Lamont’s bubble-detection framework relies on “Four Horsemen”: overvaluation, bubble beliefs, issuance, and inflows. While he conceded that three of these are present in the market of early 2026—valuations are high, retail investors are piling in, and sentiment is frothy—the absence of issuance disqualifies the current cycle from bubble status. In fact, it’s “baffling” that there aren’t more IPOs. “They haven’t come yet, and maybe they’re coming in 2026,” he said. In 1999, for instance, the market absorbed ...

Group 1: IPO Dynamics - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the "first stock of snack retail" in Hong Kong with the stock code "1768" [3] - Mingming Hen Mang issued a total of 15,511,200 H-shares, raising a total of HKD 3.67 billion at an issue price of HKD 236.60 per share, with a subscription rate of 1,899.49 times for public offerings and 44.44 times for international offerings [3][4] - The company has a strong cornerstone investor lineup, including Tencent and Temasek, which subscribed for USD 45 million and USD 45 million respectively, and BlackRock for USD 35 million [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operated 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - The company achieved a GMV of RMB 66.1 billion in the first three quarters of 2025, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] - The founder and CEO expressed the company's vision to provide affordable snacks and create a joyful experience for consumers [6] Group 3: Aixin Yuanzhi Semiconductor - Aixin Yuanzhi Semiconductor Co., Ltd. plans to list on the Hong Kong Stock Exchange on February 10, 2026, with the stock code "0600" [7] - The company aims to raise up to HKD 2.958 billion by issuing 104,915,200 H-shares at an issue price of HKD 28.20 per share, with a cornerstone investment of USD 185 million [8][9] - Aixin Yuanzhi has become the fifth largest visual edge AI inference chip supplier globally, with a market share of 24.1% in the high-end segment [9][10] Group 4: Zhuozheng Medical - Zhuozheng Medical Holdings Limited plans to list on the Hong Kong Stock Exchange on February 6, 2026, with an IPO target of over HKD 300 million [11][12] - The company has a diverse cornerstone investor base, including notable figures from the medical and technology sectors [12] - Zhuozheng Medical's revenue from 2022 to 2024 showed a compound annual growth rate of 42.2%, with a significant increase in gross profit [13] Group 5: Robotics and Automation - Tianjin Atonmo Robot Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on January 28, 2026, focusing on high-precision robots [14][15] - The company has maintained the highest market share in domestic parallel robots for five consecutive years, with a revenue increase of 72.5% in the first three quarters of 2025 [15][16] - Atonmo's products have been applied in over 1,000 scenarios across various industries [14] Group 6: Digital MRO Services - Shanghai Xinyi Linhe Technology Co., Ltd. aims to list on the Hong Kong Stock Exchange, focusing on digital MRO procurement services [20] - The company reported a cumulative transaction volume of approximately RMB 8.5 billion in 2023, with a significant increase in revenue [21][22] - Xinyi Linhe has established partnerships with over 3,000 MRO product manufacturers and suppliers, covering more than 220,000 retail hardware stores [20] Group 7: FA Equipment Procurement - YESMRO Holdings Limited submitted its IPO application to the Hong Kong Stock Exchange, focusing on digital transformation in FA equipment procurement [24][25] - The company has achieved over 81.3% in stock availability and 96.5% in on-time delivery rates, setting industry benchmarks [24] - YESMRO has served over 24,000 different scale automation equipment manufacturers across multiple industries [25] Group 8: Skincare Industry - Shenzhen HBN Technology (Group) Co., Ltd. aims to become the "first stock of true efficacy skincare" in China, with a focus on sustainable brand development [28] - HBN has established itself among the top ten domestic skincare brands in China, with a significant market share in the improvement skincare segment [28][29] - The company reported a revenue of RMB 2.08 billion in 2024, with a notable increase in adjusted net profit [29] Group 9: Automotive Technology - Zhejiang Konghui Automotive Technology Co., Ltd. has initiated its A-share IPO process, focusing on air suspension systems [36][37] - The company has delivered over 1 million air suspension systems and established partnerships with more than 20 mainstream automotive brands [36] - Konghui has successfully entered the supply chain of international luxury automotive brands [37]

Core Insights - The global IPO market is showing signs of recovery in 2026, with an increase in listing projects across multiple exchanges, particularly in AI, hard technology, energy, and advanced manufacturing sectors, indicating a potential restoration of risk appetite in capital markets [1][2] - However, this IPO wave does not align with typical characteristics of past cyclical recoveries, as the types of companies successfully pursuing IPOs have significantly changed [2][4] Changes in Company Types - Companies that can successfully advance to IPOs are now concentrated in a few high-capital-density industries with long investment cycles and strong policy connections, while many light-asset and narrative-driven companies remain outside the listing doors [2][4] Shifts in IPO Pricing Logic - The pricing logic for IPOs is shifting from a focus on "growth potential" to prioritizing strategic necessity, cash flow verifiability, and long-term capital sustainability due to high interest rates and geopolitical factors [3][11] - This indicates a transition of IPOs from a "market reward mechanism" to a strategic asset selection and pricing mechanism [4][15] Strategic IPOs - A new category of "strategic IPOs" is emerging, characterized by companies that are critical to industry chains, have capital-intensive operations with verifiable cash flow paths, and are closely tied to national development goals or global industrial patterns [12][14] - The existence of these companies is deemed essential, leading to a higher threshold for IPO eligibility, as capital markets now differentiate between "replaceable product innovation" and "irreplaceable system capabilities" [14][15] Market Differentiation - The 2026 IPO landscape is not a uniform recovery but rather a highly differentiated and selective return, with capital becoming more concentrated and cautious [4][16] - Different markets are pricing entirely different types of assets, reflecting their unique industrial structures, policy goals, and capital systems [17][18] Regional Insights - In the U.S. market, IPOs are focused on "future infrastructure" pricing, with companies embedded in national or global systems receiving significant premiums [20][21] - In China, IPOs serve as an extension of industrial policy rather than a reflection of market sentiment, with a focus on companies that align with long-term industrial frameworks [21][22] - Emerging markets like India are selling long-term options based on population and digital penetration, with a different pricing logic compared to the U.S. and China [22][29] Conclusion - The 2026 IPO market represents a structural reset rather than a mere emotional recovery, emphasizing the need for companies to demonstrate long-term viability and strategic importance to be recognized as worthy of public capital [75][81]

Core Insights - The acquisition of ZT Systems has significantly benefited Sanmina, resulting in a doubling of its shares within a specific timeframe [1]. Group 1: Company Performance - Sanmina's shares have doubled since the acquisition of ZT Systems, indicating a successful integration and positive market response [1]. Group 2: Investment Opportunities - The service "Value in Corporate Events" provides insights into major corporate events such as earnings reports, M&A, and IPOs, aiming to identify actionable investment opportunities [1].

Core Insights - The acquisition of ZT Systems has significantly benefited Sanmina, resulting in the company's shares doubling in value over a specific timeframe [1]. Group 1: Company Performance - Sanmina's acquisition of ZT Systems is highlighted as a successful strategic move, leading to substantial growth in share value [1]. Group 2: Investment Opportunities - The service "Value in Corporate Events" focuses on identifying actionable investment opportunities through major corporate events such as earnings reports, M&A, and IPOs [1].

| 首次公開招股申請(於2026年1月30日) | | | | | | --- | --- | --- | --- | --- | | 主板 | | GEM | 真他 (1) | 總數 | | A. 處理之上市申請數目(2026年截至本報告日止)(2)(3) | 459 | 7 | 8 | 474 | | (4) | | 1 | . | | | 1. 於2025年12月31日未處理完畢的現有申請及重 | 364 | 6 | 1 | 371 | | 新申請 | | | | | | 2.2026年受理之新申請 (5) | વેર | 1 | 7 | 103 | | 總計 | 459 | 7 | 8 | 474 | | 於2026年1月30日的申請狀況(2) | | | | | | 1.已上市(6) | 12 | 1 | 6 | 19 | | 2. 已獲上市委員會批准,待上市 | 26 | 0 | 1 | 27 | | 3. 處理中 | 408 | 6 | 1 | 415 | | 4.其他(申請的處理期限已過(7、申請被拒(8)、 | 13 | 0 | 0 | 13 | | 被發回申請(8)(9)或自行撤回申請) ...

Core Viewpoint - Kevin Warsh endorses President Trump's push for lower interest rates, which may serve as a catalyst for significant initial public offerings (IPOs) in the artificial intelligence sector [1] Group 1: Interest Rates and Economic Impact - Lower interest rates are expected to stimulate economic activity, potentially leading to increased investments in technology and innovation [1] - The support from Warsh for lower rates aligns with broader economic strategies that could benefit the AI industry [1] Group 2: Artificial Intelligence IPOs - The anticipated lower interest rates could create a favorable environment for blockbuster AI IPOs, attracting more investors to the sector [1] - Companies in the AI space may leverage this opportunity to go public, capitalizing on the heightened interest and investment potential [1]

Core Viewpoint - The IPO application of Guangxi Baifei Dairy Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor, Guorong Securities [1] Company Overview - The company was established in December 2017 and transformed into a joint-stock company in December 2019. It was listed on the New Third Board on June 28, 2024, with a registered capital of 165.502 million yuan. The controlling shareholder, Guangxi Baifei Investment Co., Ltd., holds 87.97% of the shares, with Wu Shouyun as the chairman and general manager [2] - The company operates 22 subsidiaries, one associate company, and three branches, employing 1,062 people as of the end of 2024 [2] Industry Position - The company is recognized as a key leading enterprise in agricultural industrialization, primarily engaged in the research, production, and sales of dairy products and milk-containing beverages. Its product range includes sterilized milk, modified milk, fermented milk, pasteurized milk, and milk-containing beverages [3] - As of the end of 2023, there were 654 large-scale dairy enterprises in China, with the company’s total assets, revenue, and profit significantly exceeding the average of its peers, being 2.37 times, 2.94 times, and 6.94 times higher than the averages, respectively [3] Financial Performance - The company reported revenues of 780.80 million yuan, 1.075 billion yuan, and 1.422 billion yuan for the years 2022, 2023, and 2024, respectively. The net profit after deducting non-recurring gains and losses was 117.10 million yuan, 227.15 million yuan, and 299.65 million yuan for the same years [5] - In the first half of 2025, the company achieved a revenue of 721.78 million yuan, an increase of 11.82% year-on-year, but the net profit after deducting non-recurring gains and losses decreased by 15.70% [5][7] Supply Chain Dependency - Over 90% of the fresh milk used by the company is sourced externally, with the procurement amount accounting for more than 50% of the total raw material costs. In 2022, the company relied entirely on external sources for fresh milk [9] - The main suppliers of fresh milk in 2024 included Ningxia Xingyuanda and its affiliates, as well as the Qingtongxia City Youyi Dairy Cattle Breeding Cooperative [10] IPO Fundraising Plans - The company planned to raise 496.78 million yuan through its IPO, which was intended for the construction of a smart dairy farm, marketing network development, and brand promotion projects [14][16]

As filed with the Securities and Exchange Commission on January 30, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ––––––––––––––––––––––––––––––––––––––– FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ––––––––––––––––––––––––––––––––––––––– Iron Dome Acquisition I Corp. (Exact name of registrant as specified in its charter) ––––––––––––––––––––––––––––––––––––––– | Cayman Islands | 6770 | N/A | | --- | --- | --- | | (State or other juris ...

These companies are significant in our economy, and investors really want access to these companies. At the same time, there are shareholders and executives and founders who have been in them for a long time and want to start seeing some liquidity from their shares, which are a very high percentage of their net worth.No doubt. Private companies are staying private much longer now. Many of these businesses — including SpaceX and other companies that would be top 30 in the S&P 500 — would historically have go ...