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Pre-IPO

Pre-IPO and private equity related content.

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3 articles

Research

Pre-IPO, Private Funds, and Private Bonds: What Is the Difference?

Pre-IPO equity, private funds, and private bonds are often grouped under the same RWA label, but they carry different return sources, terms, exit paths, and risks.

2026-07-10 · 11 min read

Research

How Do Pre-IPO Valuations Work? Funding Rounds, Marks, and Why the Last Price Is Not the Price

Pre-IPO valuations come from funding rounds, not from a live market. This article explains how round pricing works, why preferred stock terms make headline valuations overstate what common shares are worth, what down rounds and stale marks mean, why IPOs can price below the last private round.

2026-07-10 · 10 min read

Market Insights

Why Hong Kong IPOs Are Drawing Attention Again in 2026

Hong Kong's IPO market has become an active listing venue for new-economy companies. This piece explains what is driving the interest, what the anchor placement window is, and why access to it has traditionally sat with institutions.

2026-07-09 · 5 min read

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