This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. SK Hynix To Announce ADR Listing at AGM? (Positives of ADR Listing Vs Negatives of Share Dilution)
- According to numerous local media sources, SK Hynix is pursuing the issue of ADRs. Listing of ADR could get announced at its AGM on 25 March.
- The issuance is expected to represent approximately 2.4% of the total outstanding shares which is now worth 16 trillion won (US$10.7 billion).
- All in all, I think that the positives (reduce valuation gap with global peers and inclusion in major global indices) clearly outweigh the negatives (a small amount of share dilution).
2. Structural Features of Hanwha Solutions Rights Offering
- Deal size is the key swing factor: KRW 2.1tn rights offering, 20% discount, 0.335 allocation ratio. Even with Hanwha Corp 120% take-up, KRW 1.2tn still hits the market.
- Tighter 1st-to-2nd pricing gap reduces discount volatility, setting up a cleaner rights arb, but Hanwha Solutions’ thin SSF liquidity means short hedges will need a creative approach.
- FSS is reviewing the deal over use of proceeds, but with Hanwha Corp pre-signaling full oversub, regulatory risk looks low and unlikely to block the rights offering.
3. Hanwha Solutions: Rights Offering Capital Raise of 2.4 Trillion Won
- On 25 March, Hanwha Solutions (market cap of 6.3 trillion won) announced that it plans to conduct a rights offering capital raise of nearly 2.4 trillion won (US$1.6 billion).
- I have a Negative View of this rights offering capital raise mainly due to excessive dilution concerns of existing shareholders. In addition, the company has poor balance sheet.
- The company’s core solar and chemical businesses are experiencing tough competition and its profitability (operating margin) worsened in 2025. Valuations are also not cheap (EV/EBITDA of 20.1x).
4. Aequitas: Guangdong Huayan Robotics IPO – Some Doubts but Relative Pricing Isn’t Expensive
- Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its 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.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
5. Aequitas: Capitaland Ascendas REIT Placement – Logistics and Data Center Acquisition; DPU Accretive
- CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to US$700m via a share placement and preferential offering, to acquire properties in Singapore, Spain, Japan and the US.
- Shareholders will also be eligible for an additional preferential offering with record date on 1 April
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
6. Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS
- 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, a wave of smallish HK IPOs was launched late in the week.
- On the placement front, deals have started to flow in across the region after a somewhat quiet war and earnings driven rest.
7. Aequitas: Sieyuan Electric A/H Listing – Power Infrastructure Build-Out Beneficiary
- Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.
- SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
8. Pre-IPO Victory Giant Technology (A/H Listing) – The Business and the Outlook
- Victory Giant’s quarterly growth in 25Q4 witnessed a significant QoQ decline, as the Company’s performance is subject to short-term disturbances caused by product cycles and the bargaining power of customers.
- Although some delayed orders in 25Q4 may be recognized as revenue in 26Q1, leading to a possible sequential improvement, there would be no explosive growth rebound in the short term.
- The market would price in Victory Giant’s “high purity of AI business + steep growth of performance + big profit elasticity”.20-25x P/E based on 2026 forecast could be comfortable range.
9. Unitree Robotics IPO Preview: Path To Market Leadership and The Next Wave of Robotics
- Unitree Robotics, a global leader in high-performance robotics, focusing on humanoid and quadruped robots, is expected to IPO on the Shanghai’s STAR Market in April.
- The founder-led robotics unicorn has established a leading position in quadruped robots and is rapidly transitioning into humanoid robotics, which is expected to be the next major growth vector.
- Unitree Robotics has delivered 3+ years of exceptional revenue growth with a 80%+ CAGR and an elite gross margin profile supporting profitability – something nearly unheard of among robotics peers.
10. Aequitas: Smart More Inc Pre-IPO Tearsheet
- SmartMore Inc (1811514D CH) (SM) plans to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC, DB and MS.
- SM is an AI company offering robots, edge AI sensors, and agentic software systems.
- It is the largest industrial AI agent provider in China in terms of revenue in 2025, as per CIC.
