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>Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25.</li>
<li>BEV (Battery Electric Vehicle) deliveries were double of the same period last year.</li>
<li>We believe the stock has at least 29% upside for next 12 months.</li>
</ul>


Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25.
BEV (Battery Electric Vehicle) deliveries were double of the same period last year.
We believe the stock has at least 29% upside for next 12 months.


Geely (175 HK): 3Q25, Expects Strong Revenue for Strong Deliveries

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The official index changes and indicative weights for the September 2025 index rebal event will be announced after the close on Friday 22nd August 2025.</li>
<li>We continue to expect one low-conviction index change for September 2025 and we estimate there to be capping flows of ~US$2.2bn one-way.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The official index changes and indicative weights for the September 2025 index rebal event will be announced after the close on Friday 22nd August 2025.
We continue to expect one low-conviction index change for September 2025 and we estimate there to be capping flows of ~US$2.2bn one-way.


Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon

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.

<ul><li>Maintain BUY. Geely’s 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a prolonged price war.</li><li>We expect its upcoming new models from different brands to be well received, which could lift average selling price and gross margin.</li><li>There is still enough room for growth for Geely’s NEVs, as its current NEV model line-ups only cover a few sub-segments. </li></ul><p><em>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.</em></p>

Maintain BUY. Geely’s 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a prolonged price war.We expect its upcoming new models from different brands to be well received, which could lift average selling price and gross margin.There is still enough room for growth for Geely’s NEVs, as its current NEV model line-ups only cover a few sub-segments. 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.

Geely Automobile (175 HK) - Solid Earnings with More Competitive Models Ahead

<ul>
<li>In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%.</li>
<li>We believe Geely is the only competitor to the market leader BYD.</li>
<li>We set the target price at HK$23 for the next twelve months, which is 21% above the current price.</li>
</ul>


In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%.
We believe Geely is the only competitor to the market leader BYD.
We set the target price at HK$23 for the next twelve months, which is 21% above the current price.


Geely (175 HK): 2Q25, Revenue Up by 28% YoY

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Geely (175 HK): 3Q25, Expects Strong Revenue for Strong Deliveries

Total deliveries grew by 35% YoY in Sep. 2025 and 43% YoY in 3Q25. BEV deliveries were double of the same period last year. We believe the stock...

Ming Lu

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon

Our expected ADD Geely has outperformed peers by nearly 15% in two months. We continue to see this as a low-conviction expected ADD and we expect...

Janaghan Jeyakumar, CFA

Geely Automobile (175 HK) - Solid Earnings with More Competitive Models Ahead

Maintain BUY. Geely’s 2Q25 earnings were in line with our prior forecast and beat market expectation with its QoQ improvement in GPM despite a...

CMB International

Geely (175 HK): 2Q25, Revenue Up by 28% YoY

In 2Q25, Geely’s revenue increased by 28% YoY in 2Q25 and its vehicle deliveries increased more rapidly by 47%. We believe Geely is the only...

Ming Lu

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