Daily Brief China: WeRide, Seres Group , Sany Heavy Industry, Tencent, Porton Pharma Solutions, Peric Special Gases, Seres Group, Mininglamp Technology and more

• WeRide (WRD US), a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.    
• It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.
• The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.

• Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
• Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
• 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 Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights. 
• Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

Key points (machine generated)

• Tencent has 1.4 billion users on Weixin/WeChat, establishing it as a leading digital platform.
• The company is positioned to enhance monetization through AI integration across its services.
• Despite its strengths, Tencent’s core business is undervalued, trading at 14 times the consensus 2026 earnings per share.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• We expect up to six ADDs and six DELs for the CSI Medical Service index during this index review event based on the latest available data.

• Sany Heavy Industry (600031 CH), raised around US$2.0bn 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 & Sullivan.
• We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.

• 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.

• CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• We expect up to four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.

• Seres Group is getting ready to complete its IPO on the Hong Kong exchange in the coming weeks that could raise about US$1.7 billion.
• At the high end of the IPO price range of HK$131.50 per share, Seres would have a market capitalization of nearly HK$215 billion (about $27.6 billion).
• Seres Group is one of the largest new-energy vehicle makers in China. There are 22 cornerstone investors that have committed to purchase approximately 49% of the offer.

• Mininglamp Technology (1912140D HK) is looking to raise US$131m in its Hong Kong IPO.
• Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making through large model driven analytics.
• In this note, we will talk about the company’s past performances and valuations.