Weekly Top Ten Equity Capital Markets - Dec 29, 2024

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.
The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.
IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&D capabilities.

2024 ECM offerings in the Greater China logistics & transport segment included TS Lines (in Hong Kong), SF Holding(Hong Kong), and BingEx (US)
Generally, recent share offerings in the segment have not performed well at all
Looking to 2025, we see several deals, including SHEIN and a possible Didi return

Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.
The R&D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.
Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.

Calendar effects in equity markets have persisted despite widespread knowledge of their existence.
Combine the Turn-of-Year (TOY) effect with the Santa Rally phenomenon systematically
The trading approach historically generates 1.4-2.0% returns over a 7-day period, with a win rate of 75% since 2000.

Haier Biomedical plans to merge with and absorb Shanghai RAAS through the issuance of shares, and both parties have signed a letter of intent for the potential merger.
Haier’s acquisition of RAAS helps connect the software and hardware of the blood industry and strengthen the company’s dominant position in the entire industry chain in the blood products industry.
The market value/financial performance of these two are far apart. If the acquisition is completed, it will help Haier improve financial performance, which is obviously more beneficial for Haier.