (2579355D HK) and Tata Capital Limited (TATACAP IN) IPOs. Hesai Group (HSAI US) H Share listing.
- Event-Driven developments: Mandom Corp (4917 JP), Soft99 Corp (4464 JP), Fuji Oil Co Ltd (5017 JP), Evergrande Property Services (6666 HK), Shengjing Bank Co Ltd H (2066 HK).
ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei
- 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, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
- On the placements front, as well, market remains receptive for both primary and secondary offerings.
StubHub IPO (STUB.US): Reasonable Valuation With Superior Gross Margins Unlocks a Buying Opportunity
- StubHub Holdings, the world’s leading live event marketplace, is expected to price its initial public offering on Tuesday.
- The 20+ times oversubscribed offering may raise up to ~$850M at the high end of the range at $25.00 per share.
- The American online ticketing giant plans to use net proceeds from the offering to repay ~$550M of existing indebtedness outstanding.
Genfleet (劲方医药) IPO: Margin of Safety
- Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.
- In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.
- In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.
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