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

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>, the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion.     </li>
<li>SANY has six operating segments. The largest segment, as measured by revenue and gross profit, is excavating machinery.</li>
<li>The fundamentals are good, with strong growth, an increasing overseas mix, an improving margin profile, strong cash generation, and a solid balance sheet. </li>
</ul>



Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion.     
SANY has six operating segments. The largest segment, as measured by revenue and gross profit, is excavating machinery.
The fundamentals are good, with strong growth, an increasing overseas mix, an improving margin profile, strong cash generation, and a solid balance sheet. 


SANY Heavy Industry H Share Listing: The Investment Case

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Macroeconomics

<ul><li>The Biden Administration announced this week an increase of tariffs targeting some China’s strategic sectors starting this year.</li><li>For solar cell/module (tariff to increase from 25% to 50%), we believe there will be no real impact given that direct export from China to the US was &lt;1% in 2023.</li><li>That said, the upcoming decision on tariff targeting the Southeast Asia will be more critical given meaningful Chinese companies’ capacity is located there (~60GW by end-2023). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Biden Administration announced this week an increase of tariffs targeting some China’s strategic sectors starting this year.For solar cell/module (tariff to increase from 25% to 50%), we believe there will be no real impact given that direct export from China to the US was &lt;1% in 2023.That said, the upcoming decision on tariff targeting the Southeast Asia will be more critical given meaningful Chinese companies’ capacity is located there (~60GW by end-2023). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Assessing the impact of US tariff on China’s solar cells and STS cranes

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla </li><li>Corruption /Exclusive: China probes another central bank official linked to fallen businessman</li><li>Regulator /NFRA seeks to accelerate new energy vehicle sales by cutting loan down payments</li></ul>

Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla Corruption /Exclusive: China probes another central bank official linked to fallen businessmanRegulator /NFRA seeks to accelerate new energy vehicle sales by cutting loan down payments

CX Daily: Mounting Competition In China Comes At A Bad Time For Tesla 

China

Shanghai Zhenhua Heavy Industries Co. Ltd. designs, manufactures, and markets large-size port handling equipment, engineering vessels, large-size metal structures, and related parts.  The Company also leases cranes.

Shanghai Zhenhua Heavy Industr (600320 CH)

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SANY Heavy Industry H Share Listing: The Investment Case

Sany Heavy, the world’s third-largest construction machinery company, has filed its PHIP for an H Share listing to raise US$1.0-1.5 billion. In...

Arun George

Capital Goods - Assessing the impact of US tariff on China’s solar cells and STS cranes

The Biden Administration announced this week an increase of tariffs targeting some China’s strategic sectors starting this year.

CMB International

CX Daily: Mounting Competition In China Comes At A Bad Time For Tesla

Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla More of Tesla’s Chinese rivals are catching up in the sales race...

Caixin Global