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

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> priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 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/sany-heavy-industry-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:205839" rel="noopener">SANY Heavy Industry H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sany-heavy-industry-h-share-listing-6031-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:206617" rel="noopener">SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights</a>. </li>
<li>Sany's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights. 
Sany's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a>'s stock price has surged over the last 6 months, and the higher free float market cap should result in global index inclusion in November.</li>
<li>
<a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a> has outperformed its peers and is trading at higher valuations on most metrics. <a href="https://www.smartkarma.com/entities/tianqi-lithium-corp" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> is trading a lot cheaper.</li>
<li>The <a href="https://www.smartkarma.com/entities/jiangxi-ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:17408:1" rel="noopener">Jiangxi Ganfeng Lithium (002460 CH)</a> / <a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a> premium has drifted lower and there could be a move higher as we near index inclusion.</li>
</ul>



Ganfeng Lithium (1772 HK)'s stock price has surged over the last 6 months, and the higher free float market cap should result in global index inclusion in November.

Ganfeng Lithium (1772 HK) has outperformed its peers and is trading at higher valuations on most metrics. Tianqi Lithium (9696 HK) is trading a lot cheaper.
The Jiangxi Ganfeng Lithium (002460 CH) / Ganfeng Lithium (1772 HK) premium has drifted lower and there could be a move higher as we near index inclusion.


Ganfeng Lithium (1772 HK): Global Index Inclusion, Outperformance & The A/H Trade

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.


CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

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 Tianqi Lithium Industries, Inc. develops, manufactures and sells lithium products.  The Company's products include industrial lithium carbonate, battery lithium carbonate, lithium chloride, and lithium hydroxide.

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Tianqi Lithium (002466 CH)

Ganfeng Lithium (1772 HK): Global Index Inclusion, Outperformance & The A/H Trade

Ganfeng Lithium could be added to a global index in Nov. The stock has outperformed peers and trades at higher valuations. The A/H premium has...

Brian Freitas

CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

We analyzed CSI 100's consensus for Sep 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CMB (600036 CH), CSSC (600150 CH),...

Ke Yan, CFA, FRM

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

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SANY Heavy Industry H Share Listing (6031 HK): Trading Debut

Sany Heavy raised US$1.7 billion in gross proceeds. Sany's international oversubscription rates were above the median of recent large AH listings....

Arun George

Ganfeng Lithium (1772 HK): Global Index Inclusion, Outperformance & The A/H Trade

Ganfeng Lithium could be added to a global index in Nov. The stock has outperformed peers and trades at higher valuations. The A/H premium has...

Brian Freitas

CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

We analyzed CSI 100's consensus for Sep 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CMB (600036 CH), CSSC (600150 CH),...

Ke Yan, CFA, FRM

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