IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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 Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, a Vietnamese EV manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, completed its merger with Black Spade on 14 August. </li>
<li>Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.</li>
<li>VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  </li>
</ul>



Vinfast (VFS US), a Vietnamese EV manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade on 14 August. 
Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.
VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  


2024 High Conviction: VinFast (VFS US) – Heading for Trouble

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>Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail passes through villages, farmland and coastal roads.</li><li>In Suwon-ri, a community of about 500 households in the northwestern township of Hallim-eup, a narrow palm grove sits beside a road, about 200 meters from the village office and 400 meters from a house.</li><li>BlackRock China Unit Wins QDII License for Overseas Investment BlackRock Fund Management Co.</li></ul>

Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail passes through villages, farmland and coastal roads.In Suwon-ri, a community of about 500 households in the northwestern township of Hallim-eup, a narrow palm grove sits beside a road, about 200 meters from the village office and 400 meters from a house.BlackRock China Unit Wins QDII License for Overseas Investment BlackRock Fund Management Co.

CX Daily: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY. Xpeng’s 1Q26 results were largely in line with our estimates.</li><li>We expect sales volume to double HoH in 2H26E, driven by the GX and three upcoming new models.</li><li>We also see robotaxi pilot operation in 3Q26 and humanoid robot mass production by the end of 2026 as positive catalysts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Xpeng’s 1Q26 results were largely in line with our estimates.We expect sales volume to double HoH in 2H26E, driven by the GX and three upcoming new models.We also see robotaxi pilot operation in 3Q26 and humanoid robot mass production by the end of 2026 as positive catalysts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US/9868 HK) - New Models, Robots, Robotaxi as Key Catalysts

<ul><li>Maintain BUY. Xpeng’s 4Q25 net profit beat on R&amp;D service income.</li><li>We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.</li><li>We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Xpeng’s 4Q25 net profit beat on R&amp;D service income.We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US/9868 HK) - Mona SUVs, Robot Production as Key in FY26

<ul>
<li>Analysis: For Chinese EVs in Europe, Success Hinges on Holding Their Value Chinese automakers are storming Europe with relentless momentum.</li>
<li>In 2025, exports of China-made battery and plug-in hybrid electric models to the EU surged, approaching 1 million vehicles, according to industry data.</li>
<li>In Depth: How China’s Automakers Aim to Keep Up Momentum in Europe When XPeng Inc.</li>
</ul>


Analysis: For Chinese EVs in Europe, Success Hinges on Holding Their Value Chinese automakers are storming Europe with relentless momentum.
In 2025, exports of China-made battery and plug-in hybrid electric models to the EU surged, approaching 1 million vehicles, according to industry data.
In Depth: How China’s Automakers Aim to Keep Up Momentum in Europe When XPeng Inc.


CX Daily: For Chinese EVs in Europe, Success Hinges on Holding Their Value 

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

2024 High Conviction: VinFast (VFS US) – Heading for Trouble

VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and...

Arun George

CX Daily: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul

TOP STORIES Cover Story: Jeju Missing Persons Scandal Tests Seoul’s Criminal Justice Overhaul Along South Korea’s Jeju Island, the Jeju Olle Trail...

Caixin Global

Xpeng Inc. (XPEV US/9868 HK) - New Models, Robots, Robotaxi as Key Catalysts

Maintain BUY. Xpeng’s 1Q26 results were largely in line with our estimates. We expect sales volume to double HoH in 2H26E, driven by the GX and...

CMB International

Xpeng Inc. (XPEV US/9868 HK) - Mona SUVs, Robot Production as Key in FY26

We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models.

CMB International

CX Daily: For Chinese EVs in Europe, Success Hinges on Holding Their Value

Analysis: For Chinese EVs in Europe, Success Hinges on Holding Their Value Chinese automakers are storming Europe with relentless...

Caixin Global

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