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.

Thematic (Sector/Industry)

<ul><li>We summarize the Jul 2025 price discounts at dealers for major automakers in this report.</li><li>Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. </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>

We summarize the Jul 2025 price discounts at dealers for major automakers in this report.Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. 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 - Jul discounts narrowed amid new models, auto finance policy changes

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

Hunan Yuneng New Energy Battery Material / Equity Capital Markets

Hunan Yuneng New Energy Battery Material (301358 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hunan-yuneng-new-energy-battery-material-co-ltd" target="_blank" data-smartkarma-citation="entities:40312:1" rel="noopener">Hunan Yuneng New Energy Battery Material (301358 CH)</a> (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing.</li>
<li>HYNEB focuses on the research and development, manufacturing and sales of phosphate-based cathode materials, primarily lithium iron phosphate (LFP) cathode materials.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Hunan Yuneng New Energy Battery Material (301358 CH) (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing.
HYNEB focuses on the research and development, manufacturing and sales of phosphate-based cathode materials, primarily lithium iron phosphate (LFP) cathode materials.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Hunan Yuneng New Energy Battery Material A/H - Dominant Position but Volatile Earnings

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

Cross Asset Strategy

<ul><li>Autos / In Depth: China’s surging auto sales mask an industry in crisis</li><li>Temple /: Faith, greed, and power: The unraveling of the Shaolin kingdom</li><li>Ports /: Cosco tipped to join revamped bid for CK Hutchison’s global ports</li></ul>

Autos / In Depth: China’s surging auto sales mask an industry in crisisTemple /: Faith, greed, and power: The unraveling of the Shaolin kingdomPorts /: Cosco tipped to join revamped bid for CK Hutchison’s global ports

CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis 

<ul><li>Competition / In Depth: China intensifies war on toxic competition as economy suffers</li><li>IPOs /In Depth: China reopens the door for loss-making tech startups to go public</li><li>Energy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says</li></ul>

Competition / In Depth: China intensifies war on toxic competition as economy suffersIPOs /In Depth: China reopens the door for loss-making tech startups to go publicEnergy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers 

Event-Driven

<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> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</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 will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
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 will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Auto - Jul discounts narrowed amid new models, auto finance policy changes

We believe Geely and Leapmotor could be better positioned than most of its peers with a strong new model pipeline and sales momentum, as well as...

CMB International

Aequitas: Hunan Yuneng New Energy Battery Material A/H - Dominant Position but Volatile Earnings

Hunan Yuneng New Energy Battery Material (301358 CH) (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing....

Sumeet Singh

CX Daily: China’s Surging Auto Sales Mask an Industry in Crisis

Autos / In Depth: China’s surging auto sales mask an industry in crisis Temple /: Faith, greed, and power: The unraveling of the Shaolin...

Caixin Global

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers

Competition / In Depth: China intensifies war on toxic competition as economy suffers IPOs /In Depth: China reopens the door for loss-making tech...

Caixin Global

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

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