Daily Brief ECM: Weekly Deals Digest (21 Sep) - Chery Auto and more

In today’s briefing:

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing
ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang
Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, 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 (9973 HK), Zijin Gold (2259 HK) and Centurion Accomodation REIT (CAREIT SP) IPOs.
Event-Driven developments: Soft99 Corp (4464 JP), Mandom Corp (4917 JP), ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Shengjing Bank Co Ltd H (2066 HK).

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, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.

Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we’e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network