Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

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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.

Equity Capital Markets

Xinyi Energy Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27808" target="_blank" data-smartkarma-citation="entities:27808:1">Xinyi Energy Holdings Ltd (1671746D HK)</a> is a solar power generation business that was recently spun-off from its parent company <a href="https://www.smartkarma.com/entities/318" target="_blank" data-smartkarma-citation="entities:318:1">Xinyi Solar Holdings (968 HK).</a> Xinyi Energy has 9 operational solar farms with a total capacity of ~950MW. The company is set to acquire additional solar farms of 540MW capacity from its parent company in a separate transaction post IPO.Xinyi Energy has not indicated the size and pricing of its offer, however, according to various media reports the company is expected to raise between US$450M and US$570M. A significant portion of IPO proceeds is expected to be utilised for the acquisition of solar farms from its parent company and the remainder for repaying debt, working capital and other corporate purposes. Although we have a positive view of the solar energy sector, the IPO pricing will determine our overall view of the company.

Xinyi Energy Holdings Ltd (1671746D HK) is a solar power generation business that was recently spun-off from its parent company Xinyi Solar Holdings (968 HK). Xinyi Energy has 9 operational solar farms with a total capacity of ~950MW. The company is set to acquire additional solar farms of 540MW capacity from its parent company in a separate transaction post IPO.Xinyi Energy has not indicated the size and pricing of its offer, however, according to various media reports the company is expected to raise between US$450M and US$570M. A significant portion of IPO proceeds is expected to be utilised for the acquisition of solar farms from its parent company and the remainder for repaying debt, working capital and other corporate purposes. Although we have a positive view of the solar energy sector, the IPO pricing will determine our overall view of the company.

Xinyi Energy IPO Preview: Chasing Growth by Acquisition, At The Cost Of Near-Term Balance Sheet Risk

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed <a href="https://www.smartkarma.com/entities/318" target="_blank" data-smartkarma-citation="entities:318:1">Xinyi Solar Holdings (968 HK)</a>, is looking to list via a spin-off. Proceeds from the IPO will be used to acquire an additional solar farm portfolio from Xinyi Solar. In this insight, we will look at the following topics:
<ul>
<li>The company's solar farm assets</li>
<li>Revenue model</li>
<li>Target acquisition from the parent</li>
<li>The solar industry in China and recent development</li>
<li>Financial analysis of the portfolio</li>
<li>Our thoughts on valuation</li>
</ul>

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed Xinyi Solar Holdings (968 HK), is looking to list via a spin-off. Proceeds from the IPO will be used to acquire an additional solar farm portfolio from Xinyi Solar. In this insight, we will look at the following topics:

The company's solar farm assets
Revenue model
Target acquisition from the parent
The solar industry in China and recent development
Financial analysis of the portfolio
Our thoughts on valuation


Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection

China

Xinyi Energy Holdings Limited operates as a renewable energy project development company. The Company provides installation, construction, and maintenance of solar plant, as well as offers photovoltaic transformation systems. Xinyi Energy Holdings serves customers in China.

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Xinyi Energy Holdings (3868 HK)

Xinyi Energy IPO Preview: Chasing Growth by Acquisition, At The Cost Of Near-Term Balance Sheet Risk

Xinyi Energy Holdings Ltd (1671746D HK) is a solar power generation business that was recently spun-off from its parent company Xinyi Solar...

Venkat Ramana Nandyal

Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection

Xinyi Energy, the solar farm asset holding company of the Hong Kong-listed Xinyi Solar Holdings (968 HK), is looking to list via a spin-off....

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)