Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.</li>
<li>We look at the company's core segments: interior functional components and chassis systems.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.
We look at the company's core segments: interior functional components and chassis systems.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The core of Tuopu's business model lies in "platformization" and "deep binding". The unique Tier 0.5" model helps increase per-vehicle component value to several times that of the traditional model.</li>
<li>2026 will be a year of performance reversal, with profit growth significantly higher than revenue growth, driven by the turnaround of overseas factories and the expansion of high-margin products. </li>
<li>Considering the valuation discount for the manufacturing sector, reasonable valuation range could be HK$50bn-HK$60bn.This not only reflects the growth value of Tuopu but also leaves room for the secondary market.</li>
</ul>


The core of Tuopu's business model lies in "platformization" and "deep binding". The unique Tier 0.5" model helps increase per-vehicle component value to several times that of the traditional model.
2026 will be a year of performance reversal, with profit growth significantly higher than revenue growth, driven by the turnaround of overseas factories and the expansion of high-margin products. 
Considering the valuation discount for the manufacturing sector, reasonable valuation range could be HK$50bn-HK$60bn.This not only reflects the growth value of Tuopu but also leaves room for the secondary market.


Pre-IPO Ningbo Tuopu Group (A/H Listing) - About the Business and Thoughts on Valuation

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/ningbo-tuopu-group-co-ltd" target="_blank" data-smartkarma-citation="entities:25181:1" rel="noopener">Ningbo Tuopu Group (601689 CH)</a> (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.
According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.</li>
<li>Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Our bullish near-term outlook will remain in place as long as the 4+ month uptrend continues on ACWI-US. Remain aggressively long/continue to expect more upside into year-end and the early2026.
Europe's EURO STOXX 50 is breaking out from its 7-month base, above the crucial 5500 level, and RS is attempting to reverse its 5-month downtrend -- buy.


Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Global Healthcare Analyst

Tina Banerjee

NASN Intelligent Tech (Zhejiang) / Equity Capital Markets

NASN Intelligent Tech (Zhejiang) (NASN HK)

<ul>
<li>NASN Intelligent launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.</li>
<li>NASN Intelligent intends to use the IPO proceeds to enhance R&amp;D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.</li>
<li>Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.</li>
</ul>


NASN Intelligent launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.
NASN Intelligent intends to use the IPO proceeds to enhance R&amp;D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.
Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.


NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

China

Ningbo Tuopu Group Co., Ltd. is a multipurpose enterprise specializing in R&D, manufacturing, and sales of auto parts. The Company produces vibration-control mechanisms, molding, suspension, and other equipment for the international auto industry.

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Ningbo Tuopu Group (601689 CH)

Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

Ningbo Tuopu is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Pre-IPO Ningbo Tuopu Group (A/H Listing) - About the Business and Thoughts on Valuation

Tuopu's innovative business model and focus on high-margin products set the stage for strong profit growth in 2026. Valuation of HK$50-60bn...

Xinyao (Criss) Wang

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

Ningbo Tuopu is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Pre-IPO Ningbo Tuopu Group (A/H Listing) - About the Business and Thoughts on Valuation

​Tuopu's innovative business model and focus on high-margin products set the stage for strong profit growth in 2026. Valuation of HK$50-60bn...

Xinyao (Criss) Wang

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Europe Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan, China, Korea, and the U.S.

Europe EURO $STOXX 50 Breaking Out From 7-Month Base -- Buy; Remain Overweight Taiwan $EWT, China $MCHI, Korea $EWY, and the U.S. $SPX; Bullish...

Vermilion Research

NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through

​NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...

Tina Banerjee

Tuopu's innovative business model and focus on high-margin products set the stage for strong profit growth in 2026. Valuation of HK$50-60bn...

NASN Intelligent launches Hong Kong IPO to raise funds for R&D, production upgrades, and brand recognition. Valuation looks steep suited only for...