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.

Event-Driven

<ul>
<li>On 9 March, the vote on the <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.</li>
<li>
<a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile Technology Company (7489 HK)</a> is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. </li>
<li>Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.</li>
</ul>


On 9 March, the vote on the Dongfeng Motor (489 HK) comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

VOYAH Automobile Technology Company (7489 HK) is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. 
Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.


Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China 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 ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China 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 ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.


MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

<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, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.</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, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.


HS TECH Index Earning Revision (Feb): MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO

<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 ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.</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 ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.


HS TECH Index Earning Revision (Jan): ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 9th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi (1810 HK), AIA (1299 HK), Xtalpi (2228 HK), Xi2Csophstech (7552 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 9th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi (1810 HK), AIA (1299 HK), Xtalpi (2228 HK), Xi2Csophstech (7552 HK).


HK Short Interest Weekly: Xiaomi, AIA, Xtalpi

China

NIO designs, develops, manufactures, and sells smart electric vehicles, including sedans and SUVs under its NIO, ONVO, and FIREFLY brands. The company also offers innovative power solutions such as battery swapping services and various charging options. NIO was founded in November 2014 and is headquartered in Shanghai, China.

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NIO (9866 HK)

Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH midpoint valuation is HK$12.45. In comparison, at...

Arun George

MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

We analyzed MS-China's consensus for Feb 2026 and highlighted changes of EPS in ALIBABA (9988 HK), TENCENT (700 HK), PDD Holdings (PDD US).

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Feb): MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO

We analyzed HS TECH's consensus for Feb 2026 and highlighted changes of EPS in MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jan): ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG

We analyzed HS TECH's consensus for Jan 2026 and highlighted changes of EPS in ALIBABA, JD.COM, LI AUTO, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, AIA, Xtalpi

We analyzed the latest HK SFC report for aggregate short position as of Jan 9th and highlight short interest changes in Xiaomi, AIA, Xtalpi.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)