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

Sigenergy Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy Technology (6656 HK)</a> priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/sigenergy-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230084" rel="noopener">Sigenergy IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sigenergy-6656-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:230285" rel="noopener">Sigenergy (6656 HK) IPO: Valuation Insights</a>. </li>
<li>The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.</li>
</ul>



Sigenergy Technology (6656 HK) priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.
The IPO was discussed in Sigenergy IPO: The Investment Case and Sigenergy (6656 HK) IPO: Valuation Insights. 
The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.


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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group-co-ltd" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (1768 HK)</a>'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. </li>
<li>Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a> are averaging at 15x and 12.4x. </li>
<li>It is difficult to trade at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue (2097 HK)</a>'s and <a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming (1364 HK)</a>'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.</li>
</ul>



Busy Ming Group (1768 HK)'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. 
Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-Sun Art Retail (6808 HK) are averaging at 15x and 12.4x. 
It is difficult to trade at Mixue (2097 HK)'s and Guming (1364 HK)'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.


Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-2259-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202646" rel="noopener">Zijin Gold IPO (2259 HK): Valuation Insights</a>.</li>
<li>The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973</a><a target="_blank">. HK)</a> priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:200985" rel="noopener">Chery Automobile IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:201049" rel="noopener">Chery Automobile IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/chery-automobile-ipo-9973-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202204" rel="noopener">Chery Automobile IPO (9973 HK): Valuation Insights</a>. </li>
<li>The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.</li>
</ul>



Chery Automobile (9973. HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights. 
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.


Chery Automobile IPO (9973 HK) IPO: Trading Debut

China

Sichuan Baicha Baidao Industrial Co., Ltd. develops and sells diversified tea beverage products, primarily through a franchise model under its 'ChaPanda' brand. The company offers a range of classic, seasonal, and regional tea drinks, and also manages supply chain, franchise operations, and related services. It was founded in 2008 and is headquartered in Chengdu, People's Republic of China.

Sichuan Baicha Baidao Industrial (2555 HK)

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Sichuan Baicha Baidao Industrial (2555 HK)

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire...

Sumeet Singh

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

Chery Automobile IPO (9973 HK) IPO: Trading Debut

The IPO was priced at the top of the IPO range. The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire...

Sumeet Singh

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

​Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

Chery Automobile IPO (9973 HK) IPO: Trading Debut

The IPO was priced at the top of the IPO range. The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at...

Arun George

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...