This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. SBI Shinsei Bank (8303 JP) IPO: Trading Debut
- SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
- I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
- The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.
2. Korea Zinc Announces a Third Party Capital Raise of 2.9 Trillion Won & 11 Trillion Won US Investment
- On 15 December, Korea Zinc (010130 KS) announced a large scale third party capital raise of 2.85 trillion won (US$2.2 billion).
- Korea Zinc plans to issue 2.21 million new common shares (11.4% of current outstanding shares) at the issue price of 1,291,330 won per share (22.7% lower than current price).
- Korea Zinc announced a strategic partnership with the U.S. government and U.S.-based defense contractors to invest approximately 11 trillion won (US$7.4 billion) in constructing a critical minerals smelter in Tennessee, U.S.
3. Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
- Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
- Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
- Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.
4. Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026
- In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
- Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
- SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.
5. Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25
- Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
- SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.
6. SBI Shinsei Bank IPO Trading – Strong Demand, Peers Mini-Rally Will Help
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.
7. OmniVision Integrated Circuits Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
- OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
8. Pre-IPO InSilico Medicine (PHIP Updates) – Some Points Worth the Attention
- Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.
- Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.
- Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.
9. Pre-IPO Shanghai Forest Cabin Cosmetics Group (PHIP Updates) – Some Points Worth the Attention
- FOREST CABIN’s been subject to administrative penalties for false advertising. The natural ingredient that consumers truly pursue holds the highest premium in essence oil, but its content/efficacy is exaggerated.
- Pre-IPO valuation reached over RMB3.8bn. Some investors may believe that, given that FOREST CABIN’s profitability has initially been proven, its valuation is attractive. However, think FOREST CABIN have some issues.
- Valuation of FOREST CABIN should be lower than Mao Geping. A comfortable range could be P/E of 20-30x. If future growth declined/profit margin deteriorates, valuation may fall to 10-20x P/E.
10. OneRobotics (Shenzhen) Co Tearsheet
- OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
- OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
- The company covers the full industry chain from R&D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.
