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.

Equity Capital Markets

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technology" target="_blank" data-smartkarma-citation="entities:58788:1" rel="noopener">Guangzhou Tinci Materials Technology (TINCI HK)</a>, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.</li>
<li>It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.</li>
<li>The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.</li>
</ul>



Guangzhou Tinci Materials Technology (TINCI HK), the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.
It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.
The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.


Tinci Materials H Share Listing: The Investment Case

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

Shenton Research

Shenton 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.

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

<ul>
<li>Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.</li>
</ul>


Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.


Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Hunan Yuneng New Energy Battery Material / Equity Capital Markets

Hunan Yuneng New Energy Battery Material (YNEM HK)

<ul>
<li>Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.</li>
<li>We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.
We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

China

Guangzhou Tinci Materials Technology Company Limited develops, manufactures and sells fine chemicals and new materials. The Company's main products include personal care materials, lithium-ion battery materials, and organic silicon rubber materials.

Guangzhou Tinci Materials Technlgy (002709 CH)

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Guangzhou Tinci Materials Technlgy (002709 CH)

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Tinci is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since our last...

Ke Yan, CFA, FRM

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tinci Materials H Share Listing: The Investment Case

Tinci Materials, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about...

Arun George

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Tinci is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since our last...

Ke Yan, CFA, FRM

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research