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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 Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion</li><li>Forex /: China to Roll Out New Policies to Ease Forex Transactions for Trade, Investment</li><li>Personnel /: China Taps Three Coastal Officials for Vice Minister Roles</li></ul>

Autos /In Depth: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global ExpansionForex /: China to Roll Out New Policies to Ease Forex Transactions for Trade, InvestmentPersonnel /: China Taps Three Coastal Officials for Vice Minister Roles

CX Daily: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion 

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$325m 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 deal structure and updates since then.</li>
</ul>



WeRide (WRD US) plans to raise around US$325m 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 deal structure and updates since then.


WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, raised around US$2.0bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.


Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.</li>
<li>At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).</li>
<li>Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.</li>
</ul>


Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a></em></strong>.</li>
<li>The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.


Seres Group H Share Listing (9927 HK): Valuation Insights

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)

CX Daily: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion

TOP STORIES Autos / In Depth: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion At a glance, selling more cars...

Caixin Global

WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong. In this note we talk about the deal structure and pricing.

Sumeet Singh

Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Seres Group Hong Kong IPO Preview

Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

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CX Daily: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion

TOP STORIES Autos / In Depth: China’s Growing Trade of Unused ‘Used’ Cars Threatens Automakers’ Global Expansion At a glance, selling more cars...

Caixin Global

WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong. In this note we talk about the deal structure and pricing.

Sumeet Singh

Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Seres Group Hong Kong IPO Preview

Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.

Douglas Kim

Seres Group H Share Listing (9927 HK): Valuation Insights

Seres Group has launched an H Share listing to raise US$1.7 billion. The proposed AH discount of 24.8% implied by the H Share offer price is...

Arun George