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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>, a Vietnamese EV (electric vehicle) 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. </li>
<li>The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. </li>
<li>VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  </li>
</ul>



VinFast (1905332D VN), a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade. 
The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. 
VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  


China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Macroeconomics

<ul>
<li>We continue to chat with venture capitalists (VC’s) and hedge fund managers in our tour of China.</li>
<li>Our takeaway is that Chinese government intend to nurture local governments into VC’s to (partially) replace land finance as a pillar of fiscal revenue;</li>
<li>The resulted policy measures and shifts will benefit STAR SSE as a politically oriented destination and EV/renewable sectors as national championships, at the expense of the consumer sector.</li>
</ul>


We continue to chat with venture capitalists (VC’s) and hedge fund managers in our tour of China.
Our takeaway is that Chinese government intend to nurture local governments into VC’s to (partially) replace land finance as a pillar of fiscal revenue;
The resulted policy measures and shifts will benefit STAR SSE as a politically oriented destination and EV/renewable sectors as national championships, at the expense of the consumer sector.


Blue Lotus Macro: No Short-Term Investors in the Short Term, Summary of Our Tour of China.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial</a> is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Bearish fundamental views are strengthening: Recent Smartkarma Insights argue <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.</li>
<li>
Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.</li>
<li>
Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.</li>
</ul>



Bearish fundamental views are strengthening: Recent Smartkarma Insights argue BYD (1211 HK) is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.

Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.

Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.


BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

VinFast: Inexplicable Valuation

VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to...

Arun George

Blue Lotus Macro: No Short-Term Investors in the Short Term, Summary of Our Tour of China.

We continue to chat with venture capitalists (VC’s) and hedge fund managers in our tour of China. Our takeaway is that Chinese government intend to...

Blue Lotus Research Institute

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

JD Industrial has now filed its PHIP and could look to launch its planned US$500m IPO within the next week or two. We will take a re-look at...

Sumeet Singh

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Amid bearish views, a targeted call-overwrite strategy delivers efficient yield through well-chosen strikes and expiries.

Gaudenz Schneider

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