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

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

<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

<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>In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.</li>
<li>We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.</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.
In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.


Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

<ul>
<li>Geely announced that its deliveries grew by 42% YoY in June 2025.</li>
<li>We expect BEV deliveries will continue to grow fast in 3Q25, but slow down from 4Q25.</li>
<li>We believe the stock price will rise by 39% for the next twelve months.</li>
</ul>


Geely announced that its deliveries grew by 42% YoY in June 2025.
We expect BEV deliveries will continue to grow fast in 3Q25, but slow down from 4Q25.
We believe the stock price will rise by 39% for the next twelve months.


Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25

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

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 (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

Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

We continue to see Geely as a low-conviction ADD and ASMPT as a low-conviction DEL. Assuming these index changes take place, there could be...

Janaghan Jeyakumar, CFA

Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25

Geely announced that its deliveries grew by 42% YoY in June 2025. We expect BEV deliveries will continue to grow fast in 3Q25, but slow down from...

Ming Lu

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