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.

Equity Bottom-Up

<ul><li>Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).</li><li>Key takeaways from analyst meeting include: (1) Wind and solar installed capacity of 1.75GW is expected to be completed by Oct 2026; (2) Saudi aluminium capacity construction is on good track and the project is expected to commence operation in 2Q27; (3) Coal mining capex is expected to be RMB4bn which will be spent in 2027-29.</li><li>We maintain our positive stance on Chuangxin given its strong capacity growth (Saudi project) and substantial cost reduction potential in China, despite the rebound of gearing ratio due to the acquisition of coal mining business and on-going capex needed. </li></ul>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.

Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).Key takeaways from analyst meeting include: (1) Wind and solar installed capacity of 1.75GW is expected to be completed by Oct 2026; (2) Saudi aluminium capacity construction is on good track and the project is expected to commence operation in 2Q27; (3) Coal mining capex is expected to be RMB4bn which will be spent in 2027-29.We maintain our positive stance on Chuangxin given its strong capacity growth (Saudi project) and substantial cost reduction potential in China, despite the rebound of gearing ratio due to the acquisition of coal mining business and on-going capex needed. 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.

Chuangxin Industries (2788 HK) - 1H26 Profit Growth of 1.7x YoY in Line with Pre-Announced Alert

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Chuangxin Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chuangxin-industries" target="_blank" data-smartkarma-citation="entities:45636:1" rel="noopener">Chuangxin Industries (CXI HK)</a> raised around US$700m, with the IPO being offered at the upper end of the range i.e. HKD 10.99/share. </li>
<li>It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chuangxin Industries (CXI HK) raised around US$700m, with the IPO being offered at the upper end of the range i.e. HKD 10.99/share. 
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chuangxin IPO Lockup - Shares Have Done Well Since IPO; >US$600m of Shares to Be Unlocked

<ul><li>We believe Chuangxin offers unique growth story in the aluminium sector.</li><li>On the cost side, the on-going commencement of wind &amp; solar captive power source will further push the cost down in 2026E-27E, from the already low cost of electricity at present.</li><li>On the growth side, Chuangxin’s aluminium capacity construction in Saudi Arabia, with the new round of investment from Public Investment Fund (PIF, the sovereign wealth fund of Saudi Arabia), offers confidence in project execution. </li></ul>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.

We believe Chuangxin offers unique growth story in the aluminium sector.On the cost side, the on-going commencement of wind &amp; solar captive power source will further push the cost down in 2026E-27E, from the already low cost of electricity at present.On the growth side, Chuangxin’s aluminium capacity construction in Saudi Arabia, with the new round of investment from Public Investment Fund (PIF, the sovereign wealth fund of Saudi Arabia), offers confidence in project execution. 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.

Chuangxin Industries (2788 HK) - Capacity Growth in Saudi Arabia...

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.</li>
<li>FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.</li>
<li>Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.</li>
</ul>


Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.
FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.
Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.


Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chuangxin-industries" target="_blank" data-smartkarma-citation="entities:45636:1" rel="noopener">Chuangxin Industries (CXI HK)</a> raised around US$700m in its upcoming Hong Kong IPO.</li>
<li>It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Chuangxin Industries (CXI HK) raised around US$700m in its upcoming Hong Kong IPO.
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

Hong Kong

Chuangxin Industries is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain. Its business is centered on the upstream segments of the aluminum industry chain i.e. alumina refining and aluminum smelting.

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Chuangxin Industries (CXI HK)

Chuangxin Industries (2788 HK) - 1H26 Profit Growth of 1.7x YoY in Line with Pre-Announced Alert

Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).

CMB International

Aequitas: Chuangxin IPO Lockup - Shares Have Done Well Since IPO; >US$600m of Shares to Be Unlocked

Chuangxin Industries raised around US$700m, with the IPO being offered at the upper end of the range i.e. HKD 10.99/share. In this note, we will...

Nicholas Tan

Chuangxin Industries (2788 HK) - Capacity Growth in Saudi Arabia...

On the cost side, the on-going commencement of wind & solar captive power source will further push the cost down in 2026E-27E, from the already low...

CMB International

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Rahul Jain

Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

Chuangxin Industries raises US$700m in Hong Kong IPO, focusing on alumina refining and aluminum smelting in the industry chain. Analysis on demand...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chuangxin Industries (2788 HK) - 1H26 Profit Growth of 1.7x YoY in Line with Pre-Announced Alert

Chuangxin’s net profit in 1H26 surged 1.7x YoY to RMB2.3bn, which is in line with the profit alert announced in Jul 2026 (RMB2.2-2.4bn).

CMB International

Aequitas: Chuangxin IPO Lockup - Shares Have Done Well Since IPO; >US$600m of Shares to Be Unlocked

Chuangxin Industries raised around US$700m, with the IPO being offered at the upper end of the range i.e. HKD 10.99/share. In this note, we will...

Nicholas Tan

Chuangxin Industries (2788 HK) - Capacity Growth in Saudi Arabia...

On the cost side, the on-going commencement of wind & solar captive power source will further push the cost down in 2026E-27E, from the already low...

CMB International

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

​Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Rahul Jain

Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

​Chuangxin Industries raises US$700m in Hong Kong IPO, focusing on alumina refining and aluminum smelting in the industry chain. Analysis on demand...

Nicholas Tan

Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Chuangxin Industries raises US$700m in Hong Kong IPO, focusing on alumina refining and aluminum smelting in the industry chain. Analysis on demand...