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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-9927-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:207355" rel="noopener">Seres Group H Share Listing (9927 HK): Valuation Insights</a>.</li>
<li>The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.</li>
</ul>



Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.


Seres Group H Share Listing (9927 HK): Trading Debut

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<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.


Seres Group H Share Listing (9927 HK): Valuation Insights

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

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<li>
Context:<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> reports Q3 2025 results on 30 October after market close. </li>
<li>
Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.</li>
<li>
Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.</li>
</ul>



Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 

Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.

Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.


BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.</li>
<li>The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.</li>
<li>The investment case rests on solid NEV performance, improving margin profile and strong cash generation.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
The investment case rests on solid NEV performance, improving margin profile and strong cash generation.


Seres Group H Share Listing: The Investment Case

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

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)

BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

Quick reminder: BYD (1211 HK) will report after market close on 30 October. When the company last reported on 29 August, the stock fell 5.2% the...

Gaudenz Schneider

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

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Seres Group H Share Listing (9927 HK): Trading Debut

The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH...

Arun George

Seres Group H Share Listing (9927 HK): Valuation Insights

Seres Group has launched an H Share listing to raise US$1.7 billion. The proposed AH discount of 24.8% implied by the H Share offer price is...

Arun George

BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

Quick reminder: BYD (1211 HK) will report after market close on 30 October. When the company last reported on 29 August, the stock fell 5.2% the...

Gaudenz Schneider

Seres Group H Share Listing: The Investment Case

Seres, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion. In this note, I discuss the investment case.

Arun George

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh