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> 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

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> is a global leader in distributed energy storage system (DESS) solutions. It has launched an HKEx IPO to raise US$562 million.</li>
<li>I previously discussed the IPO in <strong><em><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></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.</li>
</ul>



Sigenergy Technology (6656 HK) is a global leader in distributed energy storage system (DESS) solutions. It has launched an HKEx IPO to raise US$562 million.
I previously discussed the IPO in Sigenergy IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.


Sigenergy (6656 HK) IPO: Valuation Insights

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The core of Sigenergy's business model is focusing on segmented tracks, exploring overseas high-end home markets through highly integrated innovative products, and adopting a global distribution model.</li>
<li>To seize the market and cope with competition, Sigenergy may lower the price of SigenStor.As raw material costs fluctuate, high gross margin is difficult to maintain and would fall back.</li>
<li>By referring to the valuations of peers during their  upwrd phase, considering the high growth/high risk of Sigenergy, and based on our forecast, 12-18x P/E could be a relatively reasonable range.</li>
</ul>


The core of Sigenergy's business model is focusing on segmented tracks, exploring overseas high-end home markets through highly integrated innovative products, and adopting a global distribution model.
To seize the market and cope with competition, Sigenergy may lower the price of SigenStor.As raw material costs fluctuate, high gross margin is difficult to maintain and would fall back.
By referring to the valuations of peers during their  upwrd phase, considering the high growth/high risk of Sigenergy, and based on our forecast, 12-18x P/E could be a relatively reasonable range.


Pre-IPO Sigenergy Technology (PHIP Updates) - The Strength and the Concerns

China

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

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Sigenergy Technology (6656 HK)

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 (6656 HK) IPO: Valuation Insights

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, has launched an HKEx IPO to raise US$562 million. In this note, I...

Arun George

Pre-IPO Sigenergy Technology (PHIP Updates) - The Strength and the Concerns

Based on IPO pricing/2026 forecast, P/E is 28x, lower than industry average in HK (36x P/E), but higher than our conservative range of 12-18x P/E....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 (6656 HK) IPO: Valuation Insights

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, has launched an HKEx IPO to raise US$562 million. In this note, I...

Arun George

Pre-IPO Sigenergy Technology (PHIP Updates) - The Strength and the Concerns

Based on IPO pricing/2026 forecast, P/E is 28x, lower than industry average in HK (36x P/E), but higher than our conservative range of 12-18x P/E....

Xinyao (Criss) Wang

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...