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

<ul>
<li>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)</li>
<li>BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November</li>
<li>XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)</li>
</ul>


BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+)
BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November
XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)


[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Two days before Huawei and Chery releasing their Luxeed S7 sedan to rival Model 3, LI unveiled the technical details of its MPV entry MEGA; </li>
<li>We see MEGA taking a meaningful market share from BYD’s Denza D9, GM’s GL8, GAC’s Trumpchi M8, all selling ~10K a month. We raise MEGA’s 2024 shipment to 57K;</li>
<li>We raise LI’s TP from US$40 to US$47 and maintain BUY.</li>
</ul>


Two days before Huawei and Chery releasing their Luxeed S7 sedan to rival Model 3, LI unveiled the technical details of its MPV entry MEGA; 
We see MEGA taking a meaningful market share from BYD’s Denza D9, GM’s GL8, GAC’s Trumpchi M8, all selling ~10K a month. We raise MEGA’s 2024 shipment to 57K;
We raise LI’s TP from US$40 to US$47 and maintain BUY.


[Li Auto Inc. (LI US, BUY, TP US$47) Target Price Change]: Li’s MEGA Can Change the MPV Landscape

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Chenqi Technology Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chenqi-technology-limited" target="_blank" data-smartkarma-citation="entities:40058:1" rel="noopener">Chenqi Technology Limited (CT HK)</a> is looking to raise US$300m in its upcoming Hong Kong IPO. </li>
<li>Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent. </li>
<li>Chenqi has grown its GTV fast on the back of network expansion. However, Dida’s inability to list and Chinese regulators’ scrutiny on Didi would likely dent sentiment surrounding Chenqi. </li>
</ul>



Chenqi Technology Limited (CT HK) is looking to raise US$300m in its upcoming Hong Kong IPO. 
Chenqi Technology (Chenqi) is a mobility technology and service company in China, founded by the GAC Group and Tencent. 
Chenqi has grown its GTV fast on the back of network expansion. However, Dida’s inability to list and Chinese regulators’ scrutiny on Didi would likely dent sentiment surrounding Chenqi. 


Chenqi Technology Pre-IPO - Listing Would Almost Feel like a Pipe Dream

<ul>
<li><a href="https://www.smartkarma.com/entities/xpeng-inc" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener"> BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+) </a></li>
<li>BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November</li>
<li>XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)</li>
</ul>


 BABA/PDD/JD/ZTO/1519.HK/: Express parcel volume grew +20% YoY during first week of 11.11 Shopping (+) 
BEKE: Property Update - Mild recovery for existing home sales in October and 1st week of November
XPEV: Xpeng, Huawei dispute over Autonomous Emergency Braking (AEB) (-)


[Blue Lotus Daily]BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

XPeng (XPEV US)

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

[Li Auto Inc. (LI US, BUY, TP US$47) Target Price Change]: Li’s MEGA Can Change the MPV Landscape

"LI unveils technical details of MEGA MPV, expected to compete with Denza D9, GL8, and Trumpchi M8. Shipment estimate raised to 57K by 2024. LI's...

Blue Lotus Research Institute

Chenqi Technology Pre-IPO - Listing Would Almost Feel like a Pipe Dream

Chenqi Technology Limited is looking to raise US$300m in its upcoming Hong Kong IPO. Dida’s inability to list and Chinese regulators’ scrutiny on...

Ethan Aw

[Blue Lotus Daily]BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

[Blue Lotus Daily]: BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

[Li Auto Inc. (LI US, BUY, TP US$47) Target Price Change]: Li’s MEGA Can Change the MPV Landscape

​"LI unveils technical details of MEGA MPV, expected to compete with Denza D9, GL8, and Trumpchi M8. Shipment estimate raised to 57K by 2024. LI's...

Blue Lotus Research Institute

Chenqi Technology Pre-IPO - Listing Would Almost Feel like a Pipe Dream

Chenqi Technology Limited is looking to raise US$300m in its upcoming Hong Kong IPO. Dida’s inability to list and Chinese regulators’ scrutiny on...

Ethan Aw

[Blue Lotus Daily]BABA/PDD/JD/ZTO/BEKE/XPEV/NIO/LI/BGNE

Daily news including JD.com, Alibaba, PDD Holdings, ZTO Express Cayman, J&T Global Express, KE Holdings, XPeng, and Li Auto.

Blue Lotus Research Institute

"LI unveils technical details of MEGA MPV, expected to compete with Denza D9, GL8, and Trumpchi M8. Shipment estimate raised to 57K by 2024. LI's...