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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a> disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.</li>
<li>The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. </li>
<li>While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.</li>
</ul>



Skyworth Group Limited (751 HK) disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.
The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. 
While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.


Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

China Longyuan Power Group / Event-Driven

<ul>
<li>Hs outperformed As on average by 0.99% within the liquid AH pair universe over the past two weeks. Beautiful Skew Behaved Badly.</li>
<li>Quiddity H/A Portfolio performance slightly negative over two weeks, both outright and alpha.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers.</li>
</ul>


Hs outperformed As on average by 0.99% within the liquid AH pair universe over the past two weeks. Beautiful Skew Behaved Badly.
Quiddity H/A Portfolio performance slightly negative over two weeks, both outright and alpha.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers.


A/H Premium Tracker (2wks to 5 Dec 2025):  Hs Outperforming As Slightly But No Beautiful Skew

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.</li>
<li>
Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness</li>
<li>
Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.</li>
</ul>



Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.

Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness

Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.


Haier Smart Home (6690 HK) – Steady Execution to Win the Race

<ul>
<li>Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.</li>
<li>Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 21 Nov 2025):  Hs Sharply Underperform As. Year-End Unwinding?

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.</li>
<li>The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.
The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.
We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.


A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

China

Hisense Home Appliances Group Co. Ltd. is a global manufacturer of home appliances, specializing in the research, development, manufacturing, marketing, and after-sales service of refrigerators, air conditioners, washing machines, and kitchen appliances. The company also produces molds and commercial cold chain products. It was founded in 1984 and is headquartered in Foshan, China.

Price Gauge
52-week Range	0.00 - 0.00
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Hisense Home Appliances (921 HK)

A/H Premium Tracker (2wks to 5 Dec 2025): Hs Outperforming As Slightly But No Beautiful Skew

Hs outperforming As but Beautiful Skew Behaving Badly. SOUTHBOUND flows are net positive but it isn't very orderly. Utilities Hs doing well vs As.

Travis Lundy

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43 vs the IFA's...

Arun George

A/H Premium Tracker (2wks to 5 Dec 2025): Hs Outperforming As Slightly But No Beautiful Skew

Hs outperforming As but Beautiful Skew Behaving Badly. SOUTHBOUND flows are net positive but it isn't very orderly. Utilities Hs doing well vs As.

Travis Lundy

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

​Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...