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/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 this note, we look at its past performance and other deal dynamics that might impact the listing.</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 this note, we look at its past performance and other deal dynamics that might impact the listing.


Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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

Thematic (Sector/Industry)

<ul>
<li>1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)</li>
<li>LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)</li>
<li>LI US: Li Auto Revises Down 2025 Production Target (+)</li>
</ul>


1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)
LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)
LI US: Li Auto Revises Down 2025 Production Target (+)


[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

<ul>
<li>LI US/1211 HK/XPEV US: NEV Weekly Sales Ranking (May 12-18, 2025) (+/+/-)</li>
<li>1211 HK: Denza and Formula Leopard Units Merged Back into Parent Company (+)</li>
<li>1810 HK : Xuanjie O1 Chip Enters Mass Production (+)</li>
</ul>


LI US/1211 HK/XPEV US: NEV Weekly Sales Ranking (May 12-18, 2025) (+/+/-)
1211 HK: Denza and Formula Leopard Units Merged Back into Parent Company (+)
1810 HK : Xuanjie O1 Chip Enters Mass Production (+)


[Blue Lotus Daily]:LI US/1211 HK/XPEV US/1810 HK/Macro

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/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, the controlling shareholder, disclosed a cash or scrip non-binding proposal for <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> at US$25.66 per ADS or 12.3 newly issued Geely shares.</li>
<li>While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. </li>
<li>The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. </li>
</ul>



Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 


ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

<ul>
<li>1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)</li>
<li>1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)</li>
<li>1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)</li>
</ul>


1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)
1211 HK:The foundation laying ceremony for BYD's passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)
1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)


[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

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.

Price Gauge
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Li Auto (LI US)

Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we look at the company's...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/1211 HK/XPEV US/1810 HK/Macro

NEV sales rankings for May 12-18, 2025 released; Denza and Formula Leopard units merged back into parent company; Xuanjie O1 chip enters mass...

Blue Lotus Research Institute

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

The offer is light. The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the...

Arun George

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we look at the company's...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/LI US/1179 HK/ATAT US

​BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/1211 HK/XPEV US/1810 HK/Macro

​NEV sales rankings for May 12-18, 2025 released; Denza and Formula Leopard units merged back into parent company; Xuanjie O1 chip enters mass...

Blue Lotus Research Institute

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

The offer is light. The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the...

Arun George

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

​Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.

Blue Lotus Research Institute

BYD, Geely, and Leapmotor cut prices, AITO M8 gains over 80,000 pre-orders, Li Auto revises production target for 2025.

NEV sales rankings for May 12-18, 2025 released; Denza and Formula Leopard units merged back into parent company; Xuanjie O1 chip enters mass...

Chinese automakers BYD had a successful April 2025 sales month, with a new factory in Cambodia and plans for export expansion.