Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.</li>
<li>Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.</li>
<li>Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.</li>
</ul>


Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.
Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.
Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.


CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.</li>
<li>The offer comprises HK$6.68 + 0.3552608 VOYAH H Shares per H Share, which is valued at HK$10.85 per H Share, a 81.7% premium to the last close price. </li>
<li>The vote is low risk as the offer is attractive. It values the remaining business at a premium multiple, and the appraised value of HK$11.735 per VOYAH share is conservative. </li>
</ul>



Dongfeng Motor (489 HK) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.
The offer comprises HK$6.68 + 0.3552608 VOYAH H Shares per H Share, which is valued at HK$10.85 per H Share, a 81.7% premium to the last close price. 
The vote is low risk as the offer is attractive. It values the remaining business at a premium multiple, and the appraised value of HK$11.735 per VOYAH share is conservative. 


Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
 Abandoned Restructuring: Recently <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> confirmed that there is no restructuring activity involving its controlling shareholder.This raises hope that it is looking to turnaround its operations by itself.</li>
<li>
 New Energy Vehicle (NEV) transformation gaining momentum: NEV sales grew 34.4% YTD May 2025; Dongfeng leads with proprietary EV platforms, smart tech integration, and Huawei-backed high-end launches.</li>
<li>Trades at just 0.32x P/B, Cash at USD 14bn is much higher than market cap of USD 4bn. significantly undervalued versus peers, despite strong cash reserves,rising exports, and NEV scaling.</li>
</ul>



 Abandoned Restructuring: Recently Dongfeng Motor (489 HK) confirmed that there is no restructuring activity involving its controlling shareholder.This raises hope that it is looking to turnaround its operations by itself.

 New Energy Vehicle (NEV) transformation gaining momentum: NEV sales grew 34.4% YTD May 2025; Dongfeng leads with proprietary EV platforms, smart tech integration, and Huawei-backed high-end launches.
Trades at just 0.32x P/B, Cash at USD 14bn is much higher than market cap of USD 4bn. significantly undervalued versus peers, despite strong cash reserves,rising exports, and NEV scaling.


Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beiqi-foton-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:4732:1" rel="noopener">Beiqi Foton Motor Co Ltd A (600166 CH)</a>, via Energy In Motion, marks <a href="https://www.smartkarma.com/entities/baic-motor-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:90:1" rel="noopener">Baic Motor Corp Ltd H (1958 HK)</a>’s electric truck entry in India targeting heavy-duty logistics.</li>
<li>In this insight we attempt to identify implications on existing players like <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> and others.</li>
<li>Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.</li>
</ul>



Beiqi Foton Motor Co Ltd A (600166 CH), via Energy In Motion, marks Baic Motor Corp Ltd H (1958 HK)’s electric truck entry in India targeting heavy-duty logistics.
In this insight we attempt to identify implications on existing players like Ashok Leyland (AL IN), Tata Motors Ltd (TTMT IN) , Mahindra &amp; Mahindra (MM IN) and others.
Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.


BAIC Enters Indian Commercial Vehicle Market - Implications

Cross Asset Strategy

<ul>
<li>Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> broke out to new high after it announced its DAU for WPS exceeded 100mm.  <a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> is benefiting from the AI rally.</li>
<li>
<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> broke out to an all-time high after announcing it would offer its ADA service for free. The move caused <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> shares to fall.
</li>
</ul>


Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.

Kingsoft Corp (3888 HK) broke out to new high after it announced its DAU for WPS exceeded 100mm.  Kingsoft Cloud Holdings (3896 HK) is benefiting from the AI rally.

BYD (1211 HK) broke out to an all-time high after announcing it would offer its ADA service for free. The move caused Tesla (TSLA US) shares to fall.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

China

BAIC Motor Corporation Limited is a Chinese automaker primarily engaged in the research, development, manufacturing, sales, and after-sales services of passenger vehicles, including both combustion engine and new energy models. The company also produces automotive parts and components such as engines, transmissions, and power batteries. Headquartered in Beijing, China, BAIC Motor was incorporated in 2010.

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BAIC Motor (1958 HK)

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer

The transaction helps unlock the HoldCo discount. The offer is attractive as it values the remaining business at a premium multiple, and the...

Arun George

Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future?

July 2025 Production & Sales: Dongfeng Motor sold 978,462 units in Jan–Jul 2025 (-8.9% YoY). NEV sales rose 35.5% to 249,571 units, driven by Voyah...

Sreemant Dudhoria

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria

Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

HK stocks gained momentum after the DeepSeek announcement. Kingsoft shares broke out to new highs after announcing that WPS had DAUs of 100mm. BYD...

David Mudd

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