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

Chery Automobile Co. Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we look at the company's past performance.


Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)</li>
<li>1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)</li>
<li>Macro: Shanghai slightly enhances support measures for catering businesses (/)</li>
</ul>


XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)
1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)
Macro: Shanghai slightly enhances support measures for catering businesses (/)


[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

<ul>
<li>300750 SZ/1211 HK: CATL launched 2nd generation Shenxing LFP battery, surprassing BYD in fast charging (///)</li>
<li>ATAT US : Hotel RevPAR Decline Narrows Marginally  (+ /+)</li>
<li>NIO US: ONVO L90 Appears in MIIT's New Vehicle List(+)</li>
</ul>


300750 SZ/1211 HK: CATL launched 2nd generation Shenxing LFP battery, surprassing BYD in fast charging (///)
ATAT US : Hotel RevPAR Decline Narrows Marginally  (+ /+)
NIO US: ONVO L90 Appears in MIIT's New Vehicle List(+)


[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.</li><li>Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

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)

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...

Blue Lotus Research Institute

Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

​XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

[Blue Lotus Daily]:300750 SZ/1211 HK/ATAT US/NIO US

​CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...

Blue Lotus Research Institute

Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

CATL surpasses BYD in fast charging with 2nd generation Shenxing LFP battery. Hotel RevPAR decline narrows slightly. ONVO L90 from NIO appears in...