This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. HK A+H Connect Inclusion Event Study: 3Q2026 Update
- We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
- After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
- On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.
2. Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants
- Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
- MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
- In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.
3. [Japan Offering] Nihon Dengi (1723 JP) Selldown by Banks, the CEO, and One Crossholder
- On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
- That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.
- On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.
4. Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive
- 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, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn’t make much of a splash.
- On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman’s turn to sell some more of Kanzhun (2076 HK) stock.
5. [Japan Offering] Infroneer (5076 JP) Launches New Share Offering to Pay Down M&A Debt
- Today after the close, INFRONEER Holdings (5076 JP) announced an equity offering worth ~¥150bn at last price. Including greenshoe, it increases share count ex-Treasury by 21%.
- Max Real World Float increases nearly 60%. The goal? Pay down debt from its ¥91bn acquisition of Swing Corp and ¥9bn acquisition of Arsocia Construction (plus associated net debt).
- There are interesting parameters attached here. It is worthwhile considering how this will work.
6. Aequitas: Moore Threads Technology A/H Listing – Peer Comparison and Thoughts on Valuations
- Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
- MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
- We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.
7. Aequitas: Woori Financials Placement – Long-Awaited Cleanup Sale by Posco
- POSCO Holdings (005490 KS) is looking to raise US$503m in a secondary sale of its shares in Woori Financial Group (316140 KS).
- This is a long-awaited cleanup sale by POSCO Holdings (005490 KS).
- In this note, we will run the deal through our ECM framework.
8. [Japan Offering] IDaaS Provider Hennge (4475 JP) Announces Offering For Last Minute TOPIX Entry
- On Friday 2 October, just three business days before the TSE announces the restructuring of the TOPIX Index which would not include it, Hennge KK (4475 JP) squeezes in.
- To effect that inclusion, the company has announced a secondary equity offering where three of the top four execs (all with the company nearly 30yrs) are selling 1.75mm shares and…
- …there is a new share offering of 1.1mm shares. Total should be about US$30mm. 5x ADV. ~9% of shares out. Supply/demand dynamics are interesting. The stock is not cheap.
9. Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices
- Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
- A smart device and mobile Internet service provider primarily engaged in the design, R&D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
- In this note, we look at its PHIP updates and valuation.
10. ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation
- ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC 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.
