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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<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 at least 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>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least 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.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>On average, companies under our coverage are forecast to see a 47.3% YoY growth in net profit in 1Q25. Their results should be a pointer for the outlook in 2025. </li>
<li>Good results are expected at <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a>, <a href="https://www.smartkarma.com/entities/china-cosco-holdings-h" target="_blank" data-smartkarma-citation="entities:286:1" rel="noopener">COSCO Shipping Hldgs (1919 HK)</a>, <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">CNBM (3323 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2875:1" rel="noopener">Shenzhen Expressway (548 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>, <a href="https://www.smartkarma.com/entities/xinhua-winshare-publishing-media-co-ltd" target="_blank" data-smartkarma-citation="entities:15072:1" rel="noopener">Xinhua Winshare (811 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transp. (1138 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> will see weaker 1Q25.</li>
</ul>


On average, companies under our coverage are forecast to see a 47.3% YoY growth in net profit in 1Q25. Their results should be a pointer for the outlook in 2025. 
Good results are expected at Shanghai Electric Group (2727 HK), Anhui Conch Cement (914 HK), COSCO Shipping Hldgs (1919 HK), Air China Ltd (753 HK), and CNBM (3323 HK). 

Shenzhen Expressway (548 HK), Trip.com Group (9961 HK), Xinhua Winshare (811 HK), Cosco Shipping Energy Transp. (1138 HK), and China Longyuan Power (916 HK) will see weaker 1Q25.


China & HK Strategy: 1Q25 Preview - The Good, the Bad, and the Ugly

<ul>
<li>Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.</li>
<li>We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.</li>
<li>Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.</li>
</ul>


Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.


A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to raise around US$5.3bn via selling 3% additional shares.</li>
<li>The shares have done exceedingly well this year and are now trading at their all time highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares.
The shares have done exceedingly well this year and are now trading at their all time highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>One key element was the linking of consumption to the wealth effect</li>
<li>Continuation of targeted support for certain vulnerable sections of society</li>
<li>Tactical changes as well as structural ones to support consumption longer-term</li>
</ul>


One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term


China Consumption Plan: How Special Is This “Special Plan”?

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

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China Tourism Group Duty Free (1880 HK)

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

China & HK Strategy: 1Q25 Preview - The Good, the Bad, and the Ugly

Earnings for the companies under our coverage are expected to grow by 47.3% in 1Q25, with Shanghai Electric Group, Anhui Conch, COSCO Shipping...

Osbert Tang, CFA

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)