This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. [Japan Offering] GMO Internet (4784) – A New Offering at a LOT Lower Price
- On 1-Jan-2025, the new GMO Internet (4784 JP) (formerly GMO Ad Partners) was reborn. It was basically a RTO (of parent GMO’s data centre business) with a new Prime Listing.
- Float was tiny. Maybe 2%. Then there was a TOPIX inclusion. The stock was squeezed from ¥1,200 to ¥3,100 (was ¥350 when the plan was announced in mid-2024).
- An offering was announced last year at ¥3,100. Nobody wanted it. The stock fell 80%, rebounded a bit. Now we have a new offering. But it’s still rich.
2. Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution
- Hynix is pushing an accelerated ADR timeline targeting June to July, compressing SEC review and roadshow to pull listing timing forward as much as possible.
- SK leadership pushing larger SK Hynix ADR, open to SK Square’s Hynix stake dilution below 20 percent, likely via secondary ADRs with EB structuring in play.
- Early disclosure on SK Hynix issuance and SK Square monetization keeps overhang, as larger ADR and EB flows may drive volatility and short pressure on Hynix.
3. Aequitas: CATL Possible H-Share Issuance – Could Be an Opportunistic US$5bn Raising in Hong Kong
- Contemporary Amperex Technology (CATL) (3750 HK) could look to raise another US$5bn in Hong Kong via a placement, as per media reports.
- CATL had raised around US$5.2bn in its H-share listing in May 2025 and the stock is up 160% since.
- In this note, we will talk about the possible deal dynamics.
4. Victory Giant Hong Kong Public Offering
- On 13 April, Victory Giant (2476 HK) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion).
- The company is offering 83.35 million shares in Hong Kong at up to HK$209.88 each. The company is expected to start trading in Hong Kong on April 21.
- Victory Giant ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in 1H 2025 with a 13.8% market share.
5. Victory Giant Technology Hong Kong IPO Valuation Analysis
- According to my valuation analysis, it suggests base case valuation of HK$378 which is 80% higher than the initial offer price of HK$209.88.
- One could argue that the company deserves to trade at even higher valuation multiples than the comps, given its higher sales growth and operating margins.
- To value Victory Giant (2476 HK), I used three comps including Zhen Ding Technology Holding (4958 TT), Unimicron Technology (3037 TT), and Samsung Electro Mechanics Co, Ltd. (009150 KS).
6. Victory Giant H Share Listing (2476 HK): Valuation Insights
- Victory Giant (2476 HK), the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.
- I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case.
- The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.
7. Curator’s Cut: Soft Commodities’ Hard Truths, Pricing China’s Hi-Tech & Sumitomo Pharma’s Placement
- Welcome to Curator’s Cut – a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.
- In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma’s massive share placement.
- Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.
8. Victory Giant Technology (2476 HK) IPO: It Will Be Hot
- Victory Giant (2476 HK)‘s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
- Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
- The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.
9. Aequitas: Victory Giant A/H Listing – Attractive Pricing for AI Play
- Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing.
- VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
- We have looked at the company’s past performance in our previous note. In this note, we talk about the IPO pricing.
10. Huaqin H Share Listing (3296 HK): Valuation Insights
- Huaqin (3296 HK), the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million.
- I discussed the H Share listing in Huaqin H Share Listing: The Investment Case.
- Given my previously discussed bearish investment case and the unattractive AH discount, I would avoid the H Share listing.
