Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <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> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. </li>
<li>The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.</li>
<li>A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. 
The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.
A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.


Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/byd-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD Company (1211 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Traders used deep out-of-the-money put spreads as low-cost insurance against a potential sharp downside move in BYD, while diagonal put spreads remain hugely popular.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD Company (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Traders used deep out-of-the-money put spreads as low-cost insurance against a potential sharp downside move in BYD, while diagonal put spreads remain hugely popular.

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


BYD (1211 HK) Top Trades: Bearish Positioning and Long Volatility Dominate

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.</li>
<li>XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.</li>
<li>Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.</li>
</ul>


NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.
XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.
Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.


NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

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

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-tuopu-group-co-ltd" target="_blank" data-smartkarma-citation="entities:25181:1" rel="noopener">Ningbo Tuopu Group (601689 CH)</a> (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.
According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

AVATR Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avatr-technology" target="_blank" data-smartkarma-citation="entities:46089:1" rel="noopener">AVATR Technology</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: AVATR Global Pre-IPO - The Negatives - More of a Subsidiary

United States

ZEEKR Intelligent Technology Holding Limited operates as a holding company. The Company, through its subsidiaries, principally engages in commercialization and sales of electric vehicles and battery, and provision of automotive related research and development services. ZEEKR Intelligent Technology Holding serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ZEEKR (ZK US)

Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Tough space getting tougher. XPeng (9868 HK) reported 1Q26 losses widened 169% to RMB1.78bn on lower vehicle deliveries. This follows widening 1Q26...

David Blennerhassett

BYD (1211 HK) Top Trades: Bearish Positioning and Long Volatility Dominate

This breakdown provides insight into market sentiment and option structures. Highlights include deep out-of-the-money put spreads, alongside...

Gaudenz Schneider

NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

Despite Nvidia's automotive segment being 1% of revenue, it leads China's EV chip market. But in-house silicon, export risk, and XPeng's full-stack...

Mint Finance

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Aequitas: AVATR Global Pre-IPO - The Negatives - More of a Subsidiary

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)