In today’s briefing:
- HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction
- Taiwan Dual-Listings Monitor: TSMC High Premium Persisting, Record Short Interest in Local
- Xiaomi: Sentiment Surges, Option Market Signals Overreach
- Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Kanzhun HK Secondary Listing – Re-IPO but Needs to Correct or Offer a Wider Discount
- ECM Weekly (30 June 2025) – FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent
HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction
- China Mobile (941 HK) has secured all PRC regulatory approvals for its HKBN Ltd (1310 HK) offer. The remaining precondition is approval from the HK Communications Authority.
- I Squared, while technically still in the race, is rapidly running out of time. It needs to announce an offer before China Mobile opens its offer for acceptance.
- Despite the HKBN CEO’s comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise.
Taiwan Dual-Listings Monitor: TSMC High Premium Persisting, Record Short Interest in Local
- TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level; Record Short Interest in Local
- UMC: +1.1% Premium; Wait for More Extreme Premium to Short
- ASE: +2.9% Premium; Near Level to Go Long the ADR Spread
Xiaomi: Sentiment Surges, Option Market Signals Overreach
- Xiaomi surged to new all-time highs following its ecosystem launch and strong YU7 pre-order momentum.
- We examine option market activity to assess what’s being priced and whether sentiment is getting ahead of itself.
- Two option trade structures are outlined to reflect our findings.
Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Kanzhun HK Secondary Listing – Re-IPO but Needs to Correct or Offer a Wider Discount
- Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares.
- We have covered the company since its listing, links to our prior notes are below.
- In this note, we’ll talk about the deal dynamics and structure.
ECM Weekly (30 June 2025) – FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent
- 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, in a busy listing week, the results from listing were mixed.
- On the placements front, there were a number of large deals across the region.
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