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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.</li>
<li>The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.</li>
<li>The investment case rests on solid NEV performance, improving margin profile and strong cash generation.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
The investment case rests on solid NEV performance, improving margin profile and strong cash generation.


Seres Group H Share Listing: The Investment Case

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.</li>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.</li>
<li>
Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense</a> and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai</a>
</li>
</ul>



LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.

Robosense Technology (2498 HK) lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.

Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both Robosense and Hesai



RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

Event-Driven

<ul>
<li>On 22 August, <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.</li>
<li>The <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">VOYAH application proof</a>, filed on 2 October, points to strong fundamentals and suggests that the appraised value of VOYAH and the offer are conservative. </li>
<li>Based on the data points from the application proof, I calculate that the implied offer is HK$12.11-12.25 per H Share, a 11.6%-12.9% premium to the appraised value of HK$10.85. </li>
</ul>


On 22 August, Dongfeng Motor (489 HK) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.
The VOYAH application proof, filed on 2 October, points to strong fundamentals and suggests that the appraised value of VOYAH and the offer are conservative. 
Based on the data points from the application proof, I calculate that the implied offer is HK$12.11-12.25 per H Share, a 11.6%-12.9% premium to the appraised value of HK$10.85. 


Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside

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)

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1bn in its H-share listing. The company has now filed its PHIP and...

Sumeet Singh

RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside

The VOYAH application proof, filed on 2 October, points to strong fundamentals and suggests that the appraised value of VOYAH and the offer are...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seres Group H Share Listing: The Investment Case

Seres, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion. In this note, I discuss the investment case.

Arun George

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Seres Group A/H Listing - Rapid Growth but Its Partner’s Sanctions Risk Might Keep Some Away

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1bn in its H-share listing. The company has now filed its PHIP and...

Sumeet Singh

RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

​LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside

The VOYAH application proof, filed on 2 October, points to strong fundamentals and suggests that the appraised value of VOYAH and the offer are...

Arun George

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.