This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Aequitas: CATL H-Share Placement – Has Seen Nearly US$5bn Worth of Wrong Deals
- Sinopec is looking to raise around US$780m via selling most of its stake in Contemporary Amperex Technology (CATL) (3750 HK)’s H-shares.
- Last week we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place, including this one.
- In this note, we run the deal through our ECM framework and talk about the deal dynamics.
2. Victory Giant H Share Listing (2476 HK): Trading Debut
- Victory Giant (2476 HK) priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.
- I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case and Victory Giant H Share Listing (2476 HK): Valuation Insights.
- Victory Giant’s international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.
3. Victory Giant A/H Trading – Set of an AI Pop, Strong Institutional Demand
- Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn 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 covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
4. Aequitas: Lightelligence IPO – Betting On The Next AI Bottleneck
- Shanghai Xizhi Technology (Lightelligence) (LIG HK) is looking to raise around US$330m in its upcoming Hong Kong IPO.
- Lightelligence, otherwise known as Shanghai Xizhi Technology, is a specialist technology company dedicated to the pioneering field of optoelectronic computing, an innovative paradigm that combines photonics (light) and electronics.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
5. Mabwell (迈威生物) A+H: Moderate Upside but Connect Event Ahead
- Mabwell, a China-based biotech, launched its IPO to raise at least USD 185 million via a Hong Kong listing.
- In this note, we look at the deal terms and provide our thought of valuation for the company.
- We analyzed the reference connect events and assess the risk-reward of the deal.
6. Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST
- 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, all eyes will on Victory Giant Technology -A (300476 CH) as it completes one of the largest A/H listings.
- On the placement front, there weren’t many large deals given the ongoing market volatility, we did look at the news of a possible raising by CATL(300750 CH).
7. Xizhi Technology (Lightelligence) (1879 HK) IPO: Valuation Insights
- Shanghai Xizhi Technology (Lightelligence) (LIG HK) is a Chinese optical interconnect company. It has launched an HKEx IPO to raise US$319 million.
- I previously discussed the IPO in Xizhi Technology (Lightelligence) IPO: The Investment Case.
- Despite my cautious view of the fundamentals, my DCF sensitivity analysis suggests the IPO price range is reasonable. The presence of blue-chip cornerstones will help sentiment.
8. X-Energy Inc. (XE): Ark Invest Anchoring Nuclear Reactor Tech IPO
- X-Energy IPO shows strong demand with ARK anchor order and oversubscribed books ahead of expected market debut.
- Positioned to benefit from AI-driven power demand using SMR technology and proprietary nuclear fuel solutions.
- Backed by blue-chip investors and DOE funding, but remains pre-commercial with significant and widening net losses.
9. Shanghai Sunmi Technology (6810 HK) IPO: Doesn’t Stand Out
- While Shanghai Sunmi Technology (6810 HK) is a leader in Business Internet of Things (BIoT) solutions, its IPO size is relatively small with net proceeds of HK$908.7m.
- We forecast its 3-year EPS CAGR at 26.4%, driven by its comprehensive customer coverage and geographical presence, and it will continue to see a positive margin trend.
- At HK$24.86, it is priced at 21.4x FY26 PER, vs. 13.2x for the peer average. Its better growth has been discounted, making the IPO’s risk-reward payoff unfavourable.
10. Aequitas: Shanghai Sunmi Tech IPO – Slowing Growth Doesn’t Justify Premium
- Shanghai Sunmi Technology (6810 HK) is looking to raise around US$135m in its upcoming Hong Kong IPO.
- Shanghai Sunmi Technology Co., Ltd. (SSTC) is a global Business Internet of Things (BIoT) solution provider. Its solutions integrate smart hardware, software, and data insights to enable digital transformation.
- In this note, we talk about the company’s past performance and valuations.
