Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>,  raised around US$725m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH),  raised around US$725m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80. </li>
<li>Given the reasonable upside, we have a Positive View of this Hong Kong IPO.</li>
<li>Our base case valuation is based on P/E of 38.9x our estimated net profit of RMB2.9 billion in 2027. It also includes a 25% discount for the H-shares listing.</li>
</ul>


Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80. 
Given the reasonable upside, we have a Positive View of this Hong Kong IPO.
Our base case valuation is based on P/E of 38.9x our estimated net profit of RMB2.9 billion in 2027. It also includes a 25% discount for the H-shares listing.


Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

<ul>
<li>Wuxi Lead Intelligent Equipment is getting ready to complete its Hong Kong listing next week. The company is the world's largest provider of lithium-ion battery manufacturing equipment.</li>
<li>The company plans to raise up to HK$4.29 billion (US$549 million) by offering 93.6 million H-shares. The shares were offered at a maximum price of HK$45.80.</li>
<li>Wuxi Lead Intelligent Equipment (300450 CH) is the global and China market leader in lithium-ion battery intelligent equipment, holding a 15.5% global and 19.0% China market share.</li>
</ul>


Wuxi Lead Intelligent Equipment is getting ready to complete its Hong Kong listing next week. The company is the world's largest provider of lithium-ion battery manufacturing equipment.
The company plans to raise up to HK$4.29 billion (US$549 million) by offering 93.6 million H-shares. The shares were offered at a maximum price of HK$45.80.
Wuxi Lead Intelligent Equipment (300450 CH) is the global and China market leader in lithium-ion battery intelligent equipment, holding a 15.5% global and 19.0% China market share.


Wuxi Lead Intelligent Equipment Hong Kong IPO Preview

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Wuxi Lead Intelligent Equipment launched its Hong Kong IPO aiming to raise up to HK$ 4.3B. The company plans to sell 98.6M shares at HK$45.8 per share.</li>
<li>Wuxi Lead manufactures equipment and solutions for diverse applications including the manufacturing of lithium-ion batteries, photovoltaic (PV) batteries and computer, communication and consumer electronics (3C), intelligent logistics etc.</li>
<li>A valuation of 30.3x appears to be relatively cheaper to its peers considering its market leader position. We would recommend the investors to subscribe to the issue.</li>
</ul>


Wuxi Lead Intelligent Equipment launched its Hong Kong IPO aiming to raise up to HK$ 4.3B. The company plans to sell 98.6M shares at HK$45.8 per share.
Wuxi Lead manufactures equipment and solutions for diverse applications including the manufacturing of lithium-ion batteries, photovoltaic (PV) batteries and computer, communication and consumer electronics (3C), intelligent logistics etc.
A valuation of 30.3x appears to be relatively cheaper to its peers considering its market leader position. We would recommend the investors to subscribe to the issue.


Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

China

Wuxi Lead Intelligent Equipment Co Ltd is a manufacturer of high-tech equiptments. The company designs and manufactures electronic capacitors, solar energy equipments and lithium batteries equipments.

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Wuxi Lead Intelligent Equipmen (300450 CH)

Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80.

Douglas Kim

Wuxi Lead Intelligent Equipment Hong Kong IPO Preview

Wuxi Lead Intelligent Equipment is getting ready to complete its Hong Kong listing next week. The company is the world's largest provider of...

Douglas Kim

Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80.

Douglas Kim

Wuxi Lead Intelligent Equipment Hong Kong IPO Preview

Wuxi Lead Intelligent Equipment is getting ready to complete its Hong Kong listing next week. The company is the world's largest provider of...

Douglas Kim

Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

​Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....

Tina Banerjee

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....