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: Zijin IPO Lockup- Some Cornerstones Could Be Sellers in the US$4bn Lockup Release
- Zijin Gold (2259 HK) raised US$3.2bn from its Hong Kong IPO in September 2025 via a primary offering of HKD71.59/share in its IPO.
- The lockup on its cornerstone investors is set to expire soon.
- In this note, we will talk about the lockup dynamics and possible placement.
2. GenFleet Therapeutics IPO Lockup – A Minor Prelude to a Much Bigger Release
- GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire soon.
- GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
- In this note, we will talk about the lockup dynamics and possible placement.
3. Pre-IPO Delton Technology (1989 HK) – The IPO Pricing Is Attractive
- The core of Delton’s business model lies in JDM that deeply integrates with the computing power trend, which would enable it to achieve highest profit elasticity during industry’s growth period.
- Delton’s weakness include scale and financial stability. Compared with peers, its cash flow and customer structure are relatively fragile. The significant increase in copper prices/commodities may directly erode Delton’s profits.
- We think the IPO pricing is reasonable. For cornerstone investors and long-term value investors, if the final pricing is at HK$71.88 or lower, there would be decent upside potential.
4. Aequitas: Kingboard Laminates Placement – Stock Has Done Exceedingly Well, Last Deal Went Great
- Holdco Kingboard Holdings (148 HK) is looking to sell around a 3.8% stake in Kingboard Laminates Holdings (1888 HK) to raise up to US$357m via a secondary selldown.
- Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
5. Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay
- 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, most of the listings this week didn’t do much.
- On the placement front, given the market volatility, there weren’t any large deals. We did look at some of the upcoming lockup expiries.
6. Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much
- Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics (005930 KS) shares via a block deal.
- The selldown is being undertaken to meet regulatory requirements for shareholding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
7. Aequitas: Guangdong Huayan Robotics Pre-IPO – The Positives – Fast Growth
- Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.
- GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
- In this note, we talk about the positive aspects of the deal.
8. Didi Q425 Results | China Biz Hums, International Losses Explode | Before an IPO, Didi Needs a Plan
- Shocking performance from International segment caused large Adj EBITA loss in Q425
- The core Chinese ridehailing business continues to grow and generate improving margins
- Ahead of a potential HK IPO, Didi must offer a pathway towards International recovery
9. Aequitas: Guangdong Huayan Robotics Pre-IPO – The Negatives – Most of the Revenue Comes from Related
- Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.
- GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
- In this note, we talk about the not-so-positive aspects of the deal.
10. Chando Global Pre-IPO – The Positives – Well Known Brand
- Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
- Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost & Sullivan (F&S).
- In this note, we talk about the positive aspects of the deal.
