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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has restarted its IPO process to raise US$500 million by listing on the NYSE.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a>. 
</li>
<li>The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has restarted its IPO process to raise US$500 million by listing on the NYSE.
We previously discussed the IPO in ZEEKR IPO: The Bull Case and ZEEKR IPO: The Bear Case. 

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF. 


ZEEKR IPO: Latest Updates as the IPO Process Restarts

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.</li>
<li>AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.</li>
<li>Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.</li>
</ul>


In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.
AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.
Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.


China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

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 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of the cars as range anxiety persists among customers curious about going electric.</li><li>State-owned automaker Dongfeng Motor Group Co. Ltd. on Saturday unveiled the Aeolus L7 SUV, which it touted as the first model built with its novel hybrid car technology that allows the vehicle to operate as either a plug-in hybrid or an extended-range hybrid.</li><li>Plug-in hybrids use batteries to power an electric motor and fossil fuels to power an internal combustion engine. While on the road, they can use fuel, battery power or a mix of the two to run.</li></ul>

A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of the cars as range anxiety persists among customers curious about going electric.State-owned automaker Dongfeng Motor Group Co. Ltd. on Saturday unveiled the Aeolus L7 SUV, which it touted as the first model built with its novel hybrid car technology that allows the vehicle to operate as either a plug-in hybrid or an extended-range hybrid.Plug-in hybrids use batteries to power an electric motor and fossil fuels to power an internal combustion engine. While on the road, they can use fuel, battery power or a mix of the two to run.

China’s Conventional Carmakers Try to Cash In on Hybrids’ Growing Popularity 

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

<ul>
<li>1810 HK/1211 HK: Xiaomi SU7 pre order conversion rate estimated to be about 20-30%, reopening the Founder's Edition to increase the conversion rate（///）</li>
<li>1810 HK: Zeekr 001 exceeded 30,000 in the first month of its launch. Zeekr + SU7 may have the biggest impact on Tesla and BBA（/）</li>
<li>1810 HK/1211 HK/XPEV/ TSLA: Su7's aggressive pricing impacts ICE vehicles, Tesla, Zeekr, while also stimulating overall auto sales (//-/-/-)</li>
</ul>


1810 HK/1211 HK: Xiaomi SU7 pre order conversion rate estimated to be about 20-30%, reopening the Founder's Edition to increase the conversion rate（///）
1810 HK: Zeekr 001 exceeded 30,000 in the first month of its launch. Zeekr + SU7 may have the biggest impact on Tesla and BBA（/）
1810 HK/1211 HK/XPEV/ TSLA: Su7's aggressive pricing impacts ICE vehicles, Tesla, Zeekr, while also stimulating overall auto sales (//-/-/-)


[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

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)

ZEEKR IPO: Latest Updates as the IPO Process Restarts

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF.

Arun George

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

China’s Conventional Carmakers Try to Cash In on Hybrids’ Growing Popularity

A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of...

Caixin Global

[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ZEEKR IPO: Latest Updates as the IPO Process Restarts

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF.

Arun George

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

China’s Conventional Carmakers Try to Cash In on Hybrids’ Growing Popularity

A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of...

Caixin Global

[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

​Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.

Blue Lotus Research Institute

Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.