APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

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> raised around US$563m in its Hong Kong IPO.</li>
<li>Sigenergy is a market leader in the stackable all-in-one DESS solutions market, a nascent industry.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Sigenergy Technology (6656 HK) raised around US$563m in its Hong Kong IPO.
Sigenergy is a market leader in the stackable all-in-one DESS solutions market, a nascent industry.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Sigenergy IPO Trading - Strong Retail and Insti Sub

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.

<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.


<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> is looking to raise up to US$563m in its upcoming Hong Kong IPO.</li>
<li>It is a market leader in the stackable all-in-one DESS solutions market, a nascent industry.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Sigenergy Technology (6656 HK) is looking to raise up to US$563m in its upcoming Hong Kong IPO.
It is a market leader in the stackable all-in-one DESS solutions market, a nascent industry.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Sigenergy Pre-IPO - Strong Cornerstone Book; Relatively Cheap

HK/China Equity Long-Short

Osbert Tang, CFA

<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>, as a leader in distributed energy storage system solutions, has an impressive profit record and is forecast to sustain.</li>
<li>Sales of its flagship product, SigenStor, surged 314.3% in 2M26, and confirmed orders reaching Rmb3.8bn at end-Feb. We expect the 3-year EPS CAGR at 41.7%.</li>
<li>The IPO price (HK$324.2) translates into 12x FY26F PER, cheaper than 20.8x for the HK peers. At a 20-30% discount to peers, its fair value range implies 21-39% upside.</li>
</ul>



Sigenergy Technology (6656 HK), as a leader in distributed energy storage system solutions, has an impressive profit record and is forecast to sustain.
Sales of its flagship product, SigenStor, surged 314.3% in 2M26, and confirmed orders reaching Rmb3.8bn at end-Feb. We expect the 3-year EPS CAGR at 41.7%.
The IPO price (HK$324.2) translates into 12x FY26F PER, cheaper than 20.8x for the HK peers. At a 20-30% discount to peers, its fair value range implies 21-39% upside.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sigenergy Technology launched its Hongkong IPO aiming to raise up to HK$4B (~ US$ 562M). They develop and provide innovative renewable energy solutions for both homes and businesses.  </li>
<li>Sigenergy Technology intends to use the IPO proceeds for enhancing R&amp;D capabilities, expanding production facilities, strengthening marketing and after-sales services, overseas business development and for diversifying product portfolio.</li>
<li>Sigenergy is on early growth phase and has successfully caught up with the positive momentum. We would recommend this to investors looking for a formidable growth story to invest on.</li>
</ul>


Sigenergy Technology launched its Hongkong IPO aiming to raise up to HK$4B (~ US$ 562M). They develop and provide innovative renewable energy solutions for both homes and businesses.  
Sigenergy Technology intends to use the IPO proceeds for enhancing R&amp;D capabilities, expanding production facilities, strengthening marketing and after-sales services, overseas business development and for diversifying product portfolio.
Sigenergy is on early growth phase and has successfully caught up with the positive momentum. We would recommend this to investors looking for a formidable growth story to invest on.


Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

China

Manufactures and sells solar inverter, EV DC chargers & power conversion,\nbattery pack and energy management systems

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sigenergy Technology (6656 HK)

Aequitas: Sigenergy IPO Trading - Strong Retail and Insti Sub

Sigenergy raised around US$563m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

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: Sigenergy Pre-IPO - Strong Cornerstone Book; Relatively Cheap

Sigenergy is looking to raise up to US$563m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Sigenergy (6656 HK) IPO: Go for It!

Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Osbert Tang, CFA

Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Sigenergy IPO Trading - Strong Retail and Insti Sub

Sigenergy raised around US$563m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

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: Sigenergy Pre-IPO - Strong Cornerstone Book; Relatively Cheap

Sigenergy is looking to raise up to US$563m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Sigenergy (6656 HK) IPO: Go for It!

​Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Osbert Tang, CFA

Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

​Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...

Tina Banerjee

Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...