In today’s briefing:
- Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM
- Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation
- ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen
- Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down
Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM
- 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: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
- Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU).
Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation
- UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
- For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
- The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.
ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen
- 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, most of the listings over the past week ended up doing well, irrespective of overall demand.
- On the placements front, there was a lockup release for Contemporary Amperex Technology (CATL) (3750 HK), along with a number of other placements.
Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down
- Chuangxin Industries (CXI HK) raised around US$700m in its upcoming Hong Kong IPO.
- It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
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