Bamboo Works Weekly: Moore Threads taps China IPO investors as it faces challenges, opportunities
This week in Bamboo Works:
Moore Threads Technology
Moore Threads taps China IPO investors as it faces challenges, opportunities
Cango Inc. CANG.US
INTERVIEW: Cango maps out future path as bitcoin miner
BIEL Crystal
With Indian production base taking shape, is BIEL Crystal headed for an IPO?
RemeGen Co. Ltd. 688331.SH 9995.HK
RemeGen’s $4.2 billion licensing deal falls flat with investors
Hong Kong Robotics Group Holding Ltd. 0370.HK
Hong Kong Robotics’ stock soars on robotics pivot, but does it have legs?
Haier Smart Home Co. Ltd. 6690.HK 600690.SH
Haier in calculated financial maneuver with India unit stake sale
Zepp Health Corp. ZEPP.US
Zepp’s stock surge: A China renaissance on Wall Street?
Intsig Information Co. Ltd. 688615.SH
Intsig scans global financial markets for cash with Hong Kong IPO
Hangzhou Xinzi Optoelectronics Technology Co. Ltd. XZ.US
Fading revenue fails to cast shadow over Xinzi’s IPO ambitions
Megatronix Inc.
In ‘Warring States Era’ for smart cockpits, Megatronix bets on modular approach
Hong Kong: China’s IPO pipeline and crypto lab
A confluence of geopolitical friction and strategic diversification is fueling a remarkable start to 2025 for Hong Kong’s capital markets. The city has reclaimed its position as the world’s top fundraising hub, largely driven by Mainland Chinese companies seeking listings. In parallel, we are witnessing the nascent, cautious steps of Chinese firms into the global cryptocurrency arena, using Hong Kong as a crucial, state-sanctioned laboratory. These two trends, seemingly distinct, tell a unified story about the shifting financial landscape and China’s evolving relationship with global capital.
Moore Threads taps China IPO investors as it faces challenges, opportunities
It may be just five years old, but Moore Threads Technology is already looking to Beijing for more than $1 billion in assistance as tries to become an key Chinese supplier of the graphics processing units (GPU) that are central to powering AI applications.
The high-tech chipmaker filed for an IPO on China’s A-share market, where it’s almost certain to attract interest from the country’s vast field of state-run investors eager to assist Beijing in the country’s quest for self-sufficiency in key technologies.
INTERVIEW: Cango maps out future path as bitcoin miner
Latest close: 5.34(-0.93%); 52-week range: 1.40-9.66
Cango Inc. (CANG.US) passed a recent milestone when it completed its previously announced purchase of mining machines with 18 EH/s of capacity, bringing its total to 50 EH/s. Following an overhaul of its shareholding structure, Cango is now controlled by Enduring Wealth Capital Ltd., a Singaporean company, with 36.74% of the company’s voting rights. Golden TechGen Ltd., another Singaporean company, holds 12.23% of its voting rights, while Cango co-founders Zhang Xiaojun and Lin Jiayuan hold 12.07% of its voting power.
Juliet Ye, Cango’s director of investor relations, recently spoke to Bamboo Works to discuss how the company plans to manage its new business and where it’s headed next.
With Indian production base taking shape, is BIEL Crystal headed for an IPO?
The year 2025 could be shaping up as Hong Kong’s “Year of the Crystal,” as the city’s stock exchange experiences one of its best IPO markets in the last decade.
Just days after a leading high-tech glass maker raised HK$4.8 billion ($611 million) in its Hong Kong listing, word is circulating that rival BIEL Crystal could be gearing up for its own IPO that could raise even more. That’s because BIEL’s Hong Kong listing would be its first, unlike Lens Technology (300433.SZ; 6613.HK), whose Hong Kong listing this week complemented its existing listing in Shenzhen.
RemeGen’s $4.2 billion licensing deal falls flat with investors
Latest close: 63.20(-1.17%); 52-week range: 10.20-70.10
A licensing deal with a U.S. pharmaceutical partner would usually be good news for a Chinese drug developer, providing much-needed cash for ongoing innovation.
But the typical playbook did not apply in the case of RemeGen Co. Ltd. (688331.SH; 9995.HK). When the company announced late last month that it had struck a deal over international rights to its approved treatment for autoimmune disorders, its shares tumbled on both the Hong Kong and Shanghai stock markets.
Hong Kong Robotics’ stock soars on robotics pivot, but does it have legs?
Latest close: 1.48(-1.99%); 52-week range: 0.07-1.92
One standout in the group is Hong Kong Robotics Group Holding Ltd. (0370.HK), a Johnny-come-lately whose stock that has soared more than sixfold this year.
Despite the gains, the company recently released disappointing annual results that showed its revenue fell 45.6% to a meager HK$116 million ($14.78 million) for its fiscal year through March, as its loss widened 5.3% to HK$138 million. It also reported a HK$11.32 million impairment loss on loans and interest receivable, with additional impairment losses on goodwill and property totaling HK$21.82 million and HK$39.37 million, respectively.
Haier in calculated financial maneuver with India unit stake sale
Latest close: 8.39(-0.71%); 52-week range: 1.06-10.00
Haier Smart Home Co. Ltd. (6690.HK; 600690.SH) has stood out from its domestic peers as one of China’s few home appliance makers that has localized in emerging markets.
So, many were likely surprised when media reports said such an exemplary case of Chinese manufacturing expanding abroad was seeking a local partner to buy up to half of its Indian business, which earned more than $1 billion last year.
Zepp’s stock surge: A China renaissance on Wall Street?
Latest close: 10.32(+69.46%); 52-week range: 2.06-10.45
Two weeks ago we brought you the story of So-Young (SY.US), a cosmetic surgery clinic operator whose shares are up fivefold this year, most of that in the last month. Now, wearable fitness device maker Zepp Health Corp. (ZEPP.US) may be embarking on a similar ride as its shares have more than doubled in the last two weeks.
While it’s possible both of these are simply GameStop-style meme stocks whose movements are the result of speculative buying without any financial foundation, it’s also possible that something different is happening here.
Intsig scans global financial markets for cash with Hong Kong IPO
Many people around the world may have used CamScanner, an application that converts documents into PDF files using photos on a smartphone. But far fewer may know the app is operated by China’s Intsig Information Co. Ltd. (688615.SH).
CamScanner bills itself as the world’s largest image-to-text processing product maker by user base, according to its listing documentfiled late last month. The app has ranked at the top of the free efficiency apps list in the Apple app store “at various times” since 2013, it said, citing third-party research.
Fading revenue fails to cast shadow over Xinzi’s IPO ambitions
Hangzhou Xinzi Optoelectronics Technology Co. Ltd.’s (XZ.US) new decision to supersize its Nasdaq IPO may be raising some eyebrows, especially given its weak financials and growing wariness by U.S. investors towards Chinese companies.
Instead of joining the recent stampede by Chinese companies flocking to Hong Kong, the relatively small solar film maker packaging chose the Nasdaq, where it first filed to list in March. Now, Xinzi disclosed it is raising its offering by 150%, from an original 1.5 million shares to 3.8 million, giving it a potential market cap of up to $116 million.
In ‘Warring States Era’ for smart cockpits, Megatronix bets on modular approach
Smart cockpits have emerged as a key driver on China’s road to more intelligent cars, creating fertile ground for new innovators in the fast-evolving space. Once limited to facilitating interaction between driver and car through voice commands and large touchscreens, such cockpits are now moving to the next level with the inclusion of AI-based natural language processing, visual recognition, contextual interaction, and remote OTA updates.
The emerging sector has already produced some publicly traded choices for investors, with names like Minieye (2431.HK) listing in Hong Kong. Now, investors could soon have a new choice with the recent application for a Hong Kong listing by Megatronix Inc.