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

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

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/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

<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$1.5bn 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 company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.</li>
</ul>



Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn 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 company’s past performance in our earlier note. In this note, we talk about the updates and likely A/H premium.


Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

<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$1.5bn 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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn 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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Sany Heavy Industries A/H Listing - Has Suffered Recently, Showing Signs of Stabilizing

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)

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Zhejiang Sanhua Intelligent Controls (2050 HK)

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

Sany Heavy Industries A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. In this note, we talk about its recent updates and likely A...

Sumeet Singh

Sany Heavy Industries A/H Listing - Has Suffered Recently, Showing Signs of Stabilizing

Sany Heavy Industry (600031 CH), aims to raise around US$1.5bn in its H-share listing. The company has now filed its PHIP and will look to launch...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)