Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.</li>
<li>Geely’s deliveries reached 90% of BYD’s in October of 2025.</li>
<li>We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.</li>
</ul>


Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.
Geely’s deliveries reached 90% of BYD’s in October of 2025.
We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.


Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

<ul>
<li>BYD is still the largest sedan maker in China, but its deliveries began to decline.</li>
<li>Geely is the second largest car maker, but its deliveries surged dramatically.</li>
<li>We believe Geely is the most promising company when the sedan market gets concentrated.</li>
</ul>


BYD is still the largest sedan maker in China, but its deliveries began to decline.
Geely is the second largest car maker, but its deliveries surged dramatically.
We believe Geely is the most promising company when the sedan market gets concentrated.


Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>China's exports surged 17.4%YoY in H1/2026, mitigating the impact of FAI declining 5.7%YoY, and retail sales eking out 0.2%YoY growth in Q2/2026. Propped by exports, Q2/2026 real GDP grew 4.3%YoY.</li>
<li>Like steel in 2011-15, car exports are soaring (70.6%YoY H1/2026) while domestic sales are slumping (-20.4%YoY). China's car exports are gaining global market share by dumping (selling below cost). </li>
<li>Real GDP will likely grow less than 4% in 2026. With net services/income and capital outflows of US$1.09trn (Jul'25-Jun'26), stimulus will increase capital flight. Nonetheless China's export companies are BUYs.</li>
</ul>


China's exports surged 17.4%YoY in H1/2026, mitigating the impact of FAI declining 5.7%YoY, and retail sales eking out 0.2%YoY growth in Q2/2026. Propped by exports, Q2/2026 real GDP grew 4.3%YoY.
Like steel in 2011-15, car exports are soaring (70.6%YoY H1/2026) while domestic sales are slumping (-20.4%YoY). China's car exports are gaining global market share by dumping (selling below cost). 
Real GDP will likely grow less than 4% in 2026. With net services/income and capital outflows of US$1.09trn (Jul'25-Jun'26), stimulus will increase capital flight. Nonetheless China's export companies are BUYs.


China: Slumping Domestic Economy Is Propped up by Exports Dumped Abroad

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.</li>
<li>In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.</li>
<li>Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.</li>
</ul>


China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.
In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.
Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.


Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25. In October 2025, Geely’s deliveries reached 90% of BYD’s. We conclude an upside...

Ming Lu

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

BYD is still the largest sedan maker, but its deliveries began to decline. Geely is the second largest car maker, but its deliveries surged...

Ming Lu

China: Slumping Domestic Economy Is Propped up by Exports Dumped Abroad

China's exports drive 4.7%YoY RGDP growth in H1/2026 despite slumping domestic demand. Like steel a decade ago, dumped car exports are gaining...

Prasenjit K. Basu

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25. In October 2025, Geely’s deliveries reached 90% of BYD’s. We conclude an upside...

Ming Lu

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

BYD is still the largest sedan maker, but its deliveries began to decline. Geely is the second largest car maker, but its deliveries surged...

Ming Lu

China: Slumping Domestic Economy Is Propped up by Exports Dumped Abroad

​China's exports drive 4.7%YoY RGDP growth in H1/2026 despite slumping domestic demand. Like steel a decade ago, dumped car exports are gaining...

Prasenjit K. Basu

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

​China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

China's exports drive 4.7%YoY RGDP growth in H1/2026 despite slumping domestic demand. Like steel a decade ago, dumped car exports are gaining...

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...