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: Alibaba Placement – US$10bn Raising, Relatively Ok Size, Index Flows
- Alibaba (9988 HK) is looking to raise around US$10bn to fund its AI spending.
- Alibaba (BABA US) recently reported its 1H26 results, with elevated AI capex and negative free cash flows.
- In this note, we will talk about the placement and run the deal through our ECM framework.
2. SHEIN Global (625 HK) IPO: Valuation Insights
- SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
- I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look
- I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors.
3. SHEIN (希音) IPO: Analysis of Deal Terms
- SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.
- In this note, we look at the deal terms and recap our valuation note for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
4. SHEIN Global (625 HK) IPO: Cheap for Some Reason
- SHEIN Global Holdings (625 HK) has an ambitious IPO plan to raise HK$13.1bn. However, the volatile earnings record and challenging environment require a sizeable safety margin.
- We project a 3-year EPS CAGR of -5.3% as profitability will only slightly recover next year. Yet, our forecasts may still be optimistic.
- The maximum IPO price (HK$49.50) implies a FY16 PER of 18.5x, but its small size and volatile growth are negatives. We will only be involved at the low end.
5. Aequitas: Wistron GDR Early Look – Repeat GDR, With Strong Fundamentals
- Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
- On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
- Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.
6. Aequitas: Shein Global Holdings IPO – Thoughts on Valuation- Just like Its Wares, It Is Cheap But…
- SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn 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.
- We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the IPO pricing.
7. Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi
- 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, SHEIN Global Holdings (SHEIN HK) is set to launch this week/today, as per media reports, while deal in India continue to flow in.
- On the placement front, Alibaba (9988 HK) launched the largest HK primary raising yet on Sunday.
8. Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms
- Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
9. Aequitas: Japan Airport Placement – US$350m Cross-Unwinding; Large Deal in ADV
- A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal Co (9706 JP).
- The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.
- In this note, we will talk about the placement and run the deal through our ECM framework.
10. Ingenic Semiconductor (北京君正) IPO Trading
- Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 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.
