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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> provided the first Asia linked listing for the year.</li>
<li>Things were quiet on the placement front owing to the annual earnings reporting season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Hesai Group (HSAI US) provided the first Asia linked listing for the year.
Things were quiet on the placement front owing to the annual earnings reporting season.


ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault</a> coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.</li>
<li>The selldown will probably take a long while to materialize.</li>
<li>In this note, we talk about the announcement and take a very early look at the possible selldown.</li>
</ul>


With Nissan (7201 JP) and Renault coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.
The selldown will probably take a long while to materialize.
In this note, we talk about the announcement and take a very early look at the possible selldown.


Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>As "disclosed" recently, we have a deal. <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> will invest "up to 15%" in Ampere. <a href="https://www.smartkarma.com/entities/mitsubishi-motors-corp" target="_blank" data-smartkarma-citation="entities:794:1" rel="noopener">Mitsubishi Motors (7211 JP)</a> may join. They have many potential joint projects.</li>
<li>The key is the Governance Framework, which replaces RAMA. <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> puts 28.4% of Nissan in an open-ended Trust. Renault and Nissan have 15% reciprocal voting rights.</li>
<li>The webcast is more optimistic than I am. Luca de Meo made special mention of the joint projects. This sounds good. It sounds like what has always been promised.</li>
</ul>


As "disclosed" recently, we have a deal. Nissan Motor (7201 JP) will invest "up to 15%" in Ampere. Mitsubishi Motors (7211 JP) may join. They have many potential joint projects.
The key is the Governance Framework, which replaces RAMA. Renault SA (RNO FP) puts 28.4% of Nissan in an open-ended Trust. Renault and Nissan have 15% reciprocal voting rights.
The webcast is more optimistic than I am. Luca de Meo made special mention of the joint projects. This sounds good. It sounds like what has always been promised.


Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns

<ul>
<li>Today, a Nikkei article suggested (after other media suggested last week) that <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> and <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> have come to agreement about their new deal.</li>
<li>Post-Close, an announcement. Two striking things about this "agreement" a) it comes many months after they started negotiating, and b) we have few details, and c) we're missing a bit.</li>
<li>Renault agrees to cap voting rights in Nissan. Nissan agrees to invest in RNO's EV spinoff, and so far, they agree to strengthen the Alliance. What's missing is interesting/key.</li>
</ul>


Today, a Nikkei article suggested (after other media suggested last week) that Renault SA (RNO FP) and Nissan Motor (7201 JP) have come to agreement about their new deal.
Post-Close, an announcement. Two striking things about this "agreement" a) it comes many months after they started negotiating, and b) we have few details, and c) we're missing a bit.
Renault agrees to cap voting rights in Nissan. Nissan agrees to invest in RNO's EV spinoff, and so far, they agree to strengthen the Alliance. What's missing is interesting/key.


Renault & Nissan "Agree" On New Terms - A Diet Nothing🍔, Exchangeable into Shaq Fingerguns

<ul>
<li>In April, a Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-04-22/renault-is-said-to-explore-nissan-stake-sale-to-support-ev-shift" target="_blank" rel="noopener">story</a> said <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> might sell shares in <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> to support its investment in EVs. They might sell to Nissan, others.</li>
<li>Renault shares popped hard, this two months after CEO Luca de Meo had said Renault might split, investing in and listing its EV business separately.  But since then? Crickets.</li>
<li>Over the weekend, we have news talks are coming to a head. My feeling? The results won't be pretty - a messy agreement which inspires nobody, but <em>probably still works</em>.</li>
</ul>


In April, a Bloomberg story said Renault SA (RNO FP) might sell shares in Nissan Motor (7201 JP) to support its investment in EVs. They might sell to Nissan, others.
Renault shares popped hard, this two months after CEO Luca de Meo had said Renault might split, investing in and listing its EV business separately.  But since then? Crickets.
Over the weekend, we have news talks are coming to a head. My feeling? The results won't be pretty - a messy agreement which inspires nobody, but probably still works.


Renault & Nissan - Capital Manoeuvres In the Dark

France

Renault SA designs, manufactures, markets, and repairs passenger cars and light commercial vehicles. The Company also provides financing and service solutions, including credit for new and used vehicles.

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Renault SA (RNO FP)

ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

With Nissan (7201 JP) and Renault (RNO FP) coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn...

Sumeet Singh

Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns

Renault and Nissan announced their new deal today. It appears the CEOs are satisfied with it. The governance framework looks good/better but seems...

Travis Lundy

Renault & Nissan "Agree" On New Terms - A Diet Nothing🍔, Exchangeable into Shaq Fingerguns

Renault and Nissan finally announce the "details" of a deal which was basically done a year ago. But they were still negotiating hours ago, and...

Travis Lundy

Renault & Nissan - Capital Manoeuvres In the Dark

Renault and Nissan have been dancing around co-investment in Renault's planned EV spinout company for months, and now CEO de Meo has a Nov 8...

Travis Lundy

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