This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. [Japan Offering] Kasumigaseki Capital (3498 JP) – BIG Primary for Big Plans
- On Friday, Kasumigaseki Capital (3498 JP) announced Aug-25 earnings and a combination ¥45-50bn primary+secondary offering worth 5.3mm shares, 6x ADV, and a float increase of 37%. Shares fell 15% today.
- 2yrs ago they did a large offering. It went well. They’d had a ridiculous plan to grow OP 6x from ¥3.5bn to ¥20bn in 2yrs to Aug-26. Then by Aug-25.
- They got to ¥8.5bn in Aug-24 and now ¥18.9bn in Aug-25 and now guide to ¥26.5bn in Aug-26 (the original plan having been ¥20bn).
2. WeRide HK Listing: The Investment Case
- WeRide (WRD US), a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.
- It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.
- The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.
3. Seres Group H Share Listing (9927 HK): Valuation Insights
- Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
- I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
- The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.
4. Seres Group Hong Kong IPO Preview
- Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
- At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
- Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.
5. Pony AI Secondary HK Offering – Needs to Correct Some More
- Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the deal structure and updates since then.
6. SANY Heavy Industry H Share Listing (6031 HK): Trading Debut
- Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
- I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights.
- Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.
7. WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap
- WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the deal structure and updates since then.
8. Seres Group A/H IPO Pricing – Thoughts on Valuations
- Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
- Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
9. ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB
- 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, Hong Kong and India markets appear to be gearing up for a year end rush.
- On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.
10. Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed
- Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
- This represents 0.9 days of the stock’s three month ADV, and 0.3% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
