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

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973</a><a target="_blank">. HK)</a> priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:200985" rel="noopener">Chery Automobile IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:201049" rel="noopener">Chery Automobile IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-9973-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202204" rel="noopener">Chery Automobile IPO (9973 HK): Valuation Insights</a>. </li>
<li>The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.</li>
</ul>



Chery Automobile (9973. HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights. 
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.


Chery Automobile IPO (9973 HK) IPO: Trading Debut

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>HK-Listed SF Intra is a leading player in Chinese on-demand delivery</li>
<li>H1 results show strong top-line growth, but thin margins, -ive OpCF</li>
<li>SF Intra's structure suggests no fat to cut in local eComm fulfillment expense</li>
</ul>


HK-Listed SF Intra is a leading player in Chinese on-demand delivery
H1 results show strong top-line growth, but thin margins, -ive OpCF
SF Intra's structure suggests no fat to cut in local eComm fulfillment expense


Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

<ul>
<li>Postal parcel volume bound for the US fell -81% after exemption ended Aug 29</li>
<li>In many cases, logistics providers unwilling to manage US Customs process</li>
<li>We believe the change undermines US model used by SHEIN, Temu, AliExpress</li>
</ul>


Postal parcel volume bound for the US fell -81% after exemption ended Aug 29
In many cases, logistics providers unwilling to manage US Customs process
We believe the change undermines US model used by SHEIN, Temu, AliExpress


SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

Thematic (Sector/Industry)

<ul>
<li>Airline &amp; airport air cargo data shows moderating demand, Asia &gt; N America</li>
<li>No signs of supply tightness in the system; in fact, reported yields are falling
</li>
<li>Most indicators show that demand is mediocre, space plentiful, pricing weak</li>
</ul>


Airline &amp; airport air cargo data shows moderating demand, Asia &gt; N America
No signs of supply tightness in the system; in fact, reported yields are falling

Most indicators show that demand is mediocre, space plentiful, pricing weak


Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

<ul>
<li>Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status</li>
<li>It's become clear that boosting eComm logistics simply isn't a priority for Alibaba</li>
<li>For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive</li>
</ul>


Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status
It's become clear that boosting eComm logistics simply isn't a priority for Alibaba
For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive


Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

S.F. Holding (002352 CH)

Chery Automobile IPO (9973 HK) IPO: Trading Debut

The IPO was priced at the top of the IPO range. The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at...

Arun George

Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

SF Intra's H125 results give us some valuable insights into China's on-demand retail segment, which has shown strong growth in recent periods.

Tracking Traffic

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

The end of the US "de minimis" loophole has already decimated inbound parcel volume. It will also alter the business models used by SHEIN & Temu,...

Tracking Traffic

Monthly Air Cargo Tracker | May-July Data Shows Soft Demand, Ample Capacity, Lower Yields

A look at July yields, load factors, and tonnage growth in July suggests an Asian air cargo market that has plenty of supply to meet moderating...

Tracking Traffic

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

As part of its June quarter earnings release last week, Alibaba effectively "demoted" logistics arm CaiNiao by pushing it into a new "Others"...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)