Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is now looking to raise up to US$421m, in its Hong Kong IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.


JD Industrials IPO - Valuation Cut Means Its Priced to Go

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. Geely’s 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&amp;A expenses were significantly lower than our prior forecast.</li><li>This may have reflected the initial synergies between Zeekr and Lynk &amp; Co, and we expect more synergies to come after the integration of different brands, platforms and management.</li><li>We revise up our FY25E and FY26E net profit forecast both by 4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Geely’s 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&amp;A expenses were significantly lower than our prior forecast.This may have reflected the initial synergies between Zeekr and Lynk &amp; Co, and we expect more synergies to come after the integration of different brands, platforms and management.We revise up our FY25E and FY26E net profit forecast both by 4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - More Synergies to Come

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Geely announced that total revenue increased by 25% YoY in 1Q25.</li>
<li>Sales volume continued to grew strongly by 53% YoY in April 2025.</li>
<li>The operating margin improved YoY for the third quarter in 1Q25.</li>
</ul>


Geely announced that total revenue increased by 25% YoY in 1Q25.
Sales volume continued to grew strongly by 53% YoY in April 2025.
The operating margin improved YoY for the third quarter in 1Q25.


Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a><a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener"></a>'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. </li>
<li>Preceding my comments on Geely - and <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Geely Auto (175 HK)'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. 
Preceding my comments on Geely - and NTT Data Corp (9613 JP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

<ul>
<li>Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.</li>
<li>The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.</li>
<li>We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.</li>
</ul>


Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.
The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.
We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.


Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Geely Automobile (175 HK) - More Synergies to Come

Maintain BUY. Geely’s 1Q25 net profit of RMB5.7bn was in line with its previous profit alert of RMB5.2-5.8bn, while its SG&A expenses were...

CMB International

Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside

Geely announced that total revenue increased by 25% YoY in 1Q25. Sales volume continued to grew strongly by 53% YoY in April 2025. Operating margin...

Ming Lu

StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

Geely is trading at a 20% disc. to NAV, half the 12-mth average. Shares are up 22% in the past month, and 78% over the past year. It may still bump...

David Blennerhassett

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely’s deliveries reached 46% of BYD in 1Q25. The delivery growth rate accelerated since December 2024. We believe BEV deliveries can grow...

Ming Lu

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