Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Geely deliveries grew by 47% in 2025, but all major competitors were below 10%.</li>
<li>The year-end sales volume competition no longer continued in December 2025.</li>
<li>We believe total revenue will grow by 38% in 2025 and 22% in 2026.</li>
</ul>


Geely deliveries grew by 47% in 2025, but all major competitors were below 10%.
The year-end sales volume competition no longer continued in December 2025.
We believe total revenue will grow by 38% in 2025 and 22% in 2026.


Geely (175 HK): 2025 Sales Volume – A Successful Year

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s AI Component Powerhouse Faces Geopolitical Reckoning </li><li>In Depth: Millions Tied Up as Hong Kong IPO Fund Network Runs Into Trouble</li><li>Head of Zheshang Bank’s Lucrative Bills Business Taken Away by Authorities </li></ul>

In Depth: China’s AI Component Powerhouse Faces Geopolitical Reckoning In Depth: Millions Tied Up as Hong Kong IPO Fund Network Runs Into TroubleHead of Zheshang Bank’s Lucrative Bills Business Taken Away by Authorities 

CX Daily: China’s AI Component Powerhouse Faces Geopolitical Reckoning 

<ul>
<li>Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD.</li>
<li>PHEV continued to accelerate and export deliveries rose strongly by 22% in November.</li>
<li>We expect Geely’s stock price will rise by 20% in the next twelve months.</li>
</ul>


Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD.
PHEV continued to accelerate and export deliveries rose strongly by 22% in November.
We expect Geely’s stock price will rise by 20% in the next twelve months.


Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

<ul>
<li>Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.</li>
<li>Geely’s deliveries reached 90% of BYD’s in October of 2025.</li>
<li>We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.</li>
</ul>


Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25.
Geely’s deliveries reached 90% of BYD’s in October of 2025.
We conclude a price target of HK$18.50 for next 12 months, which suggests an upside of 19%.


Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

<ul>
<li>BYD is still the largest sedan maker in China, but its deliveries began to decline.</li>
<li>Geely is the second largest car maker, but its deliveries surged dramatically.</li>
<li>We believe Geely is the most promising company when the sedan market gets concentrated.</li>
</ul>


BYD is still the largest sedan maker in China, but its deliveries began to decline.
Geely is the second largest car maker, but its deliveries surged dramatically.
We believe Geely is the most promising company when the sedan market gets concentrated.


Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

Geely (175 HK): 2025 Sales Volume – A Successful Year

Geely deliveries grew by 47% in 2025, but all major competitors were below 10%. The year-end sales competition ended in 2025. We believe total...

Ming Lu

CX Daily: China’s AI Component Powerhouse Faces Geopolitical Reckoning

In Depth: China’s AI Component Powerhouse Faces Geopolitical Reckoning While open-weight models and industrial robotics are hogging...

Caixin Global

Geely (175 HK): In November, Deliveries Still Strongly Up by 24%

Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD. PHEV continued to accelerated and export deliveries rose strongly by 22% in...

Ming Lu

Geely (175 HK): 3Q25, Revenue up by 26%, Deliveries Reached 90% of BYD

Geely’s total revenue continued to grow rapidly by 26% YoY in 3Q25. In October 2025, Geely’s deliveries reached 90% of BYD’s. We conclude an upside...

Ming Lu

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

BYD is still the largest sedan maker, but its deliveries began to decline. Geely is the second largest car maker, but its deliveries surged...

Ming Lu

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