APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Sinotruk Hong Kong / Equity Capital Markets

<ul>
<li>German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in <a href="https://www.smartkarma.com/entities/sinotruk-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:19764:1" rel="noopener">Sinotruk Hong Kong (3808 HK)</a> to raise upto US$207m via a secondary selldown.</li>
<li>Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong (3808 HK) to raise upto US$207m via a secondary selldown.
Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.</li>
<li> China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.</li>
<li>CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.</li>
</ul>


Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.
 China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.
CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.</li><li>In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).</li><li>Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.</li><li>The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.</li><li>We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - HDT Sales +39% YoY in Jan on Low Base

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.</li><li>According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.</li><li>We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - HDT sales +82% YoY in Sep

China

Sinotruk Hong Kong manufactures and sells a wide range of commercial vehicles, including heavy-duty, medium-duty, and light-duty trucks, buses, and specialized vehicles. The company also produces key components like engines, axles, and gearboxes, and offers financial services. It was incorporated on January 31, 2007, and is headquartered in Jinan, China.

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Sinotruk Hong Kong (3808 HK)

Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$207m via a...

Akshat Shah

EVs: THE NEW AI TOKEN FACTORIES

Guoxia Tech (2655 HK) has surged 53% over 2 days on high volume. The driver is a continuation of the AI-linked energy storage re-rating that began...

David Mudd

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on...

CMB International

Capital Goods - HDT Sales +39% YoY in Jan on Low Base

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.

CMB International

Capital Goods - HDT sales +82% YoY in Sep

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in...

CMB International

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