HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Chongqing Afari Technology / Equity Capital Markets

<ul>
<li>Afari has a " triumvirate" structure consisting of state-owned capital, Geely, Yinqi. This is rare for a platform that can simultaneously integrate three key elements of policy, manufacturing, AI algorithms.</li>
<li>Compared to mature competitors, Afari does have the advantage of AI algorithm layout story.But its industrial structure is single, and the volume of intelligent driving is different from leading brands.</li>
<li>For "manufacturing + technology" companies that have been suffering continuous losses, HK-market valuation is difficult to provide premium for AI like A-share market. Comfortable valuation could be P/S of 2-3x.</li>
</ul>


Afari has a " triumvirate" structure consisting of state-owned capital, Geely, Yinqi. This is rare for a platform that can simultaneously integrate three key elements of policy, manufacturing, AI algorithms.
Compared to mature competitors, Afari does have the advantage of AI algorithm layout story.But its industrial structure is single, and the volume of intelligent driving is different from leading brands.
For "manufacturing + technology" companies that have been suffering continuous losses, HK-market valuation is difficult to provide premium for AI like A-share market. Comfortable valuation could be P/S of 2-3x.


Pre-IPO Chongqing Afari Technology (A/H Listing) - The Business Model and the Concerns Behind

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: new energy vehicles and motorcycle exports.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: new energy vehicles and motorcycle exports.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Afari (千里科技) A+H Pre-IPO: Early Thought

China

Chongqing Afari Technology Co., Ltd. develops, manufactures, and distributes automobile and parts. The Company produces new energy cars, motorcycles, motorcycle engines, passenger car engines, gasoline engines, and other products. Chongqing Afari Technology also conducts real estate and other businesses.

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Chongqing Afari Technology (CAT HK)

Pre-IPO Chongqing Afari Technology (A/H Listing) - The Business Model and the Concerns Behind

Afari's unique triumvirate structure gives it an advantage in AI but facing challenges in competition and low margin. Valuation in HK may struggle...

Xinyao (Criss) Wang

Afari (千里科技) A+H Pre-IPO: Early Thought

Afari is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)