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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> has made steady progress in satisfying the precondition for its <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> offer. On 22 August, NDRC approval was obtained. </li>
<li>The appraised offer HK$80.00 value is the key debating point. Based on several methodologies, I estimate a realistic offer value of HK$74.44 (range of HK$67.84 to HK$83.64). </li>
<li>The protest votes for director re-elections at the 23 May AGM are a risk. On balance, the scheme vote should pass as the offer is reasonable and strategically sensible.   </li>
</ul>



ENN Natural Gas (600803 CH) has made steady progress in satisfying the precondition for its ENN Energy (2688 HK) offer. On 22 August, NDRC approval was obtained. 
The appraised offer HK$80.00 value is the key debating point. Based on several methodologies, I estimate a realistic offer value of HK$74.44 (range of HK$67.84 to HK$83.64). 
The protest votes for director re-elections at the 23 May AGM are a risk. On balance, the scheme vote should pass as the offer is reasonable and strategically sensible.   


ENN Energy (2688 HK): Chipping Away at the Precondition

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.
The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.


A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, TraHK HSI ETF, China Hongqiao, Wuxi Apptec.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 15th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, TraHK HSI ETF, China Hongqiao, Wuxi Apptec.


HK Short Interest Weekly: Tencent, TraHK HSI ETF, China Hongqiao, Wuxi Apptec

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Equity Capital Markets

Shuangdeng Group Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shuangdeng-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43906:1" rel="noopener">Shuangdeng Group Co Ltd (JISHUZ CH)</a> is looking to raise around US$109m in its upcoming Hong Kong IPO.</li>
<li>It's a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise around US$109m in its upcoming Hong Kong IPO.
It's a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing.</li>
<li>In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing.
In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


SICC A/H Trading - Strong Retail, Lukewarm Insti Demand

Hong Kong

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (3750 HK)

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Contemporary Amperex Technology (CATL) (3750 HK)

ENN Energy (2688 HK): Chipping Away at the Precondition

NDRC approval suggests that the precondition will be satisfied. The appraised value (HK$80.00) is a key sticking point. I estimate a realistic...

Arun George

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, TraHK HSI ETF, China Hongqiao, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Aug 15th and highlight short interest changes in Tencent, TraHK HSI ETF,...

Ke Yan, CFA, FRM

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group is looking to raise around US$109m in its upcoming HK IPO. It is a global leader in the energy storage business. In this note, we...

Nicholas Tan

SICC A/H Trading - Strong Retail, Lukewarm Insti Demand

SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)