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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

<ul>
<li>Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>.</li>
<li>The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
In this note, we will talk about the placement and run the deal through our ECM framework.


Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Equity Bottom-Up

<ul>
<li>Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  </li>
<li>The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. </li>
<li>
<a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> is trading at premium compared to its Chinese counterparts such as <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> , <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> and <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> .</li>
</ul>


Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  
The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. 

Tesla (TSLA US) is trading at premium compared to its Chinese counterparts such as BYD (1211 HK) , NIO (9866 HK) and XPeng (9868 HK) .


Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

Macroeconomics

<ul>
<li>Core PCE and CPI inflation remained at 4-year lows in Apr-May'25 despite Trump's tariffs, although June core CPI inflation crept up MoM after further tariff hikes (on steel and aluminium).</li>
<li>M2 growth of just 5.2%YoY (May'25) is a restraining factor on inflation. However, tariff hikes have been much higher than we expected, with most trading partners failing to negotiate reductions. </li>
<li>For consistency with 2024 cuts, the FOMC likely will cut rates this month. But the tariff hikes on most trading partners will push core inflation toward 3%, disallowing further cuts. </li>
</ul>


Core PCE and CPI inflation remained at 4-year lows in Apr-May'25 despite Trump's tariffs, although June core CPI inflation crept up MoM after further tariff hikes (on steel and aluminium).
M2 growth of just 5.2%YoY (May'25) is a restraining factor on inflation. However, tariff hikes have been much higher than we expected, with most trading partners failing to negotiate reductions. 
For consistency with 2024 cuts, the FOMC likely will cut rates this month. But the tariff hikes on most trading partners will push core inflation toward 3%, disallowing further cuts. 


US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

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/china-rare-earth-holdings-limited" target="_blank" data-smartkarma-citation="entities:12729:1" rel="noopener">China Rare Earth Holdings (769 HK)</a>, a processor and trader of rare earth oxides/metals, is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0618/2025061800289.htm" target="_blank" rel="noopener">suspended</a> for reasons unknown.  </li>
<li>But not before gaining 79% month to date. On huge volume. And that gain is after giving back 23% from a recent high close.</li>
<li>As discussed in <a href="https://skr.ma/aXdzn" target="_blank" rel="noopener">Know Your Rare Earth Elements As China Restricts Exports</a>, China recently escalated restrictions on the export of rare earths; although there has been some partial easing. </li>
</ul>



China Rare Earth Holdings (769 HK), a processor and trader of rare earth oxides/metals, is suspended for reasons unknown.  
But not before gaining 79% month to date. On huge volume. And that gain is after giving back 23% from a recent high close.
As discussed in Know Your Rare Earth Elements As China Restricts Exports, China recently escalated restrictions on the export of rare earths; although there has been some partial easing. 


China Rare Earth (769 HK)'s Wild Price Movement. An Offer In The Wings?

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Tesla (TSLA): Go Short

Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...

Henry Soediarko

US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...

Prasenjit K. Basu

China Rare Earth (769 HK)'s Wild Price Movement. An Offer In The Wings?

At 73 years of age, I can see Jiang Quanlong, the chairman, exiting. China’s rare earth industry is heavily consolidated under state-owned...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Tesla (TSLA): Go Short

​Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...

Henry Soediarko

US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

​Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...

Prasenjit K. Basu

China Rare Earth (769 HK)'s Wild Price Movement. An Offer In The Wings?

At 73 years of age, I can see Jiang Quanlong, the chairman, exiting. China’s rare earth industry is heavily consolidated under state-owned...

David Blennerhassett

Tesla's 2Q25 earnings disappoint with a 12% revenue drop, driven by weak EV and renewable energy sales. Regulatory credit, a key profit driver,...

Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...