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>Law firms / In Depth: The changing landscape of foreign law firms in China</li><li>Education /: Education ministry boosts scrutiny of dodgy overseas degrees</li><li>Bonds /China accelerates sci-tech bond plan to fuel innovation, aiming for $40 billion in issuance</li></ul>

Law firms / In Depth: The changing landscape of foreign law firms in ChinaEducation /: Education ministry boosts scrutiny of dodgy overseas degreesBonds /China accelerates sci-tech bond plan to fuel innovation, aiming for $40 billion in issuance

CX Daily: The Changing Landscape of Foreign Law Firms in China 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">JHP</a> has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the past performance and other dynamics in our previous note. In this note, we talk about the updates and provide our thoughts on the A/H premium.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.

JHP has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the past performance and other dynamics in our previous note. In this note, we talk about the updates and provide our thoughts on the A/H premium.


Jiangsu Hengrui Pharma A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, China’s second-largest carmaker, has made an non-binding proposal for 65.7%-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>, a premium Chinese electric vehicle manufacturer. </li>
<li>Geely is offering US$25.66/ADS, a paltry 13.6% premium. Or 12.3 newly issued shares. The Offer appears opportunistic after Zeekr's 20% decline YTD (pre-Offer) in response to Trump tariffs.</li>
<li>
Should a definitive agreement be inked, this is done. The risk to the trade, as with many US-listed China plays, is timing. Trading tight at a 1.9% gross spread.</li>
</ul>



Geely Auto (175 HK), China’s second-largest carmaker, has made an non-binding proposal for 65.7%-held Zeekr (ZK US), a premium Chinese electric vehicle manufacturer. 
Geely is offering US$25.66/ADS, a paltry 13.6% premium. Or 12.3 newly issued shares. The Offer appears opportunistic after Zeekr's 20% decline YTD (pre-Offer) in response to Trump tariffs.

Should a definitive agreement be inked, this is done. The risk to the trade, as with many US-listed China plays, is timing. Trading tight at a 1.9% gross spread.


Zeekr (ZK US): Minorities Have Limited Options Amid Geely's Low-Balled Offer

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, the controlling shareholder, disclosed a cash or scrip non-binding proposal for <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> at US$25.66 per ADS or 12.3 newly issued Geely shares.</li>
<li>While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. </li>
<li>The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. </li>
</ul>



Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 


ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.


CATL A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

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)

CX Daily: The Changing Landscape of Foreign Law Firms in China

Law firms / In Depth: The changing landscape of foreign law firms in China Education /: Education ministry boosts scrutiny of dodgy overseas...

Caixin Global

Jiangsu Hengrui Pharma A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing. In this note,...

Sumeet Singh

Zeekr (ZK US): Minorities Have Limited Options Amid Geely's Low-Balled Offer

Li Shufu has the necessary votes. Should a definitive agreement be inked, this should be done. The risk to the trade, as with many US-listed China...

David Blennerhassett

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

The offer is light. The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the...

Arun George

CATL A/H Listing - PHIP Updates and Updated Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H...

Sumeet Singh

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