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

Jiangsu Hengrui Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> priced its H Share at HK$44.05 to raise HK$9,890.1 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The timing of the H Share listing is fortuitous, as the peers have materially re-rated since the prospectus was released on 15 May.</li>
<li>Hengrui had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) priced its H Share at HK$44.05 to raise HK$9,890.1 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
The timing of the H Share listing is fortuitous, as the peers have materially re-rated since the prospectus was released on 15 May.
Hengrui had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.


Jiangsu Hengrui Pharma H Share Listing (1276 HK): Trading Debut

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.

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, raised around US$5.2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> 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 and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.

Contemporary Amperex Technology (3750 HK) 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 and valuations in our earlier notes. In this note, we talk about the trading dynamics.


CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>'s AH discount of 4.7%.</li>
<li>CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Contemporary Amperex Technology (3750 HK) priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to Midea Group (300 HK)'s AH discount of 4.7%.
CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.


CATL H Share Listing (3750 HK) IPO: Trading Debut

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<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> has offered118 million shares in Hong Kong, priced at HKD263 per share, a modest discount to its A share price.</li>
<li>More than half of the USD4 Billion Hong Kong share offering has already been subscribed by cornerstone investors.</li>
<li>Middle Eastern sovereign wealth funds are amongst CATL's key corner stone investors while the deal excluded US onshore investors given the mounting geopolitical tensions.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) has offered118 million shares in Hong Kong, priced at HKD263 per share, a modest discount to its A share price.
More than half of the USD4 Billion Hong Kong share offering has already been subscribed by cornerstone investors.
Middle Eastern sovereign wealth funds are amongst CATL's key corner stone investors while the deal excluded US onshore investors given the mounting geopolitical tensions.


CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.


Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

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 Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

Despite pricing H-shares at only a modest discount to its A-shares and excluding U.S. onshore investors, CATL’s HK offering has seen robust demand...

Devi Subhakesan

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Pharma H Share Listing (1276 HK): Trading Debut

Hengrui had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

Arun George

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

CATL H Share Listing (3750 HK) IPO: Trading Debut

CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is...

Arun George

CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

Despite pricing H-shares at only a modest discount to its A-shares and excluding U.S. onshore investors, CATL’s HK offering has seen robust demand...

Devi Subhakesan

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh