Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Ningxia Baofeng Energy Group C / Equity Bottom-Up

<ul>
  <li>Ningxia Baofeng Energy Group is a leading player in China's modern coal-to-chemical industry, capitalizing on the nation's abundant coal resources to produce high-value olefins like polyethylene and polypropylene.</li>
  <li>The company exhibits a strong growth trajectory, driven by strategic capacity expansions and policy tailwinds from China's 14th Five-Year Plan, which supports the coal-to-chemicals sector. However, this growth is capital-intensive, resulting in consistently negative free cash flow.</li>
  <li>Key risks for the company include the high volatility of commodity prices (both coal feedstock and olefin products), tightening environmental regulations in China, and the inherent risks associated with the execution of large-scale capital projects.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Ningxia Baofeng Energy Group is a leading player in China's modern coal-to-chemical industry, capitalizing on the nation's abundant coal resources to produce high-value olefins like polyethylene and polypropylene.
  The company exhibits a strong growth trajectory, driven by strategic capacity expansions and policy tailwinds from China's 14th Five-Year Plan, which supports the coal-to-chemicals sector. However, this growth is capital-intensive, resulting in consistently negative free cash flow.
  Key risks for the company include the high volatility of commodity prices (both coal feedstock and olefin products), tightening environmental regulations in China, and the inherent risks associated with the execution of large-scale capital projects.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ningxia Baofeng Energy Group C (600989 CH) - Sep 2025

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a> is looking to raise upto US$152m via a primary placement of 40m shares. There is also a concurrent CB offering for ~HKD1.3bn along with the placement.</li>
<li>The company intends to use the proceeds towards repayment of loans, capacity expansion and construction, replenishment of working capital and other general corporate purposes.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Ganfeng Lithium (1772 HK) is looking to raise upto US$152m via a primary placement of 40m shares. There is also a concurrent CB offering for ~HKD1.3bn along with the placement.
The company intends to use the proceeds towards repayment of loans, capacity expansion and construction, replenishment of working capital and other general corporate purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.


Ganfeng Lithium Group Co Placement - Past Deals Record Isn’t Great but Deal Is Small

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.


CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The launch of Hang Seng Stock Connect Hydrogen Energy Index highlights the growing importance of hydrogen energy use and will stimulate more interest in this emerging sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/weichai-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:12508:1" rel="noopener">Weichai Power (2338 HK)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets (6 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equi-a" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equi-A (300450 CH)</a> and <a href="https://www.smartkarma.com/entities/ningxia-baofeng-energy-group-a" target="_blank" data-smartkarma-citation="entities:29945:1" rel="noopener">Ningxia Baofeng Energy-A (600989 CH)</a> are the five largest constituents. </li>
<li>We believe many of these companies are just generating a tiny portion of revenue and profit from the hydrogen initiatives, but the long-term prospects are positive. </li>
</ul>


The launch of Hang Seng Stock Connect Hydrogen Energy Index highlights the growing importance of hydrogen energy use and will stimulate more interest in this emerging sector. 

Weichai Power (2338 HK), ENN Energy (2688 HK), Power Assets (6 HK), Wuxi Lead Intelligent Equi-A (300450 CH) and Ningxia Baofeng Energy-A (600989 CH) are the five largest constituents. 
We believe many of these companies are just generating a tiny portion of revenue and profit from the hydrogen initiatives, but the long-term prospects are positive. 


China's Hydrogen Economy: Newly Launched Hang Seng Stock Connect Hydrogen Energy Index

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. </li>
<li>Financial, information technology and industrials led the inflow in Jan.</li>
<li>We highlight inflows into CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. 
Financial, information technology and industrials led the inflow in Jan.
We highlight inflows into CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.


Northbound Flows Monthly: $21bn Inflows in January

China

Ningxia Baofeng Energy Group Co., Ltd. manufactures and distributes chemical products. The Company produces methanol, olefin, residue catalytic, and other products. Ningxia Baofeng Energy Group also produces coal tars, petrochemical oils, and other products.

Ningxia Baofeng Energy Group C (600989 CH)

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

Ningxia Baofeng Energy Group C (600989 CH)

Primer: Ningxia Baofeng Energy Group C (600989 CH) - Sep 2025

Ningxia Baofeng Energy Group is a leading player in China's modern coal-to-chemical industry, capitalizing on the nation's abundant coal...

αSK

Ganfeng Lithium Group Co Placement - Past Deals Record Isn’t Great but Deal Is Small

Ganfeng Lithium Group Co Ltd is looking to raise up to US$152m via a primary placement of around 40m shares. There is also a concurrent CB offering...

Akshat Shah

CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

We analyzed CSI 100's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui...

Ke Yan, CFA, FRM

China's Hydrogen Economy: Newly Launched Hang Seng Stock Connect Hydrogen Energy Index

The launch of Hydrogen Energy Index highlights growing importance of hydrogen energy use and will stimulate more interest in this emerging sector....

Osbert Tang, CFA

Northbound Flows Monthly: $21bn Inflows in January

We analyzed the Shanghai/Shenzhen Connect Scheme for January and highlight flows for CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)