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, aims to raise around US$2bn 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>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn 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.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.</li>
</ul>



Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.


Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Sany Heavy Industries A/H Listing - Has Suffered Recently, Showing Signs of Stabilizing

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The 3Q25 results will be testing grounds to justify the multiple expansion, as our coverage saw a 2% downgrade in FY25 earnings since the interim announcement.</li>
<li>Seven stocks will have over 100% YoY earnings growth in 2H25, implying strength in 3Q25 as well. Three stocks, however, will experience earnings decline.</li>
<li>The stronger ones are <a href="https://www.smartkarma.com/entities/china-eastern-airlines-co-h" target="_blank" data-smartkarma-citation="entities:1079:1" rel="noopener">China Eastern Airlines (670 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, and <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equipment (631 HK)</a>. </li>
</ul>


The 3Q25 results will be testing grounds to justify the multiple expansion, as our coverage saw a 2% downgrade in FY25 earnings since the interim announcement.
Seven stocks will have over 100% YoY earnings growth in 2H25, implying strength in 3Q25 as well. Three stocks, however, will experience earnings decline.
The stronger ones are China Eastern Airlines (670 HK), Shanghai Electric Group Company (2727 HK), China Southern Airlines (1055 HK), and Sany Heavy Equipment (631 HK). 


China & HK Strategy: 3Q25 Preview - Beauty and the Beast

Equity Bottom-Up

<ul>
<li>Strong industry sales of wheel loaders (+10.4% YoY) and excavators (+18.8%) in Jul-Aug suggested that the current consensus earnings forecasts are too conservative. </li>
<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a> will also benefit from the strength of the equities market, given it has an investment portfolio of Rmb2.4bn, or 18.6% of its market capitalisation.</li>
<li>Given net cash equalling HK$2.02/share, or 66.1% of its share price, its 10.3x PER and 4.5% dividend yield for FY25F still appear undemanding. </li>
</ul>


Strong industry sales of wheel loaders (+10.4% YoY) and excavators (+18.8%) in Jul-Aug suggested that the current consensus earnings forecasts are too conservative. 

Lonking Holdings (3339 HK) will also benefit from the strength of the equities market, given it has an investment portfolio of Rmb2.4bn, or 18.6% of its market capitalisation.
Given net cash equalling HK$2.02/share, or 66.1% of its share price, its 10.3x PER and 4.5% dividend yield for FY25F still appear undemanding. 


China

Sany Heavy Equipment International Holdings Co Ltd. manufactures coal mining equipment, including roadheaders.

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Sany Heavy Equipment (631 HK)

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

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 recent...

Sumeet Singh

Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. In this note, we talk about its recent updates and likely A...

Sumeet Singh

Sany Heavy Industries A/H Listing - Has Suffered Recently, Showing Signs of Stabilizing

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. The company has now filed its PHIP and will look to launch...

Sumeet Singh

China & HK Strategy: 3Q25 Preview - Beauty and the Beast

3Q25 results will test earnings multiple expansion. Seven stocks will show over 100% YoY earnings growth in 2H25, including China Eastern,...

Osbert Tang, CFA

Lonking (3339 HK): Still Well Placed

Strong industry sales of wheel loaders and excavators in Jul-Aug indicate that earnings forecasts may be too conservative. With strong net cash,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

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 recent...

Sumeet Singh

Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. In this note, we talk about its recent updates and likely A...

Sumeet Singh

Sany Heavy Industries A/H Listing - Has Suffered Recently, Showing Signs of Stabilizing

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. The company has now filed its PHIP and will look to launch...

Sumeet Singh

China & HK Strategy: 3Q25 Preview - Beauty and the Beast

​3Q25 results will test earnings multiple expansion. Seven stocks will show over 100% YoY earnings growth in 2H25, including China Eastern,...

Osbert Tang, CFA

Lonking (3339 HK): Still Well Placed

​Strong industry sales of wheel loaders and excavators in Jul-Aug indicate that earnings forecasts may be too conservative. With strong net cash,...

Osbert Tang, CFA

3Q25 results will test earnings multiple expansion. Seven stocks will show over 100% YoY earnings growth in 2H25, including China Eastern,...

Strong industry sales of wheel loaders and excavators in Jul-Aug indicate that earnings forecasts may be too conservative. With strong net cash,...