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 ECM] Koei Tecmo (3635 JP) Needs to Sell Shares To Stay in Prime ($280mm Offering)
- In December 2021, Koei Tecmo Holdings (3635 JP) announced a complex but lower-impact move to increase float share count in order to stay listed on TSE Prime.
- Scheme: buyback from two holders plus CB issuance. Unfortunately, shares did not rise enough to convert the CBs so as of March 2025, the tradable share criteria was not met.
- So now the two main holders are selling more shares and the company is diluting holders with new issuance to get float/tradable shares up with a US$280mm offering.
2. [Japan ECM] Lifedrink (2585) – Fast-Growing Beverage Seller Meets P.E. Firm Selldown
- Today post-close, Lifedrink (2585 JP) announced the Sunrise PE funds which own 22% of the company will sell their stake in a clean-up offering with pricing in 8 days.
- This offering comes 8 trading days after a new post-earnings all-time-high. At 24x ADV, the offering will increase Max Real World Float by 50+%.
- There are some index and buyback supply/demand dynamics to note. It’s a heavy offering, so bullish/bearish may be a matter of horizon.
3. Metaplanet Placement: A Look at Other Treasury Play Issuances and Performance
- Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
- The deal is a relatively small one, representing 4.8 days of the stock’s three month ADV, despite being 22.8% of total shares outstanding.
- In this note, we look at Metaplanet and its peers.
4. Shandong Gold Mining Placement – H-Share Running Ahead of A-Shares
- Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt.
- The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
5. Hesai Secondary HK Offering – Stock Has Been Recovering, a Look at Possible Trading Setup
- Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong.
- The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
- In this note, we’ll take a look at the deal and talk about the impact of the raising.
6. ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery
- 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 number of company’s appear to be lining up to launch their IPOs in the coming month.
- On the placements front, there were a number of large deals across the region.
7. Koei Tecmo Placement: Some Non-Fundamental Selling; but Weak Fundamentals
- Koei Tecmo Holdings (3635 JP) is looking to raise around US$270m from a primary and secondary placement.
- The deal is a large one to digest, representing 37.6 days of the stock’s three month ADV and 6.1% of the shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
8. Simcere Pharma Placement – First Primary Raising, past Deals Have Been Mixed
- Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
- This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
9. Hesai Group H Share Listing: The Investment Case
- Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
- On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
- The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.
10. Orion Breweries IPO – Smaller Scale Warrants Discount
- Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
- Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
- In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.
