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

Shenzhen Inovance Technology Co., / Equity Capital Markets

Shenzhen Inovance Technology Co., (300124 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-inovance-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:18170:1" rel="noopener">Shenzhen Inovance Technology Co., (300124 CH)</a> (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.</li>
<li>SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing.
SIT was one of China’s leading firms in the industrial automation and digitalization sectors and a top three third-party supplier of NEV powertrain systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.</li>
<li>The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.
The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.
We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.


A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

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.

Event-Driven

<ul>
<li>Almost a year in, <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> has yet to satisfy the precondition for its <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> offer. The remaining precondition is CSRC and HKEx approvals.</li>
<li>CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. </li>
<li>The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.</li>
</ul>


Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer. The remaining precondition is CSRC and HKEx approvals.
CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. 
The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.


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

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a> priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-3296-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231473" rel="noopener">Huaqin H Share Listing (3296 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.</li>
</ul>



Huaqin (3296 HK) priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case and Huaqin H Share Listing (3296 HK): Valuation Insights. 
The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.


Huaqin H Share Listing (3296 HK): Trading Debut

China

Zhejiang Sanhua Intelligent Controls Co., Ltd. researches, manufactures, and sells refrigeration and air-conditioning electrical parts and auto parts. The company specializes in environmentally friendly thermal management solutions, developing HVAC systems, home appliance equipment, and thermal management solutions for new energy vehicles. It was founded in 1994 and is headquartered in Shaoxing, China.

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Sanhua Intelligent Controls (2050 HK)

Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Oilfield Services, China Life, CATL,...

Ke Yan, CFA, FRM

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Shenzhen Inovance Tech A/H Listing - NEV Focus Driving Revenue Higher but Margins Lower

Shenzhen Inovance Technology Co., (300124 CH) (SIT), an industrial technology group, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Oilfield Services, China Life, CATL,...

Ke Yan, CFA, FRM

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

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

Huaqin H Share Listing (3296 HK): Trading Debut

The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the...

Arun George