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PRE-MARKET AUSTRALIAN, JAPANESE AND SOUTH KOREAN STOCKS NEWS: SK Hynix (000660 KS) unit Solidigm is weighing an IPO that could raise USD 15bln

A memory maker weighing a listing of an acquired enterprise SSD unit fits a well-worn pattern in the sector: carve-outs and subsidiary IPOs of this kind have historically surfaced at or near the top of a memory upcycle, when parent valuations and subsidiary earnings are both elevated and equity windows are open.

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PRE-MARKET AUSTRALIAN, JAPANESE AND SOUTH KOREAN STOCKS NEWS: SK Hynix (000660 KS) unit Solidigm is weighing an IPO that could raise USD 15bln

Saudi artillery and missile attacks on the border county of Saada in Yemen, according to SNN

Iraqi sources report suspension of flights at Erbil Airport in Iraq following reports of attack on separatist party headquarters, according to SNN.

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AUSTRALIA

Cleanaway Waste Management (CWY AT) - Co. said EQT is continuing confirmatory due diligence and has again confirmed its intention to proceed with the potential transaction, with EQT saying it has seen nothing to deter it from proceeding on the existing terms. (Newswires)

Ingenia Communities (INA AT) - Co. received an improved proposal from Warburg Pincus at AUD 5.25/shr; the board is assessing the proposal, which is conditional on full due diligence, a board recommendation, the Peet takeover not proceeding and an exclusivity period, with Warburg Pincus setting an October 2nd deadline to agree due diligence terms. (Newswires)

Northern Star Resources (NST AT) - Co. rejected a takeover proposal from Gold Fields (GFI) received on September 14th offering 0.3125 new Gold Fields shares plus AUD 7.25 cash for each NST share, implying AUD 27.00/shr and an equity value of AUD 38.7bln; Northern Star shareholders would have owned around 33% of the combined entity, but the board said the proposal materially undervalued the Co., was highly opportunistic and introduced jurisdictional and operational risks, and told Gold Fields it was not appropriate to engage further. (Newswires)

Reliance Worldwide (RWC AT) - US strategic buyers and private equity firms are reportedly considering rival bids to Brookfield’s AUD 3.6bln equity-value takeover offer, after the Co.’s “go shop” clause opened the door to competing proposals. (The Australian)

JAPAN

Daiichi Sankyo (4568 JT) - Co. and Merck (MRK) voluntarily withdrew the US Biologics License Application seeking accelerated approval for ifinatamab deruxtecan in adults with extensive-stage small cell lung cancer whose disease progressed on or after platinum-based chemotherapy. (Dow Jones Newsplus)

Itochu (8001 JT) - Co. and Aioi Nissay Dowa Insurance will jointly develop insurance products for self-driving taxis, targeting sales to US operators as early as FY2027. (Nikkei)

Sony Group (6758 JT) - Co.’s semiconductor unit will require around 8,000 employees to return to the office full-time from next month as it pushes into physical AI. (Nikkei)

Toyota Motor (7203 JT) - Co. is increasingly turning to cost-competitive Chinese parts suppliers for a luxury electric SUV it plans to produce in China from 2027, reducing opportunities for traditional Japanese suppliers. (Nikkei)

Other News

BoJ is steadily increasing climate change-linked lending amid debate over how far central banks should go in supporting efforts to tackle global warming. (Nikkei)

Tokyo startup HiJoJo Partners, backed by major Japanese financial groups, will broker trading in unlisted shares of Japanese startups and other companies in US and UK markets, helping emerging firms raise capital and delay premature listings. (Nikkei)

SOUTH KOREA

Hyundai Motor (005380 KS) - Co. said its second-generation Palisade has sold nearly 300,000 units globally in the 20 months since launch. (Yonhap)

SK Hynix (000660 KS) - Co. unit Solidigm is weighing an IPO that could raise USD 15bln, according to a report. (Dow Jones Newsplus)

Context

The stated raise size, if anywhere near accurate, would be large relative to typical semiconductor carve-outs, which implies the intent is less about funding and more about crystallising value in the AI-driven storage segment while the multiple on AI-adjacent assets remains rich. Comparable episodes have tended to follow a sequence of reported consideration, banker appointment, filing, and then market feedback on valuation, with the parent stock usually trading on the implied sum-of-the-parts re-rating rather than the headline dollar figure alone. The tells worth noting are whether the parent confirms or qualifies the report, the chosen listing venue, and how much of the unit the parent retains, since a partial float that leaves control intact reads differently from a full separation. For the parent's peers in DRAM and NAND, such a listing also establishes a public benchmark for enterprise SSD economics, a data point the sector has lacked. As a reported consideration rather than a filed transaction, it sits at the earliest stage of the sequence.

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