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

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> is a Chinese automobile manufacturer. It has launched an HKEx IPO to raise up to US$1.2 billion.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:200985" rel="noopener">Chery Automobile IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:201049" rel="noopener">Chery Automobile IPO: The Bear Case</a>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is reasonable.</li>
</ul>



Chery Automobile (9973 HK) is a Chinese automobile manufacturer. It has launched an HKEx IPO to raise up to US$1.2 billion.
I previously discussed the IPO in Chery Automobile IPO: The Bull Case and Chery Automobile IPO: The Bear Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is reasonable.


Chery Automobile IPO (9973 HK): Valuation Insights

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile </a>is looking to raise about US$1.2bn 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>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Chery Automobile is looking to raise about US$1.2bn 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.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> raised around US$530m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the ADS movement and trading dynamics.</li>
</ul>



Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the ADS movement and trading dynamics.


Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.</li>
<li>Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.</li>
<li>Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.</li>
</ul>



 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.
Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.
Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.


Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

<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

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.

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BYD (1211 HK)

Chery Automobile IPO (9973 HK): Valuation Insights

Chery Auto has launched an HKEx IPO to raise up to US$1.2 billion. In this note, I present my forecasts and valuation. My analysis suggests that...

Arun George

Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

Chery Automobile is looking to raise about US$1.2bn in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Hesai Secondary Listing: LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...

Raj S, CA, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chery Automobile IPO (9973 HK): Valuation Insights

Chery Auto has launched an HKEx IPO to raise up to US$1.2 billion. In this note, I present my forecasts and valuation. My analysis suggests that...

Arun George

Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

Chery Automobile is looking to raise about US$1.2bn in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Hesai Secondary Listing: ​LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...

Raj S, CA, CFA

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

Hesai Secondary Listing: LiDAR market potential underestimated, 2030 TAM could be 70-120% higher. Hesai poised as leader. Apart from China, global...