In today’s briefing:
- WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum
- CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
- Pony AI HK Dual Primary Listing: The Investment Case
- Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
- Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On
- LivsMed IPO Preview
- Nota IPO Bookbuilding Analysis
- Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation
- Pre-IPO Vigonvita Life Sciences (PHIP Updates) – Some Points Worth the Attention
WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum
- WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
- The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
- In this note, we’ll take a look at the deal and talk about the impact of the raising.
CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
- Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
- It is a provider of critical infrastructure components for the development of AI.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Pony AI HK Dual Primary Listing: The Investment Case
- Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.
- It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
- The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full.
Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
- Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
- From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
- Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.
Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On
- Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
- Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
- In this note, we talk about the positive aspects of the deal.
LivsMed IPO Preview
- LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
- This is expected to be one of the largest IPOs in KOSDAQ in 2025. The IPO price range is from 44,000 won to 55,000 won per share.
- LivesMed has commercialized the world’s first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.
Nota IPO Bookbuilding Analysis
- Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
- Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won).
- Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.
Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation
- Evommune (EVMN US) is set to offer 9.375 million shares at $15-$17 and is slated for a debut of November 6th on the NYSE.
- According to the prospectus, the underwriters have reserved up to 5% of the shares at the initial public offering price in a directed share program.
- The company has a handful of license agreements which could boost the profile of this biotech.
Pre-IPO Vigonvita Life Sciences (PHIP Updates) – Some Points Worth the Attention
- Vigonvita’s product revenue is unlikely to show significant improvement in short term. Whether Vigonvita can avoid the pitfalls that peers have fallen into remains to be tested by the market.
- With a large amount of idle production capacity, the rationality and necessity of the IPO fundraising plan still including the construction of a new factory in Qingdao are questionable.
- Vigonvita’s valuation is mainly based on the commercialization of TPN171/VV116. If sales of TPN171 is poor or clinical trial of VV116 fails, valuation will face the risk of significant decline.
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