IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

CNGR Advanced Material / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cngr-advanced-material-co-ltd-47ff2856-4dc1-492a-8394-03d69de02ce4" target="_blank" data-smartkarma-citation="entities:45994:1" rel="noopener">CNGR Advanced Material (2579 HK)</a>, a new energy materials company, has launched an H Share listing to raise US$507 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/cngr-advanced-material-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:208525" rel="noopener">CNGR Advanced Material H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



CNGR Advanced Material (2579 HK), a new energy materials company, has launched an H Share listing to raise US$507 million.
I discussed the H Share listing in CNGR Advanced Material H Share Listing: The Investment Case. 
The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.


CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$860m and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> raised around US$310m in their HK Secondary offering.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the trading dynamics for the two deals.</li>
</ul>



Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.


PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

<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, raised around US$2.1bn 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>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.</li>
</ul>



Seres Group (601127 CH),  a Chinese NEV manufacturer, raised around US$2.1bn 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.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.


Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there were a flurry of deal launches across Hong Kong and India.</li>
<li>On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.


ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

China

Hong Kong listing (H-shares) of Seres Group Co., Ltd.

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Seres Group (9927 HK)

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

CNGR has launched an H Share listing to raise US$507 million. The proposed AH discount range of 36.9% to 29.9% is attractive.

Arun George

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh