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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<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

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>June was broadly directionless. The median tightened modestly, while the mean was essentially unchanged as convergence in Volkswagen and Roche was offset by widening in Danieli, Sixt and Carlsberg.</li>
<li>Liquidity-Driven convergence remained selective. Media for Europe, Roche and Volkswagen tightened further, while structurally constrained spreads such as Handelsbanken and Danieli remained firmly anchored.</li>
<li>Telecom Italia exits the universe following completion of the savings-share conversion, leaving ownership structure and implementation constraints as the primary drivers of European dual-class dispersion.</li>
</ul>


June was broadly directionless. The median tightened modestly, while the mean was essentially unchanged as convergence in Volkswagen and Roche was offset by widening in Danieli, Sixt and Carlsberg.
Liquidity-Driven convergence remained selective. Media for Europe, Roche and Volkswagen tightened further, while structurally constrained spreads such as Handelsbanken and Danieli remained firmly anchored.
Telecom Italia exits the universe following completion of the savings-share conversion, leaving ownership structure and implementation constraints as the primary drivers of European dual-class dispersion.


Liquid Universe of European Ordinary and Preferred Shares: June '26 Report

<ul>
<li>May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.</li>
<li>Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.</li>
<li>Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.</li>
</ul>


May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.
Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.
Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.


Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

<ul>
<li>April saw dispersion re-expand, with median and mean widening modestly, confirming no systemic repricing of voting rights but renewed divergence across liquidity- and structure-driven dual-class pairs.</li>
<li>Convergence remained selective: Grifols, MFE and Sixt tightened, while Carlsberg, Fuchs and Handelsbanken re-widened, highlighting the episodic nature of ord/pref convergence.</li>
<li>Telecom Italia transitions towards corporate-action, while Nordic anomalies—particularly Handelsbanken—continue to dominate dispersion and constrain arbitrage.</li>
</ul>


April saw dispersion re-expand, with median and mean widening modestly, confirming no systemic repricing of voting rights but renewed divergence across liquidity- and structure-driven dual-class pairs.
Convergence remained selective: Grifols, MFE and Sixt tightened, while Carlsberg, Fuchs and Handelsbanken re-widened, highlighting the episodic nature of ord/pref convergence.
Telecom Italia transitions towards corporate-action, while Nordic anomalies—particularly Handelsbanken—continue to dominate dispersion and constrain arbitrage.


Liquid Universe of European Ordinary and Preferred Shares: April '26 Report

<ul>
<li>March saw broad-based tightening across Europe’s dual-class universe, reversing February’s dispersion widening. Both the median and mean moved towards convergence, driven by retracement in structurally wide spreads.</li>
<li>Liquidity-Driven convergence reasserted itself in Fuchs, Carlsberg, Grifols and Sixt, while Handelsbanken remained the dominant structural anomaly despite meaningful tightening.</li>
<li>Telecom Italia continues to behave as a dividend-anchored structure, but with the approved savings conversion, convergence is increasingly shaped by corporate action rather than pure market arbitrage.</li>
</ul>


March saw broad-based tightening across Europe’s dual-class universe, reversing February’s dispersion widening. Both the median and mean moved towards convergence, driven by retracement in structurally wide spreads.
Liquidity-Driven convergence reasserted itself in Fuchs, Carlsberg, Grifols and Sixt, while Handelsbanken remained the dominant structural anomaly despite meaningful tightening.
Telecom Italia continues to behave as a dividend-anchored structure, but with the approved savings conversion, convergence is increasingly shaped by corporate action rather than pure market arbitrage.


Liquid Universe of European Ordinary and Preferred Shares: March '26 Report

Germany

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

Bayerische Motoren Werke (BMW) (Pref) (BMW3 GR)

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Bayerische Motoren Werke (BMW) (Pref) (BMW3 GR)

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

Liquid Universe of European Ordinary and Preferred Shares: June '26 Report

June brought renewed divergence across European ord/pref pairs. Structural outliers widened, convergence became more selective, and implementation...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

European dual-class spreads tightened again in May as liquidity-driven convergence resumed. Handelsbanken, MFE and Telecom Italia led compression,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April '26 Report

European dual-class spreads re-widened in April, with mean rising on right-tail moves. Liquidity-driven convergence persists, while structural...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: March '26 Report

March saw convergence across European dual-class shares, with dispersion narrowing as liquidity returned. Structural outliers persist, while...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)