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

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<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a>, a Chinese premium electric vehicle manufacturer, has launched an equity offering to raise around US$1 billion. </li>
<li>The raise is opportunistically timed to take advantage of the 83% QTD share price rally and comes hot on the heels of a US$513 million raise in April.</li>
<li>While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying competition warrants caution.  </li>
</ul>



NIO (NIO US), a Chinese premium electric vehicle manufacturer, has launched an equity offering to raise around US$1 billion. 
The raise is opportunistically timed to take advantage of the 83% QTD share price rally and comes hot on the heels of a US$513 million raise in April.
While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying competition warrants caution.  


NIO (NIO US/9866 HK): An Opportunistically Timed US$1 Billion Raise

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.

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<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 looking to raise around US$1bn via a primary placement in Hong Kong and US.</li>
<li>The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US.
The company had last raised around US$450m in March 2025. The deal didn’t end up doing well.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

Chery Automobile / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.</li>
</ul>



Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we talk about the updates from its most recent filings.</li>
</ul>



Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we talk about the updates from its most recent filings.


Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

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<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

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)

NIO (NIO US/9866 HK): An Opportunistically Timed US$1 Billion Raise

While NIO continues to target a break-even in 4Q25 and reduce its cash burn, the valuation is stretched. A history of false dawns and intensifying...

Arun George

NIO HK/ADS Placement - Slightly Better Placed, but Slightly Bigger Deal at US$1bn

NIO (NIO US) is looking to raise around US$1bn via a primary placement in Hong Kong and US. In this note, we talk about the deal dynamics.

Sumeet Singh

Chery Auto Pre-IPO - Peer Comparison

Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO. We have looked at the company’s past performance in our previous...

Sumeet Singh

Chery Auto Pre-IPO - PHIP Updates - Some More Data, Some More Issues

Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its most recent...

Sumeet Singh

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

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