APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Fangda Carbon New Material Co, Ltd. / Equity Capital Markets

Fangda Carbon New Material Co, Ltd. (600516 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fangda-carbon-new-material-co-ltd" target="_blank" data-smartkarma-citation="entities:14878:1" rel="noopener">Fangda Carbon New Material Co, Ltd. (600516 CH)</a> is looking to raise around US$124m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal.</li>
<li>The firm is offering 13.91m GDRs (1 GDR to 10 A-shares) for sale at US$8.63-8.9/GDR, or at a 8.3-11.1% discount to last close on the A-share leg.</li>
<li>As per the firm, it plans to use the net proceeds from the offering to support its business expansion, repay debt, supplement working capital and for general corporate purposes.</li>
</ul>



Fangda Carbon New Material Co, Ltd. (600516 CH) is looking to raise around US$124m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal.
The firm is offering 13.91m GDRs (1 GDR to 10 A-shares) for sale at US$8.63-8.9/GDR, or at a 8.3-11.1% discount to last close on the A-share leg.
As per the firm, it plans to use the net proceeds from the offering to support its business expansion, repay debt, supplement working capital and for general corporate purposes.


Fangda Carbon New Material GDR Listing - Share Price Has Outperformed Index over the past 3 Months

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

Guangzhou Tinci Materials Technlgy (002709 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technlgy" target="_blank" data-smartkarma-citation="entities:20975:1" rel="noopener">Guangzhou Tinci Materials Technlgy (002709 CH)</a> is looking to raise up to US$1.5bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, HSBC, and JPMorgan.</li>
<li>As per the firm’s filings, it is to issue no more than 289m A-shares, or not exceeding 15% of the firm’s total ordinary share capital.</li>
<li>In this note, we discuss the GDR's timeline, and the firm’s recent financial performance.</li>
</ul>



Guangzhou Tinci Materials Technlgy (002709 CH) is looking to raise up to US$1.5bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, HSBC, and JPMorgan.
As per the firm’s filings, it is to issue no more than 289m A-shares, or not exceeding 15% of the firm’s total ordinary share capital.
In this note, we discuss the GDR's timeline, and the firm’s recent financial performance.


Guangzhou Tinci Materials GDR Listing Early Look - US$1.5bn Raising Could Further Aid Growth Plans

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.</li>
<li>The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. </li>
<li>In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.</li>
</ul>



CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.
The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. 
In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.


CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In January 2021, <a href="https://www.smartkarma.com/entities/tianneng-power-international-ltd" target="_blank" data-smartkarma-citation="entities:18978:1" rel="noopener">Tianneng Power (819 HK)</a>'s (TPI) battery unit <a href="https://www.smartkarma.com/entities/tianneng-battery-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33458:1" rel="noopener">Tianneng Battery (688819 CH)</a> (TBG) was listed on China's Star Market, as discussed in <a href="https://skr.ma/TcCjv" target="_blank" rel="noopener">Tianneng: Star Market Battery Spin-Off Priced. </a>
</li>
<li>TBG is now proposing the issuance of GDRs, accounting for 10% of existing shares out, to be listed on the SIX Swiss Exchange.  </li>
<li>A circular has been issued and TPI shareholders go to the vote on the 31 January. TPI currently holds 86.53% in TBG worth &gt;300% of its market cap.</li>
</ul>


In January 2021, Tianneng Power (819 HK)'s (TPI) battery unit Tianneng Battery (688819 CH) (TBG) was listed on China's Star Market, as discussed in Tianneng: Star Market Battery Spin-Off Priced. 

TBG is now proposing the issuance of GDRs, accounting for 10% of existing shares out, to be listed on the SIX Swiss Exchange.  
A circular has been issued and TPI shareholders go to the vote on the 31 January. TPI currently holds 86.53% in TBG worth &gt;300% of its market cap.


Tianneng (819 HK): EV Battery Play Seeks Swiss Listing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.</li>
<li>We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. </li>
<li>The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.</li>
</ul>


VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.
We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. 
The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.


VinFast IPO Preview - Too Big to Fail In Vietnam

China

Gotion High-tech Co.,Ltd researches, develops, manufacture and markets lithium batteries. The Company mainly produces lithium ion batteries, power lithium battery sets, and other related products. Guoxuan High-Tech supplies its products for electric commercial vehicles, passenger cars, power stations, and other fields.

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Gotion High-tech (002074 CH)

Guangzhou Tinci Materials GDR Listing Early Look - US$1.5bn Raising Could Further Aid Growth Plans

Guangzhou Tinci Materials Technlgy (002709 CH) is looking to raise up to US$1.5bn in its Swiss GDR listing. In this note, we discuss GDR timelines,...

Clarence Chu

CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities,...

Clarence Chu

Tianneng (819 HK): EV Battery Play Seeks Swiss Listing

TBG is seeking a GDR listing in Zurich. The holding in TBG accounts for 307% of TPI's market cap. TPI is mispriced. But it may simply remain...

David Blennerhassett

VinFast IPO Preview - Too Big to Fail In Vietnam

We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year.

Douglas Kim

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Fangda Carbon New Material GDR Listing - Share Price Has Outperformed Index over the past 3 Months

Fangda Carbon New Material Co, Ltd. (600516 CH) is looking to raise around US$124m in its Swiss GDR listing. Huatai is the sole bookrunner in the...

Clarence Chu

Guangzhou Tinci Materials GDR Listing Early Look - US$1.5bn Raising Could Further Aid Growth Plans

Guangzhou Tinci Materials Technlgy (002709 CH) is looking to raise up to US$1.5bn in its Swiss GDR listing. In this note, we discuss GDR timelines,...

Clarence Chu

CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities,...

Clarence Chu

Tianneng (819 HK): EV Battery Play Seeks Swiss Listing

TBG is seeking a GDR listing in Zurich. The holding in TBG accounts for 307% of TPI's market cap. TPI is mispriced. But it may simply remain...

David Blennerhassett

VinFast IPO Preview - Too Big to Fail In Vietnam

We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year.

Douglas Kim