Asia Pac ECM and Index Rebal, DZT 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.

Equity Capital Markets

Sungrow Power Supply / Equity Capital Markets

<ul>
<li>Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.</li>
<li>We also discuss our preliminary thoughts on valuation, anchored by A-H premium.</li>
</ul>


Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.
We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.
We also discuss our preliminary thoughts on valuation, anchored by A-H premium.


Sungrow Power Supply A+H Pre-IPO: Early Thought

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply (300274 CH)</a>, a clean energy technology company in China, aims to raise up to US$1bn in its H-share listing.</li>
<li>It is a global leader in clean energy technology primarily engaged in five strategic areas: solar energy, wind energy, energy storage, electric vehicles (EV), and hydrogen.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sungrow Power Supply (300274 CH), a clean energy technology company in China, aims to raise up to US$1bn in its H-share listing.
It is a global leader in clean energy technology primarily engaged in five strategic areas: solar energy, wind energy, energy storage, electric vehicles (EV), and hydrogen.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Sungrow Power A/H Listing: Robust Track Record and Looking to Enter AI DC Markets

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>Nearing the end of the review period for the December rebalance, there could be three changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply</a>, <a href="https://www.smartkarma.com/entities/cmoc-group-ltd" target="_blank" data-smartkarma-citation="entities:28168:1" rel="noopener">CMOC Group</a> and <a href="https://www.smartkarma.com/entities/china-cssc-holdings-ltd-a" target="_blank" data-smartkarma-citation="entities:2464:1" rel="noopener">China CSSC Holdings</a> could replace <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding</a>, <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd-675cb9b4-f4fb-4317-9df7-75e3849a2f5a" target="_blank" data-smartkarma-citation="entities:885:1" rel="noopener">China Everbright Bank</a> and <a href="https://www.smartkarma.com/entities/bank-of-jiangsu-co-ltd" target="_blank" data-smartkarma-citation="entities:27216:1" rel="noopener">Bank of Jiangsu</a> in the ETF at the close on 19 December.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 3 months and it is not even close as the gap has kept getting wider</li>
</ul>


Nearing the end of the review period for the December rebalance, there could be three changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK). 

Sungrow Power Supply, CMOC Group and China CSSC Holdings could replace S.F. Holding, China Everbright Bank and Bank of Jiangsu in the ETF at the close on 19 December.
The forecast adds have outperformed the forecast deletes over the last 3 months and it is not even close as the gap has kept getting wider


China A50 ETFs Rebalance Preview: Three Changes in December

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Sungrow is a global leader in the renewable energy sector, holding a dominant market share in solar PV inverters and rapidly expanding its footprint in the high-growth energy storage systems (ESS) market. The company's strategic shift is evident as the ESS segment has become its largest revenue contributor, surpassing inverters.</li>
  <li>The company has demonstrated exceptional financial performance, with significant year-over-year growth in revenue and net income, coupled with expanding profit margins. This growth is fueled by strong demand in both its core inverter business and the booming ESS market, driven by the global transition to clean energy.</li>
  <li>While poised for continued growth, Sungrow faces risks from intense market competition, potential slowdowns in global solar installation rates, geopolitical tensions, and reliance on policy-driven demand. The company's forward-looking strategy includes technological innovation, international market expansion, and entry into new sectors like AI data center power supplies.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Sungrow is a global leader in the renewable energy sector, holding a dominant market share in solar PV inverters and rapidly expanding its footprint in the high-growth energy storage systems (ESS) market. The company's strategic shift is evident as the ESS segment has become its largest revenue contributor, surpassing inverters.
  The company has demonstrated exceptional financial performance, with significant year-over-year growth in revenue and net income, coupled with expanding profit margins. This growth is fueled by strong demand in both its core inverter business and the booming ESS market, driven by the global transition to clean energy.
  While poised for continued growth, Sungrow faces risks from intense market competition, potential slowdowns in global solar installation rates, geopolitical tensions, and reliance on policy-driven demand. The company's forward-looking strategy includes technological innovation, international market expansion, and entry into new sectors like AI data center power supplies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Sungrow Power Supply (300274 CH) - Sep 2025

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

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Sungrow Power Supply (300274 CH)

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

Sungrow Power A/H Listing: Robust Track Record and Looking to Enter AI DC Markets

Sungrow Power, aims to raise up to US$1bn in its H-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

China A50 ETFs Rebalance Preview: Three Changes in December

There could be 3 changes in Dec - that could increase to 4. Passive impact is 0.1-0.45x ADV but momentum has led to the forecast adds outperforming...

Brian Freitas

Primer: Sungrow Power Supply (300274 CH) - Sep 2025

Sungrow is a global leader in the renewable energy sector, holding a dominant market share in solar PV inverters and rapidly expanding its...

αSK

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

Sungrow Power A/H Listing: Robust Track Record and Looking to Enter AI DC Markets

Sungrow Power, aims to raise up to US$1bn in its H-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

China A50 ETFs Rebalance Preview: Three Changes in December

There could be 3 changes in Dec - that could increase to 4. Passive impact is 0.1-0.45x ADV but momentum has led to the forecast adds outperforming...

Brian Freitas

Primer: Sungrow Power Supply (300274 CH) - Sep 2025

Sungrow is a global leader in the renewable energy sector, holding a dominant market share in solar PV inverters and rapidly expanding its...

αSK

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM