Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Friday 25 April, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> released earnings for last year, guidance for this year and a Bloomberg scoop suggested Toyota Motors chairman Akio TOYODA would launch an MBO.</li>
<li>In some ways surprising, but activists/"noisy shareholders" and TSE guidance on dual listings caused pressure, and Toyota Motors was trying to walk the good governance walk.</li>
<li>I discussed the situation <a href="https://www.smartkarma.com/insights/toyota-industries-6201-surprise-it-s-a-toyoda-takeover-proposal-good-governance-may-not-win" target="_blank" rel="noopener">here</a> on Day 1, and <a href="https://www.smartkarma.com/insights/toyota-industries-6201-thinking-about-how-to-value-a-6trln-bid" target="_blank" rel="noopener">here</a> a few days later. Long-only shareholders sold. Today, Kyodo had a follow-up article. Then Nikkei. Looks more solid now. </li>
</ul>


Friday 25 April, Toyota Industries (6201 JP) released earnings for last year, guidance for this year and a Bloomberg scoop suggested Toyota Motors chairman Akio TOYODA would launch an MBO.
In some ways surprising, but activists/"noisy shareholders" and TSE guidance on dual listings caused pressure, and Toyota Motors was trying to walk the good governance walk.
I discussed the situation here on Day 1, and here a few days later. Long-only shareholders sold. Today, Kyodo had a follow-up article. Then Nikkei. Looks more solid now. 


[Japan M&A/Activism] Toyota Industries (6201) Deal Could Be Announced Near-Term

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul><li>Contemporary Amperex Technology Co. Ltd. (CATL) said its new electric vehicle (EV) battery technologies increase a car’s range, lower charging times and keep working at extremely low temperatures.</li><li>The improvements that CATL touted in its announcement Monday aim to alleviate some of the major issues seen as hindering the uptake of EVs, such as “range anxiety” — the concern that a car’s battery might run out on longer drives.</li><li>The highlight of the announcement was the Freevoy dual-power battery system, which divides a single battery pack into two independent energy “zones” — one to power a car for running around town and another that kicks in for longer trips that might test the vehicle’s range.</li></ul>

Contemporary Amperex Technology Co. Ltd. (CATL) said its new electric vehicle (EV) battery technologies increase a car’s range, lower charging times and keep working at extremely low temperatures.The improvements that CATL touted in its announcement Monday aim to alleviate some of the major issues seen as hindering the uptake of EVs, such as “range anxiety” — the concern that a car’s battery might run out on longer drives.The highlight of the announcement was the Freevoy dual-power battery system, which divides a single battery pack into two independent energy “zones” — one to power a car for running around town and another that kicks in for longer trips that might test the vehicle’s range.

CATL’s New Battery Tech Takes Aim at Issues Hindering EV Uptake

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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>  , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we talk about the IPO pricing and how it compares to some of the past listings.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH)  , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we talk about the IPO pricing and how it compares to some of the past listings.


CATL A/H Listing - More like ADR Secondary Listing than an A/H Listing - Performance & Subscription

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is looking to raise US$940m via selling its remaining stake in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>.</li>
<li>DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP).
DENSO last sold some of its stake nearly a year ago and hence, this deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company's past performance in our earlier notes. In this note, we talk about the IPO pricing.


CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

[Japan M&A/Activism] Toyota Industries (6201) Deal Could Be Announced Near-Term

Two separate articles add details, and suggest Toyota Industries will accept the take-private proposal at ¥6trln. The leaks may have been timed to...

Travis Lundy

CATL’s New Battery Tech Takes Aim at Issues Hindering EV Uptake

Contemporary Amperex Technology Co. Ltd. (CATL) said its new electric vehicle (EV) battery technologies increase a car’s range, lower charging...

Caixin Global

CATL A/H Listing - More like ADR Secondary Listing than an A/H Listing - Performance & Subscription

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

Renesas Electronics Block - Well Flagged, Clean up but Momentum Isn’t Great

Denso Corp (6902 JP) is looking to raise US$940m via selling its remaining stake in Renesas Electronics (6723 JP). This is a well-flagged deal.

Sumeet Singh

CATL A/H Listing - High Quality, Large Size Make It Unavoidable but Needs a Discount

Contemporary Amperex Technology (CATL) (300750 CH) , one of the world’s largest battery solutions providers, aims to raise around US$4bn in its H...

Sumeet Singh

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