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.

Equity Bottom-Up

<ul><li>Maintain BUY. Xpeng’s 4Q24 earnings were largely in line with a slight beat of GPM.</li><li>We raise our FY25-26E sales volume forecasts to 440,000 units and 600,000 units, respectively, given the current strong model cycle.</li><li>We estimate a quarterly breakeven sales volume of 130,000-140,000 units and therefore, we project a breakeven in 4Q25E and net profit of RMB1.2bn in FY26E. </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.

Maintain BUY. Xpeng’s 4Q24 earnings were largely in line with a slight beat of GPM.We raise our FY25-26E sales volume forecasts to 440,000 units and 600,000 units, respectively, given the current strong model cycle.We estimate a quarterly breakeven sales volume of 130,000-140,000 units and therefore, we project a breakeven in 4Q25E and net profit of RMB1.2bn in FY26E. 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.

Xpeng Inc. (XPEV US/9868 HK) - New Model Cycle + Overseas + AD + Robot

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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

China Specialist, Auto and Industrial Specialist

Victoria Li

<ul>
<li>After a 86% decline on share price YTD, we believe it’s time to revisit Xpeng.</li>
<li>Having gone through all the negatives which led to Xpeng’s underperforming vs peers, we believe the market has overreacted, while the company’s advantages/technology improvements have been ignored.</li>
<li>After 4 months of sales decline, company fundamentals would bottom out from November onwards with G9 starting to speak for itself. </li>
</ul>


After a 86% decline on share price YTD, we believe it’s time to revisit Xpeng.
Having gone through all the negatives which led to Xpeng’s underperforming vs peers, we believe the market has overreacted, while the company’s advantages/technology improvements have been ignored.
After 4 months of sales decline, company fundamentals would bottom out from November onwards with G9 starting to speak for itself. 


Xpeng (9868.HK, XPEV): Painful Year, but Payoffs for Technology Improvements Ahead

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.</li>
<li>We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.


Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
This Insight analyzes sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, executed over the period from 2 June to 9 June on the HKEX</li>
<li>
Highlights: Discover a range of noteworthy strategies, from an in-the-money bear put spread, to a bold short-term bullish iron condor, and a butterfly aiming at a narrow price target.</li>
<li>
Why read: In-depth breakdown of complex option strategies, shedding light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



This Insight analyzes sophisticated, live, multi-leg options strategies on BYD (1211 HK), executed over the period from 2 June to 9 June on the HKEX

Highlights: Discover a range of noteworthy strategies, from an in-the-money bear put spread, to a bold short-term bullish iron condor, and a butterfly aiming at a narrow price target.

Why read: In-depth breakdown of complex option strategies, shedding light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Options: Unpacking the Top Trades of the Week

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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XPeng (9868 HK)

Xpeng Inc. (XPEV US/9868 HK) - New Model Cycle + Overseas + AD + Robot

We raise our FY25-26E sales volume forecasts to 440,000 units and 600,000 units, respectively, given the current strong model cycle.

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Xpeng (9868.HK, XPEV): Painful Year, but Payoffs for Technology Improvements Ahead

After a 86% decline on share price YTD, we believe it’s time to revisit Xpeng. We believe the market has overreacted, while the company’s...

Victoria Li

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

We expect high-impact index flows for the ADD, DEL, and the FAF-revision names. There could be multiple days of volume to trade for these names if...

Janaghan Jeyakumar, CFA

BYD (1211 HK) Options: Unpacking the Top Trades of the Week

Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xpeng Inc. (XPEV US/9868 HK) - New Model Cycle + Overseas + AD + Robot

We raise our FY25-26E sales volume forecasts to 440,000 units and 600,000 units, respectively, given the current strong model cycle.

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Xpeng (9868.HK, XPEV): Painful Year, but Payoffs for Technology Improvements Ahead

After a 86% decline on share price YTD, we believe it’s time to revisit Xpeng. We believe the market has overreacted, while the company’s...

Victoria Li

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

We expect high-impact index flows for the ADD, DEL, and the FAF-revision names. There could be multiple days of volume to trade for these names if...

Janaghan Jeyakumar, CFA

BYD (1211 HK) Options: Unpacking the Top Trades of the Week

​Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...

Gaudenz Schneider

Analysis of sophisticated options strategies on BYD (1211 HK) executed on HKEX. Provides insights into market sentiment and actionable examples...