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>Almost a year in, <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> has yet to satisfy the precondition for its <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> offer. The remaining precondition is CSRC and HKEx approvals.</li>
<li>CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. </li>
<li>The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.</li>
</ul>


Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer. The remaining precondition is CSRC and HKEx approvals.
CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. 
The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.


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

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) is now looking to raise US$5bn via issuing new shares.</li>
<li>Two weeks ago we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (3750 HK) (CATL) is now looking to raise US$5bn via issuing new shares.
Two weeks ago we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Aequitas: CATL H-Share Placement- Will Be Very Well Flagged US$5bn Deal but Last Deal Didn’t Do Well

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-tuopu-group-co-ltd" target="_blank" data-smartkarma-citation="entities:25181:1" rel="noopener">Ningbo Tuopu Group (601689 CH)</a> (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.
According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a> priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) 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/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-3296-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231473" rel="noopener">Huaqin H Share Listing (3296 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.</li>
</ul>



Huaqin (3296 HK) priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case and Huaqin H Share Listing (3296 HK): Valuation Insights. 
The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.


Huaqin H Share Listing (3296 HK): Trading Debut

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 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/victory-giant-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:228918" rel="noopener">Victory Giant H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-2476-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231064" rel="noopener">Victory Giant H Share Listing (2476 HK): Valuation Insights</a>. </li>
<li>Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.</li>
</ul>



Victory Giant (2476 HK) priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case and Victory Giant H Share Listing (2476 HK): Valuation Insights. 
Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.


Victory Giant H Share Listing (2476 HK): Trading Debut

China

Seres Group is a Chinese automotive manufacturer specializing in new energy vehicles (NEVs), including the AITO series, and their core components like batteries and electric motors. The company also produces traditional fuel vehicles, motorcycles, commercial vehicles, and auto parts. Seres Group was founded in September 1986 and is headquartered in Chongqing, China.

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Seres (9927 HK)

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

Aequitas: CATL H-Share Placement- Will Be Very Well Flagged US$5bn Deal but Last Deal Didn’t Do Well

Contemporary Amperex Technology (CATL) (3750 HK) (CATL) is now looking to raise US$5bn via issuing new shares. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Huaqin H Share Listing (3296 HK): Trading Debut

The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the...

Arun George

Victory Giant H Share Listing (2476 HK): Trading Debut

Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the...

Arun George