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/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-2259-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202646" rel="noopener">Zijin Gold IPO (2259 HK): Valuation Insights</a>.</li>
<li>The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.


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

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their lockup soon.</li>
<li>After a hesitant start, the shares are now trading well above the listing price, leaving its pre-IPO and cornerstone investors well in the money.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their lockup soon.
After a hesitant start, the shares are now trading well above the listing price, leaving its pre-IPO and cornerstone investors well in the money.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>China's tea sector has attracted increased interest, but the share prices are volatile. Overall valuations do not look cheap, and the key is stock picking.</li>
<li>
<a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea Jenny (Shanghai) Industrial (2589 HK)</a> nd <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> are expensive on both PEG and P/B vs. ROE perspectives.</li>
<li>In two years, <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a>, <a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>, and <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a> will turn even cheaper.</li>
</ul>


China's tea sector has attracted increased interest, but the share prices are volatile. Overall valuations do not look cheap, and the key is stock picking.

Auntea Jenny (Shanghai) Industrial (2589 HK) nd Mixue Group (2097 HK) are expensive on both PEG and P/B vs. ROE perspectives.
In two years, Sichuan Baicha Baidao Industrial (2555 HK), Chagee Holdings (CHA US), and Nayuki Holdings (2150 HK) will turn even cheaper.


China

MIXUE Group operates freshly-made drinks stores. The Company provides freshly-made fruit drinks, tea drinks, ice cream, and coffee. MIXUE Group conducts businesses across worldwide.

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Mixue Group (2097 HK)

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

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

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their...

Sumeet Singh

China Tea Sector: What to Buy and Sell?

China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

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

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Guming Holdings Lockup Expiry - US$1.5bn Lockup Expiry with Everyone Well in the Money

Guming Holdings (1364 HK) raised around US$233m in its Hong Kong IPO in Feb 2025. Its pre-IPO and cornerstone investors will be released from their...

Sumeet Singh

China Tea Sector: What to Buy and Sell?

​China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...

Osbert Tang, CFA

China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...