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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

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

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD, Bidu, Sensetime, Tme, Asmpt.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD, Bidu, Sensetime, Tme, Asmpt.


HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.</li>
<li>The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.</li>
<li>Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.</li>
</ul>


China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and manufacturing as top priorities.
The nation's banks will be instrumental in providing consumption financing to spur a virtual growth driver for the economy.  Easing monetary policies will be in addition to the trade-in programs.
Consumer in service sectors like e-commerce, travel &amp; tourism, healthcare, elderly care and AI will benefit from increasing consumption.  Local brands stand to gain market share against foreign competitors.


CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 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/sany-heavy-industry-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:205839" rel="noopener">SANY Heavy Industry H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sany-heavy-industry-h-share-listing-6031-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:206617" rel="noopener">SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights</a>. </li>
<li>Sany's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights. 
Sany's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

China

Midea Group Co., Ltd. manufactures and distributes home appliances. The Company produces water heaters, air conditioners, ventilation equipment, and consumer appliances. Midea Group also develops robotics and automation systems.

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Midea Group (300 HK)

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

HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

We analyzed HS TECH's consensus for Oct 2025 and highlighted changes of EPS in MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD,...

Ke Yan, CFA, FRM

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

We analyzed HS TECH's consensus for Oct 2025 and highlighted changes of EPS in MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD,...

Ke Yan, CFA, FRM

CHINA HOUSEHOLD CONSUMPTION: Unlocking Growth Potential in Five-Year Plan

China has announced that it will significantly boost the share of domestic consumption in its next five years, while maintaining tech and...

David Mudd

SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

Sany Heavy raised US$1.7 billion in gross proceeds. Sany's international oversubscription rates were above the median of recent large AH listings....

Arun George