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.

Equity Capital Markets

Zhejiang Sanhua Intelligent Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sanhua-intelligent-controls-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:189460" rel="noopener">Sanhua Intelligent Controls H Share Listing: The Investment Case</a>.</li>
<li>Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.</li>
</ul>



Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.


Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> priced its H Share at HK$36.30 to raise HK$10,128.9 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/foshan-haitian-flavouring-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:187902" rel="noopener">Foshan Haitian Flavouring H Share Listing: The Investment Case</a>.</li>
<li>Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK) priced its H Share at HK$36.30 to raise HK$10,128.9 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.


Foshan Haitian Flavouring H Share Listing (3288 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sanhua-intelligent-controls-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:189460" rel="noopener">Sanhua Intelligent Controls H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.</li>
</ul>



Zhejiang Sanhua Intelligent Controls (2050 HK) has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.


Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/foshan-haitian-flavouring-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:187902" rel="noopener">Foshan Haitian Flavouring H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK) has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.


Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes</li>
<li>Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN</li>
<li>If representative, the April-May US data suggest deep, lasting US challenges for the platforms</li>
</ul>


Pinduoduo's surprise Q125 OP &amp; NP declines happened before US tariff, de minimis changes
Recent data from Bain &amp; Co. suggests extremely difficult US conditions for Temu, SHEIN
If representative, the April-May US data suggest deep, lasting US challenges for the platforms


PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Hong Kong

S. F. Holding Co., Ltd. offers express courier services. The Company provides logistics, order tracking, supply chain management, warehousing, and other services. S. F. Holding offers services worldwide.

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S.F. Holding (6936 HK)

PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Pinduoduo's shock decline in profitability in Q125 came before US tariff and de minimis changes. Recent April-May data out of the US suggests...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is...

Arun George

Foshan Haitian Flavouring H Share Listing (3288 HK): Trading Debut

Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

Arun George

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.

Arun George

Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Haitian has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. The proposed AH discount is attractive, and I recommend participating...

Arun George

PDD's Q125 Profit Decline Occurred Before US Squeeze | April-May US Sales Far Weaker for Temu, SHEIN

Pinduoduo's shock decline in profitability in Q125 came before US tariff and de minimis changes. Recent April-May data out of the US suggests...

Tracking Traffic