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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>,  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.</li>
</ul>



Seres Group (601127 CH),  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.


Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.</li>
<li>Our target P/S multiple of 1.4x is 50% premium to the average valuation multiple of the comps in 2026. </li>
<li>We used a premium valuation multiple for Seres Group due the company's higher sales growth, EBITDA margins, and ROE.</li>
</ul>


Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.
Our target P/S multiple of 1.4x is 50% premium to the average valuation multiple of the comps in 2026. 
We used a premium valuation multiple for Seres Group due the company's higher sales growth, EBITDA margins, and ROE.


Seres Group Hong Kong IPO Valuation Analysis

<ul>
<li>Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.</li>
<li>At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).</li>
<li>Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.</li>
</ul>


Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Seres Group A/H IPO Pricing - Thoughts on Valuations

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> reports Q3 2025 results on 30 October after market close. </li>
<li>
Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.</li>
<li>
Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.</li>
</ul>



Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 

Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.

Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.


BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (9866 HK)

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Seres Group Hong Kong IPO Valuation Analysis

Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.

Douglas Kim

Seres Group Hong Kong IPO Preview

Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.

Douglas Kim

Seres Group A/H IPO Pricing - Thoughts on Valuations

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the IPO pricing.

Sumeet Singh

BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

Quick reminder: BYD (1211 HK) will report after market close on 30 October. When the company last reported on 29 August, the stock fell 5.2% the...

Gaudenz Schneider

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