APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.</li>
<li>The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. </li>
<li>In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.</li>
</ul>



CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities, Goldman Sachs, and UBS.
The relatively large listing comes after the firm has been undertaking a series of capital raisings, since it's A-share debut back in Jun 2018, to fund its expansion. 
In this note, we discuss GDR timelines, and the firm’s recent financial performance/valuations.


CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

Ethan Aw

Equity Capital Markets

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.


Growatt Technology Pre-IPO - Thoughts on Valuation

Hangzhou Great Star Industrial Co., / Equity Capital Markets

Hangzhou Great Star Industrial Co., (002444 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-great-star-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4317:1" rel="noopener">Hangzhou Great Star Industrial Co., (002444 CH)</a> is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal. </li>
<li>The firm is offering 11.5m GDRs (1 GDR to 5 A-shares) for sale at a 16.1-18.7% discount to last close.</li>
<li>The deal would represent just 2.3 days of three month ADV and 4.3% of the firm’s current mcap.</li>
</ul>



Hangzhou Great Star Industrial Co., (002444 CH) is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the deal. 
The firm is offering 11.5m GDRs (1 GDR to 5 A-shares) for sale at a 16.1-18.7% discount to last close.
The deal would represent just 2.3 days of three month ADV and 4.3% of the firm’s current mcap.


Hangzhou GreatStar Industrial GDR Listing - Wider Discount Here and Momentum Has Been Strong

Sunwoda Electronic Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunwoda-electronic-co-ltd-a" target="_blank" data-smartkarma-citation="entities:5853:1" rel="noopener">Sunwoda Electronic Co Ltd A (300207 CH)</a> is looking to raise around US$300m in its Swiss GDR listing. Bookrunners on the deal are GS and UBS.</li>
<li>The firm is offering 19.6m GDRs (1 GDR to 5 A-shares) for sale at a 12.3-16.1% discount to last close. </li>
<li>The deal would represent 3.4 days of three month ADV and 4.8% of the firm’s current mcap.</li>
</ul>



Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$300m in its Swiss GDR listing. Bookrunners on the deal are GS and UBS.
The firm is offering 19.6m GDRs (1 GDR to 5 A-shares) for sale at a 12.3-16.1% discount to last close. 
The deal would represent 3.4 days of three month ADV and 4.8% of the firm’s current mcap.


Sunwoda Electronic GDR Listing - Better Track Record than Peers. Discount Also Inline with Average

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow over the past week was ~US$1bn, split between Shanghai (-US$0.2bn) and Shenzhen (+US$1.0bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (002460 SZ)</a> and <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group (601888 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equi-a" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent (300450 CH)</a> and <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$1bn, split between Shanghai (-US$0.2bn) and Shenzhen (+US$1.0bn).
The largest inflows were into Ganfeng Lithium (002460 SZ) and China Tourism Group (601888 CH). The largest outflows were in Wuxi Lead Intelligent (300450 CH) and Zijin Mining (601899 CH).


Shanghai/​​​​​​​Shenzhen Northbound Connect: Weekly Moves (8 July 2022)

China

Sunwoda Electronic Company Limited develops, designs, produces and sells li-ion battery module.  The company also produces membrate switches and precision structures.

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Sunwoda Electronic Co Ltd A (300207 CH)

CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities,...

Clarence Chu

Growatt Technology Pre-IPO - Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we will look at assumptions and...

Ethan Aw

Hangzhou GreatStar Industrial GDR Listing - Wider Discount Here and Momentum Has Been Strong

Hangzhou Great Star Industrial Co., (002444 CH) is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the...

Clarence Chu

Sunwoda Electronic GDR Listing - Better Track Record than Peers. Discount Also Inline with Average

Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$300m in its Swiss GDR listing. Bookrunners on the deal are GS and UBS.

Clarence Chu

Shanghai/Shenzhen Northbound Connect: Weekly Moves (8 July 2022)

Inside is a recap of movements in the HK--Shanghai/Shenzhen Northbound Connect facilities. Net inflow over the past week was ~US$1bn, split between...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL GDR Listing Early Look - Past Deals Have Done Well. Valuations Somewhat Justifiable

CATL (A) (300750 CH) is looking to raise up to US$6bn in its upcoming Swiss GDR listing. Bookrunners on the deal are CICC, China Securities,...

Clarence Chu

Growatt Technology Pre-IPO - Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we will look at assumptions and...

Ethan Aw

Hangzhou GreatStar Industrial GDR Listing - Wider Discount Here and Momentum Has Been Strong

Hangzhou Great Star Industrial Co., (002444 CH) is looking to raise around US$150m in its Swiss GDR listing. Huatai is the sole bookrunner in the...

Clarence Chu

Sunwoda Electronic GDR Listing - Better Track Record than Peers. Discount Also Inline with Average

Sunwoda Electronic Co Ltd A (300207 CH) is looking to raise around US$300m in its Swiss GDR listing. Bookrunners on the deal are GS and UBS.

Clarence Chu

Shanghai/​​​​​​​Shenzhen Northbound Connect: Weekly Moves (8 July 2022)

Inside is a recap of movements in the HK--Shanghai/Shenzhen Northbound Connect facilities. Net inflow over the past week was ~US$1bn, split between...

David Blennerhassett

Shanghai/Shenzhen Northbound Connect: Weekly Moves (8 July 2022)