IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is a Chinese premium electric vehicle manufacturer listed on three exchanges. </li>
<li>NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.  </li>
<li>NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers. </li>
</ul>



NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed on three exchanges. 
NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.  
NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers. 


2026 High Conviction: Short NIO (NIO US/9866 HK)

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a>, a Chinese premium electric vehicle manufacturer, has launched an equity offering to raise around US$1 billion. </li>
<li>The raise is opportunistically timed to take advantage of the 83% QTD share price rally and comes hot on the heels of a US$513 million raise in April.</li>
<li>While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying competition warrants caution.  </li>
</ul>



NIO (NIO US), a Chinese premium electric vehicle manufacturer, has launched an equity offering to raise around US$1 billion. 
The raise is opportunistically timed to take advantage of the 83% QTD share price rally and comes hot on the heels of a US$513 million raise in April.
While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying competition warrants caution.  


NIO (NIO US/9866 HK): An Opportunistically Timed US$1 Billion Raise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is a Chinese premium electric vehicle manufacturer listed across three exchanges. </li>
<li>NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  </li>
<li>NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. </li>
</ul>



NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed across three exchanges. 
NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  
NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. 


2025 High Conviction: Short NIO (NIO US/9866 HK)

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<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$5bn 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 look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn 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 look at its past performance and other deal dynamics that might impact the listing.


CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

2026 High Conviction: Short NIO (NIO US/9866 HK)

4Q deliveries guidance was below expectations, and the sales momentum is declining. Breakeven targets are likely to be pushed out. The valuation is...

Arun George

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

NIO (NIO US/9866 HK): An Opportunistically Timed US$1 Billion Raise

While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying...

Arun George

2025 High Conviction: Short NIO (NIO US/9866 HK)

NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in...

Arun George

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

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