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 deliveries grew by 24% YoY in November, reaching 65% of BYD.</li>
<li>PHEV continued to accelerate and export deliveries rose strongly by 22% in November.</li>
<li>We expect Geely’s stock price will rise by 20% in the next twelve months.</li>
</ul>


Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD.
PHEV continued to accelerate and export deliveries rose strongly by 22% in November.
We expect Geely’s stock price will rise by 20% in the next twelve months.


Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

<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

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.</li><li>Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.</li><li>Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.</li></ul>

We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.

Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

<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

<ul>
<li>Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25.</li>
<li>BEV (Battery Electric Vehicle) deliveries were double of the same period last year.</li>
<li>We believe the stock has at least 29% upside for next 12 months.</li>
</ul>


Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25.
BEV (Battery Electric Vehicle) deliveries were double of the same period last year.
We believe the stock has at least 29% upside for next 12 months.


Geely (175 HK): 3Q25, Expects Strong Revenue for Strong Deliveries

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)

Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD. PHEV continued to accelerated and export deliveries rose strongly by 22% in...

Ming Lu

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 Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.

J Capital Research

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

Geely (175 HK): 3Q25, Expects Strong Revenue for Strong Deliveries

Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25. BEV deliveries were double of the same period last year. We believe the stock...

Ming Lu

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