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 reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.</li><li>We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.</li><li>Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.</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 reported in-line 2Q26 gross profit, although net loss missed our forecast on higher SG&amp;A expenses.We project net loss to narrow slightly QoQ in 3Q26E and a breakeven in 4Q26E amid a guidance of monthly sales volume exceeding 60,000 units in 4Q26E.Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for its auto business including robotaxi.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) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/xpeng-inc">XPeng </a>is aggressively positioning itself as a leader in smart electric vehicles, leveraging its in-house, full-stack R&amp;D in autonomous driving (XNGP) and AI technology as its core differentiator in the hyper-competitive Chinese EV market.</li>
 <li>Strategic partnerships, notably with Volkswagen, are set to provide high-margin, recurring revenue streams from technology licensing, diversifying income beyond vehicle sales and helping to stabilize financials amidst domestic price wars.</li>
 <li>The company is pursuing a dual-pronged growth strategy: expanding its domestic market share by targeting the mass market with its new MONA brand, while simultaneously accelerating a multi-continental international expansion with a target of doubling overseas sales contribution.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
XPeng is aggressively positioning itself as a leader in smart electric vehicles, leveraging its in-house, full-stack R&amp;D in autonomous driving (XNGP) and AI technology as its core differentiator in the hyper-competitive Chinese EV market.
  Strategic partnerships, notably with Volkswagen, are set to provide high-margin, recurring revenue streams from technology licensing, diversifying income beyond vehicle sales and helping to stabilize financials amidst domestic price wars.
  The company is pursuing a dual-pronged growth strategy: expanding its domestic market share by targeting the mass market with its new MONA brand, while simultaneously accelerating a multi-continental international expansion with a target of doubling overseas sales contribution.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

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

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is a Chinese premium electric vehicle manufacturer listed across three exchanges. </li>
<li>NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  </li>
<li>NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. </li>
</ul>



NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed across three exchanges. 
NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  
NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. 


2025 High Conviction: Short NIO (NIO US/9866 HK)

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.

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XPeng (XPEV US)

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for...

CMB International

Primer: XPeng (XPEV US) - Aug 2026

XPeng is aggressively positioning itself as a leader in smart electric vehicles, leveraging its in-house, full-stack R&D in autonomous...

αSK Primers

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

2025 High Conviction: Short NIO (NIO US/9866 HK)

NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xpeng Inc. (XPEV US/9868 HK) - 4Q26 Volume Acceleration; Robotics Fundraising Unlocks SOTP Value

Xpeng’s robotics unit’s latest fundraising valued it at US$6.3bn, or about 40% of Xpeng’s market cap, which could imply an attractive valuation for...

CMB International

Primer: XPeng (XPEV US) - Aug 2026

XPeng is aggressively positioning itself as a leader in smart electric vehicles, leveraging its in-house, full-stack R&D in autonomous...

αSK Primers

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

2025 High Conviction: Short NIO (NIO US/9866 HK)

NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in...

Arun George

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...