Core Insights - As the year comes to a close, many investors are strategically positioning themselves for opportunities in 2026 and beyond [1] Group 1 - Investors are focusing on long-term strategies as they prepare for future market conditions [1]

Group 1 - Zhipu AI, a Chinese artificial intelligence firm, initiated a share sale to raise HK$4.35 billion (US$560 million), aiming to become the first large language model (LLM) developer listed in Hong Kong [1][2] - The company set its offer price at HK$116.20 for over 37 million shares, with 10% allocated to retail investors, and plans to debut on January 8 [2] - Zhipu expects net proceeds of HK$4.17 billion from its IPO, with a post-listing market valuation estimated at HK$51.16 billion [3] Group 2 - The IPO activity in December has seen a surge of Chinese tech firms, including those in AI and semiconductors, accelerating their listings in Hong Kong [6] - Zhipu's retail bookbuilding could attract over 400,000 retail investors due to strong investment sentiment for tech shares, although first-day performance may differ from recent high-profile debuts [5] - Shanghai Biren Technology, another tech firm, attracted HK$459.68 billion in margin financing for its retail tranche, indicating strong demand in the market [7]

Core Viewpoint - CBM International Holdings Inc. has received regulatory approval for its final prospectus related to its initial public offering (IPO), aiming to raise $200,000 through the issuance of 2,000,000 common shares at a price of $0.10 per share [1][2]. Group 1: IPO Details - The IPO is being led by Haywood Securities Inc. on a commercially reasonable efforts basis, with the agent receiving a cash commission and an option to purchase up to 200,000 common shares at the same offering price [3]. - The company has applied to list its common shares on the TSX Venture Exchange under the trading symbol "CBM.P," with conditional approval granted subject to meeting all requirements [6]. Group 2: Company Background - CBM International Holdings Inc. is classified as a capital pool company (CPC) and has not commenced commercial operations, holding no assets other than cash [7]. - The company will not engage in business activities other than identifying and evaluating potential qualifying transactions until such a transaction is completed [7]. Group 3: Prospectus Access - The prospectus and any amendments are accessible in accordance with securities legislation, and copies can be obtained from the agent [4][5].

Company Overview - Jain Resource Recycling is engaged in recycling and manufacturing non-ferrous metals such as lead, copper, and aluminium [7] - The company operates three recycling facilities near Chennai and has a gold refining unit in the UAE through a subsidiary [7] - Its customer base includes large domestic and global names such as Vedanta, Luminous Power, Mitsubishi Corporation, and Nissan Trading [7] - Jain Resource Recycling has built a footprint beyond India with exports to markets like Singapore, China, Japan, and South Korea within three years of operations [7] IPO Details - The Initial Public Offering (IPO) was launched on September 24, 2025, with a total size of Rs 1,250 crore, consisting of a fresh issue of Rs 500 crore and an offer for sale worth Rs 750 crore [2] - The IPO was listed on October 1, 2025, at a 14% premium, priced at Rs 265 over the IPO price [2] - The IPO received a strong response, being subscribed 16.8 times overall, with institutional buyers subscribing nearly 27 times their reserved portion, non-institutional investors at 5.6 times, and retail investors at 3.8 times [3] Share Performance - The stock reached a high of Rs 461 on the NSE, rallying 98% over the issue price within a month and a half, although it has since corrected 12% from its high, still trading 77% above the issue price of Rs 232 per share [1][6] - Following the expiry of the three-month IPO anchor lock-in, an additional 12 million shares became eligible for trading, accounting for about 4% of the company's total outstanding equity [1][6] Investor Insights - Ashish Kacholia holds a stake of 1.14%, representing 39,16,875 equity shares, valued at Rs 160.4 crore according to Trendlyne data [6][7] - The company raised Rs 562.5 crore from anchor investors ahead of the IPO, which contributed to investor confidence [3]

IPO Overview - The Indian primary market is expected to be busy in 2026, with over 190 companies either cleared or in the approval queue, aiming to raise more than Rs 2.5 lakh crore [11] - Reliance Jio is anticipated to dominate the IPO calendar, with a valuation between Rs 11 lakh crore to Rs 12 lakh crore, potentially becoming India's largest IPO [11] - The National Stock Exchange of India (NSE) is gaining momentum for its IPO, having set aside Rs 1,300 crore to settle regulatory matters, with expectations for a no-objection certificate from Sebi soon [11] Consumer Internet and Technology Companies - Flipkart is preparing for a 2026 listing, targeting a valuation of $60 billion to $70 billion, and is expected to be one of the largest technology offerings from India [3][11] - PhonePe has filed confidential draft papers for a $1.5 billion IPO, valuing the company at around $15 billion, marking a significant milestone for India's fintech sector [4][11] Hospitality and Financial Services - OYO is preparing for an IPO that could raise up to $800 million, focusing on stabilizing its business and improving profitability [6][11] - SBI Funds Management is considering raising up to $1.2 billion through an IPO in the first half of 2026, backed by State Bank of India and Amundi [7][11] Lending and Fintech - Hero Fincorp plans to raise Rs 3,668.13 crore through its IPO, consisting of a Rs 2,100 crore fresh issue and an offer for sale by existing shareholders [7][11] - Navi Technologies is targeting a listing in the second half of FY26, expanding across personal loans, home loans, and insurance [8][11] Quick-Commerce and Consumer Electronics - Zepto is preparing to refile its draft papers, looking to raise $450 million to $500 million (approximately Rs 4,000 crore to Rs 4,440 crore) [9][11] - boAt aims to raise $300 million to $500 million at a valuation of over $1.5 billion, having finalized major investment banks for its IPO [10][11]

Group 1 - The article discusses various strategies for a listed company to acquire a startup using funds from the primary market, including options like private placement, joint investment, and SPV formation [3] - The analysis emphasizes the importance of regulatory compliance and detailed calculations of return rates for each acquisition strategy, considering factors such as the stock price of the listed company [3][4] - It highlights the need to evaluate the listing standards of different exchanges (like the Beijing Stock Exchange, Hong Kong Stock Exchange, and STAR Market) to determine the most suitable path for a startup's IPO based on operational and financial metrics [3][4] Group 2 - The article suggests quantifying the probability of successful listings on various exchanges and the time required for each, while also identifying key operational areas for improvement post-investment [4] - It discusses the importance of comparing potential investments by analyzing their internal rates of return (IRR) and the historical success of companies transitioning from the New Third Board to other exchanges [5][6] - The article also mentions the need to identify common factors that contributed to successful transitions and how these can be applied to current investment opportunities [6][7] Group 3 - The article outlines the necessity of conducting thorough due diligence reports, which are reviewed by the risk control department before finalizing investment decisions [9][10] - It emphasizes the importance of supporting portfolio companies in their operational setup, including creating feasibility plans that align with local government requirements [11][12] - The article notes the need for tailored communication with different departments, considering what information should be disclosed or withheld [12][13]

Group 1 - The article discusses a cautious approach towards initial public offerings (IPOs), suggesting they may often be overpriced [1] - The focus is on identifying value in small-cap stocks that offer asymmetric upside potential and sustainable high dividend yields [1] - Key investment criteria include insider buying, high insider ownership, a history of free cash flow growth, and significant catalysts for turnaround [1] Group 2 - The investor expresses a preference for long-term holdings and is comfortable with matching market returns during bull markets while aiming for superior returns in downturns [1] - Influences on the investment strategy include notable investors such as Warren Buffett and Peter Lynch [1] - The investor has a background in Economics and Finance, which informs their investment decisions [1]

Starfighters Space stock is a volatile bet after going public last week. ...

Group 1 - LandSpace has completed the "tutoring" process for its potential IPO, facilitated by China International Capital Corp (CICC), as part of efforts to boost the domestic space industry [1][2] - The company is planning to list on Shanghai's STAR Market in 2026, specifically in a segment for companies involved in frontier technologies and major breakthroughs [2] - LandSpace aims to become a competitor to SpaceX, which has a near-monopoly on reusable rocket technology, crucial for cost savings in space operations [3][4] Group 2 - The Chinese government recognizes the need for private players in the space industry to compete with established state-owned enterprises and to catch up with SpaceX [4] - LandSpace conducted a full reusable rocket test with Zhuque-3, marking a significant milestone, although the test failed to demonstrate reusability due to a crash during landing [4][5] - The chief designer of Zhuque-3 emphasized that going public is essential for domestic competitors to secure funding for rapid product iteration, similar to SpaceX's approach [6]

Core Viewpoint - Social Commerce Partners Corporation has announced the pricing of its initial public offering (IPO) of 10,000,000 units at $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of a redeemable warrant [1] Group 1: IPO Details - The IPO consists of 10,000,000 units priced at $10.00 each, with each unit including one Class A ordinary share and one-half of a redeemable warrant [1] - Each whole warrant will be exercisable 30 days after the completion of the initial business combination, allowing the holder to purchase one Class A ordinary share at $11.50 per share [1] - The units are expected to trade on Nasdaq under the ticker symbol "SCPQU" starting December 23, 2025, with separate trading for Class A ordinary shares and warrants under the symbols "SCPQ" and "SCPQW," respectively [1] Group 2: Underwriting and Closing - BTIG, LLC is acting as the sole book-running manager for the offering [2] - The underwriter has a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments [2] - The offering is expected to close on December 24, 2025, subject to customary closing conditions [2] Group 3: Company Overview - Social Commerce Partners Corporation is a special purpose acquisition company (SPAC) formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses [5] - The company will primarily focus on target businesses in the social commerce (direct selling) industry [5] - The management team includes Stuart Johnson as CEO and Chairman, and Harley (Michael) Rollins as CFO, along with board members Wayne Moorehead, Peter Griscom, and Heather Chastain [5]