CICC

Calterah

2026-08-28 12:42:10

Calterah’s STAR Market IPO filing accepted, seeks RMB 3.489 billion as BYD remains its largest end customer

Calterah Microelectronics, a Shanghai-based automotive millimeter-wave radar chipmaker, has had its STAR Market IPO application accepted by the Shanghai Stock Exchange, with China International Capital Corporation acting as sponsor. The company plans to issue up to 9.42455 million shares, representing no less than 25% of total share capital after the offering, and aims to raise RMB 3.489 billion, implying a post-money valuation of roughly RMB 14 billion. The filing comes about six months after Calterah’s E2 round, which carried an implied valuation of about RMB 8.26 billion. That gap means investors from that round are sitting on a paper gain approaching 70% in less than a year. The company has expanded quickly in automotive radar chips, reaching a 4% share of the global in-vehicle millimeter-wave radar chip market in 2025 and 31.1% in China, while cumulative shipments surpassed 30 million units. Revenue climbed from RMB 206 million in 2023 to RMB 632 million in 2025, but losses have continued. Net loss attributable to shareholders was RMB 323 million, RMB 334 million, and RMB 193 million over 2023 to 2025, followed by another RMB 60 million loss in the first quarter of 2026. The prospectus also flags heavy customer concentration around BYD, high overseas supply dependence, and a revenue mix still dominated by millimeter-wave radar chips, while UWB remains at an early commercial stage.

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Changxin Tech

2026-08-26 11:19:02

Changxin Technology says overallotment option in IPO was fully exercised

Changxin Technology said the overallotment option tied to its initial public offering and STAR Market listing was exercised in full, adding 1.003 billion new shares and lifting its total share capital to 67.884 billion shares. The company said China International Capital Corporation, or CICC, acted as the authorized joint lead underwriter for the deal. Because the stock traded above the IPO price of RMB 8.66 per share throughout the exercise period, CICC did not use funds raised through the overallotment arrangement to buy the company’s shares in the secondary market through competitive bidding. The disclosure covers the size of the new issuance, the updated total share count, the IPO price reference, and the underwriter’s handling of the greenshoe-related funds during the exercise window.

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Yangtze Memor

2026-08-21 12:12:45

Yangtze Memory’s STAR Market IPO Is Accepted, with Planned Fundraising of 33 Billion Yuan

ChainCatcher reported that Yangtze Memory Technologies Co. Ltd. has seen the review status of its initial public offering on the STAR Market change to “accepted,” with planned fundraising of 33 billion yuan. The sponsors are Citic Securities and CICC. Its prospectus says the company returned to profit in 2024 and has since improved quickly, posting 47.042 billion yuan in revenue and 33.379 billion yuan in net profit attributable to shareholders in the first quarter of 2026. TrendForce data cited in the filing shows the company ranked third globally and first in China among NAND flash makers by both sales value and shipments in Q1 2026.

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gold

2026-08-12 00:09:51

CICC Says Gold Bull Market Isn't Over, Recommends Overweight

In a research note, CICC said the two narratives that had been suppressing gold prices are being invalidated. First, global liquidity is not in a real tightening cycle. Falling US inflation and slowing growth tilt the economic backdrop toward easier monetary policy. Warsh, in CICC's view, is "hawkish in words but dovish in deeds," and Federal Reserve reform could open room for future rate cuts. Second, de-dollarization has not ended. Warsh's balance-sheet reduction is seen as potentially helpful for restoring dollar credibility, but the policy faces heavy constraints from financial markets and politics, so the outlook for implementation is highly uncertain. At the same time, high debt, high deficits, and policy uncertainty may make the structural damage to the dollar's credibility difficult to reverse. The report also pointed to global central banks' net gold purchases rebounding to 289 tonnes in the second quarter, up 62% year over year and the highest for any second quarter on record, reflecting deep-rooted concerns about the dollar. Reserve diversification should keep supporting gold demand over the medium to long term. With ample liquidity and less upward pressure on real interest rates and the dollar, gold may regain support from dual drivers. CICC concluded the gold bull market is not finished, and the window for rebuilding positions after the earlier adjustment is open, recommending investors continue to overweight gold.

1910

AI debt risk

2026-08-09 09:25:57

CICC says AI debt risk remains contained as major cloud firms shift toward external funding

A research note from China International Capital Corporation, or CICC, argues that debt linked to the US artificial intelligence buildout remains manageable even as major cloud providers ramp up borrowing to finance heavier capital spending. Using Hyman Minsky’s financial instability hypothesis, the report examines whether Microsoft, Google, Meta, Amazon and Oracle are moving from self-funded expansion toward debt structures that rely more heavily on outside financing. CICC says the five cloud companies have accelerated bond issuance, with combined issuance in the first half of 2026 reaching about $170 billion, or 1.5 times the full-year total for 2025. Capital expenditure has also climbed to 97.4% of operating cash flow across the group. Even so, the firms still show solid debt-servicing capacity. Cash-flow interest coverage ratios remain above 1 for all five, while debt service ratios are below 1, indicating that operating cash flow can still cover both principal and interest. Microsoft, Google, Meta and Amazon continue to rank well versus the broader market, while Oracle looks weaker. The report says the main change is not excessive debt size but a migration in financing structure. Google and Amazon are showing early signs of moving from hedge finance toward speculative finance, while Oracle appears more financially fragile because of negative free cash flow and negative net cash. At the macro level, CICC says low leverage in the US household and corporate sectors, strong bank capital, and the bond-market-led nature of AI funding all reduce the odds that current AI debt will turn into a broader systemic crisis.

1900

Policy and Re

2026-08-02 09:27:44

CICC says global AI-linked assets have pulled back since mid-to-late June, with Korea seeing the sharpest move

CICC said global AI-linked assets have seen a clear pullback since the middle to late part of June, according to a report cited by Jinshi. The firm said the Korean market has been hit the hardest in this round of declines. CICC attributed the retreat to high leverage, crowded positioning, and macro factors. It also said investor concern over an AI bubble is rising, drawing a comparison to the period before the 2000 technology stock bubble burst. In CICC’s view, market stabilization and a new round of gains would depend on several conditions: the unwinding of crowded trades and high leverage, easing expectations for Federal Reserve rate hikes, and fresh catalysts from earnings reports and industry developments.

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CICC

2026-08-02 09:29:02

CICC says AI token pullback mirrors 2000 tech selloffs, with stabilization tied to three pressures easing

China International Capital Corporation, or CICC, said the global AI token market has been in a notable pullback since mid-to-late June, with South Korea seeing the sharpest moves because of what it described as high leverage, crowded positioning, and heavy retail participation. The firm said the correction has been amplified by those market structure issues, while also being pressured by macro factors such as firmer expectations for Federal Reserve rate hikes and higher oil prices linked to the renewed closure of the Strait of Hormuz. It also pointed to revived bubble concerns around AI, citing examples including Meta renting out computing power and declining token spending. CICC compared the current downturn with the run-up to the bursting of the dot-com bubble in March 2000, noting that the tech rally then also went through at least four relatively large and lengthy pullbacks before the final break. In its view, the triggers are highly similar: short-term disruptions to the industry trend, macro headwinds, and overheated valuation sentiment. For the market to stabilize now, and possibly start another leg higher, CICC said three conditions need to align: crowded and leveraged positions must continue to unwind, expectations for Fed rate hikes need to ease or be settled, with the July FOMC meeting as a key point to watch, and new earnings or industry catalysts need to emerge during the July-August reporting season.

2190

Moonshot AI

2026-07-24 06:10:19

Moonshot AI Said to Discuss Hong Kong IPO With Goldman Sachs and CICC at a Potential $18 Billion Valuation

Moonshot AI is reportedly in early talks for a Hong Kong IPO with Goldman Sachs and CICC, while also discussing up to $1 billion in fresh funding that could lift its valuation to about $18 billion.

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