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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Four things to know about China’s Henan rural bank scandal</li><li>Indonesia to leverage nickel reserves for green transition, says commerce chief</li><li>Shanghai records new wave of Covid cases as BA.5 subvariant spreads</li></ul>

Four things to know about China’s Henan rural bank scandalIndonesia to leverage nickel reserves for green transition, says commerce chiefShanghai records new wave of Covid cases as BA.5 subvariant spreads

CX Daily: Four Things to Know About China’s Henan Rural Bank Scandal

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a> priced its H Share at HK$82.00 per share to raise net proceeds of HK$13,062 million (US$1.7 billion). The H Share will start trading tomorrow.</li>
<li>The H Share listing (HK$82.00) and <a href="https://inews.hket.com/article/3300412/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%91%E5%9B%9B%E6%96%B0%E8%82%A1%E6%9A%97%E7%9B%A4%E9%BD%8A%E8%B7%8C%E3%80%80%E5%A4%A9%E9%BD%8A%E9%8B%B0%E6%A5%AD9696%E4%B8%80%E6%89%8B%E6%9A%AB%E8%9D%951100%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">grey market price</a> (HK$76.50) imply an AH discount of 45% and 49%, respectively. This compares to <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 current 35.3% AH discount.</li>
<li>The relative valuation is attractive. At the H Share listing price, <a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a>’s H Share trades at a -6% discount to the median peers’ CY2022 P/B multiple.</li>
</ul>



Tianqi Lithium (002466 CH) priced its H Share at HK$82.00 per share to raise net proceeds of HK$13,062 million (US$1.7 billion). The H Share will start trading tomorrow.
The H Share listing (HK$82.00) and grey market price (HK$76.50) imply an AH discount of 45% and 49%, respectively. This compares to Ganfeng Lithium (1772 HK)’s current 35.3% AH discount.
The relative valuation is attractive. At the H Share listing price, Tianqi Lithium (9696 HK)’s H Share trades at a -6% discount to the median peers’ CY2022 P/B multiple.


Tianqi Lithium H Share Listing: Trading Debut

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>Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.</li>
<li>In this note, we talk about the updates since our last note, along with the trading dynamics.</li>
</ul>


Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.
In this note, we talk about the updates since our last note, along with the trading dynamics.


Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into the consumer staple and health care were offset by the outflows from industrials and material sector.</li>
<li>We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into the consumer staple and health care were offset by the outflows from industrials and material sector.
We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week.


Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>, <a href="https://www.smartkarma.com/entities/noah-holdings-ltd-spon-ads" target="_blank" data-smartkarma-citation="entities:13585:1" rel="noopener">Noah Holdings (NOAH US)</a> and <a href="https://www.smartkarma.com/entities/miniso-group-holdings" target="_blank" data-smartkarma-citation="entities:29673:1" rel="noopener">Miniso (MNSO US)</a> will debut on 13 July, <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a US$300-500m IPO.</li>
<li>Event-Driven developments at <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, DTAC/True, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Tianqi Lithium (002466 CH), Noah Holdings (NOAH US) and Miniso (MNSO US) will debut on 13 July, Emperador Inc (EMP PM) is pre-marketing a US$300-500m IPO.
Event-Driven developments at Link Administration (LNK AU), Giordano International (709 HK), DTAC/True, Ramsay Health Care (RHC AU), Hwa Hong Corp (HWAH SP), Infomedia Ltd (IFM AU), Cocoaland Holdings (COLA MK). 


Weekly Deals Digest (10 Jul) - Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong

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)

CX Daily: Four Things to Know About China’s Henan Rural Bank Scandal

Four things to know about China’s Henan rural bank scandal. Indonesia to leverage nickel reserves for green transition, says commerce chief

Caixin Global

Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. In this note, we talk about the updates since our last notes, along with the...

Sumeet Singh

Weekly Deals Digest (10 Jul) - Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong

Last week, notable developments occurred in Event-Driven (Link Admin, Giordano, Ramsay, DTAC/True, Infomedia, Hwa Hong, Cocoaland) and ECM (Tianqi...

Arun George

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52-week Range

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CX Daily: Four Things to Know About China’s Henan Rural Bank Scandal

Four things to know about China’s Henan rural bank scandal. Indonesia to leverage nickel reserves for green transition, says commerce chief

Caixin Global

Tianqi Lithium H Share Listing: Trading Debut

The H Share opened at 6.7% lower in the Futu grey market. The AH discount and relative valuation suggest that the H Share listing price remains...

Arun George

Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. In this note, we talk about the updates since our last notes, along with the...

Sumeet Singh

Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing

We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week, meanwhile its close peer Ganfeng Lithium-A experienced outflows.

Ke Yan, CFA, FRM

Weekly Deals Digest (10 Jul) - Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong

Last week, notable developments occurred in Event-Driven (Link Admin, Giordano, Ramsay, DTAC/True, Infomedia, Hwa Hong, Cocoaland) and ECM (Tianqi...

Arun George