This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy
- Zhongji InnoLight (3308 HK) fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.
- Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull’s grey market price was down 1% from the IPO.
- It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.
2. HK IPO WATCH: Zhongji Innolight – Global Dominance for AI Buildout
- Zhongji Innolight has placed its dual-listed H shares at HK$980 per share, approximately a 10% discount to its A shares. The listing will be the largest in HK since Alibaba.
- Zhongji Innolight is the world’s largest manufacturer of optical transceiver modules, holding 21.2–23.1% global market share in datacom optical modules as of 2025.
- The company supports global cloud and AI computing infrastructure with strong hyperscaler qualification relationships with Google, Amazon, Meta, and Nvidia, its largest customers.
3. Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO
- YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO.
- Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT’s current market cap.
- Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS).
4. Aequitas ECM Weekly (27 July 2026)- Innolight, SBI, Tier IV, Indo-MIM, Gcash, Archion, SinoTruck
- 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, Zhongji Innolight (300308 CH) launched HK’s largest listing so far this year, while SBI Funds Management reopened the Indian markets.
- There weren’t many placements over the past week but we did look at a few upcoming lockup expiries.
5. Aequitas: Shein – The Negatives – Controversies, Down Rounds, Cash Payouts & Earning as Well.
- SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
- Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
- In this note, we talk about the not-so-positive aspects of the deal.
6. Zhongji Innolight (中际旭创) IPO Trading
- Zhongji Innolight raised HKD 52,891m (USD 6,746m) from its global offering and will list on the HKEx on Thursday, July 30, 2026.
- In our previous notes, we looked at the company’s fundamentals and the deal terms.
- In this note, we provide an update for the IPO before its trading debut.
7. IPO Databook: Beijing ESWIN Computing Technology (HK) – Jul 2026
- Beijing ESWIN Computing Technology Co., Ltd. is a RISC-V oriented chip product provider in China, researching and designing chips, chipsets, and circuit boards. It was China’s largest domestic smart device.
- Beijing ESWIN Computing Technology served 220 customers worldwide and was China’s largest domestic smart device human-machine interaction chip product provider in 2025.
- The company reported a loss of RMB(1,515,844) thousand for 2025 and net cash used in operating activities of RMB(1,171,001) thousand.
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8. Nvidia to Acquire a 4.5% Stake in Naver for About $1 Billion
- On 27 July, it was announced that NVIDIA plans to purchase a 4.5% stake (7.24 million shares) in Naver for 1.48 trillion won (approximately $1 billion).
- To mitigate the dilution of shareholder value resulting from the issuance of new shares, Naver plans to cancel 4.9 million treasury shares (3.1% of outstanding shares) on 3 August.
- The capital infusion from Nvidia is likely to put a greater emphasis on additional sales and profit growth from Naver’s AI infrastructure related businesses.
9. SHEIN Global Pre-IPO: Key Positives and Negatives
- SHEIN Global Holdings (SHEIN HK) aims to raise HK$15.7-23.5bn in its upcoming HK IPO and has passed the listing committee hearing. It recorded losses of US$99m in 1Q26.
- Key positives are its leadership position with global presence, excellent brand portfolio with comprehensive offerings, and unique operating model and end-to-end intelligent supply chain.
- Key negatives are its exposure to regulatory and tariff uncertainties, geopolitical and supply chain scrutiny, and challenges from intensifying competition.
10. Aequitas: Manipal Health IPO – RHP Updates and Thoughts on Valuations
- Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO.
- MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
