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 launched an H Share listing to raise US$1.7 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a>.</li>
<li>The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has launched an H Share listing to raise US$1.7 billion.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case.
The proposed AH discount of 24.8% (based on the 24 October A Share price) is attractive, and I would participate in the H Share listing.


Seres Group H Share Listing (9927 HK): Valuation Insights

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Ningbo Joyson Electronic / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-joyson-electronic-corp" target="_blank" data-smartkarma-citation="entities:4774:1" rel="noopener">Ningbo Joyson Electronic (600699 CH)</a>, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.</li>
<li>It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sany-heavy-industry-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:205839" rel="noopener">SANY Heavy Industry H Share Listing: The Investment Case</a>. 
</li>
<li>The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case. 

The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.


SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.</li>
<li>Mainland investors continued to buy Hong Kong listed stocks heavily during the market pullback earlier this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> quashed market rumors about a large robotic order from Tesla (TSLA US); however, it continues discussions on cooperation opportunities.
</li>
</ul>


The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.
Mainland investors continued to buy Hong Kong listed stocks heavily during the market pullback earlier this month.

Zhejiang Sanhua Intelligent Controls (2050 HK) quashed market rumors about a large robotic order from Tesla (TSLA US); however, it continues discussions on cooperation opportunities.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 20)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> aims to raise around US$1.6bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Sany Heavy Industries A/H IPO Pricing - Thoughts on Valuations

China

Zhejiang Sanhua Intelligent Controls Co.,Ltd. manufactures refrigeration and air conditioning electrical parts. The Company designs, produces, and sells four-way reversing valves, electronic expansion valves, solenoid valves, microchannel heat exchangers, omega pumps, and more. Sanhua Intelligent also produces automotive thermal components for vehicles.

Zhejiang Sanhua Intelligent Controls (2050 HK)

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

Zhejiang Sanhua Intelligent Controls (2050 HK)

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Ningbo Joyson, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.

Nicholas Tan

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 20)

The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.

David Mudd

Sany Heavy Industries A/H IPO Pricing - Thoughts on Valuations

Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing. In this note, we talk about the IPO pricing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seres Group H Share Listing (9927 HK): Valuation Insights

Seres Group has launched an H Share listing to raise US$1.7 billion. The proposed AH discount of 24.8% implied by the H Share offer price is...

Arun George

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

Ningbo Joyson, a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.

Nicholas Tan

SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights

The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

Arun George

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 20)

The materials sector continues its outperformance in Hong Kong, however the recent sharp pullback showed a weakening in strength and momentum.

David Mudd

Sany Heavy Industries A/H IPO Pricing - Thoughts on Valuations

Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing. In this note, we talk about the IPO pricing.

Sumeet Singh