Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>Dajin Heavy Industries launched Hongkong IPO to raise up to HK$5.8B. They offer integrated solutions across production, transportation, and delivery of wind foundation to major offshore wind developers worldwide.  </li>
<li>Dajin Heavy Industries intends to use the IPO proceeds to enhance integrated deep-sea solutions, to construct assembly base in Europe, for new market expansion, for R&amp;D and working capital.</li>
<li>Strong order book position, margin strength and market position will help Dajin boost the business considerably. Valuation seems reasonable and we would recommend investors to buy into the growth story.</li>
</ul>


Dajin Heavy Industries launched Hongkong IPO to raise up to HK$5.8B. They offer integrated solutions across production, transportation, and delivery of wind foundation to major offshore wind developers worldwide.  
Dajin Heavy Industries intends to use the IPO proceeds to enhance integrated deep-sea solutions, to construct assembly base in Europe, for new market expansion, for R&amp;D and working capital.
Strong order book position, margin strength and market position will help Dajin boost the business considerably. Valuation seems reasonable and we would recommend investors to buy into the growth story.


Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Dajin Heavy, a China-based offshore wind equipment manufacturer, launched its IPO to raise USD 737m through an A+H listing.</li>
<li>In this note, we look at the deal terms and provide our thoughts on the valuation for the company.</li>
<li>We analyze reference cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Dajin Heavy, a China-based offshore wind equipment manufacturer, launched its IPO to raise USD 737m through an A+H listing.
In this note, we look at the deal terms and provide our thoughts on the valuation for the company.
We analyze reference cornerstone and sponsor performance and assess the risk-reward of the deal.


Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Dajin Heavy Industry Corp A / Equity Capital Markets

<ul>
<li>Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.</li>
<li>We look at the company's three segments: foundation structures and towers.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.
We look at the company's three segments: foundation structures and towers.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Sungrow Power Supply / Equity Capital Markets

<ul>
<li>Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.</li>
<li>We also discuss our preliminary thoughts on valuation, anchored by A-H premium.</li>
</ul>


Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.
We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.
We also discuss our preliminary thoughts on valuation, anchored by A-H premium.


Sungrow Power Supply A+H Pre-IPO: Early Thought

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, China Mobile, Meituan, PICC P&amp;C, Kuaishou, Petrochina, Zijin Mining, Hua Hong Semiconductor, Xiaomi, Ping An Insurance.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, Meituan, PICC P&amp;C, Kuaishou, Petrochina, Zijin Mining, Hua Hong Semiconductor, Xiaomi, Ping An Insurance.


HK Connect Flows Weekly (May 15th): Tencent, China Mobile, Meituan, PICC P&C, Kuaishou, Petrochina

China

Goldwind is a Chinese multinational wind turbine manufacturer that specializes in the research, development, manufacturing, and sale of wind turbine generator sets and spare parts. The company also provides wind power services, including wind farm development, construction, and operation, alongside water treatment solutions and other green energy ventures. Goldwind was founded in 1998 and is headquartered in Beijing, China.

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Goldwind (2208 HK)

Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...

Tina Banerjee

Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 15th): Tencent, China Mobile, Meituan, PICC P&C, Kuaishou, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), China Mobile (941 HK), Meituan (3690...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

​Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...

Tina Banerjee

Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 15th): Tencent, China Mobile, Meituan, PICC P&C, Kuaishou, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), China Mobile (941 HK), Meituan (3690...

Ke Yan, CFA, FRM

Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...