Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Chery Automobile / Equity Capital Markets

<ul>
<li>Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.</li>
<li>High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  </li>
<li>The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.</li>
</ul>


Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.


Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

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.

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Warren Buffett's Berkshire Hathaway completely exited its stake in BYD (1211 HK).</li>
<li>We highlight four major reasons why Berkshire may have exited its entire position including valuations, tariffs, competition and lower profit margins, and greater risk prospects on economic stagnation in China. </li>
<li>Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of Chery Auto IPO. </li>
</ul>


Warren Buffett's Berkshire Hathaway completely exited its stake in BYD (1211 HK).
We highlight four major reasons why Berkshire may have exited its entire position including valuations, tariffs, competition and lower profit margins, and greater risk prospects on economic stagnation in China. 
Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of Chery Auto IPO. 


Berkshire Hathaway Dumps All Its Stake in BYD - Impact on the Chery Auto IPO

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.

Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.</li>
<li>We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.
The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.
We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.


A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (1211 HK)

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Berkshire Hathaway Dumps All Its Stake in BYD - Impact on the Chery Auto IPO

Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of...

Douglas Kim

Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

Tencent and other major HK stocks trade with historically low front-month volatility, offering potential hedging opportunities as the curve...

Gaudenz Schneider

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

​Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Berkshire Hathaway Dumps All Its Stake in BYD - Impact on the Chery Auto IPO

Berkshire selling all its stake in BYD is likely to have a slightly negative impact on the Chery Auto IPO. However, we maintain a Positive view of...

Douglas Kim

Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

Tencent and other major HK stocks trade with historically low front-month volatility, offering potential hedging opportunities as the curve...

Gaudenz Schneider

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...