In today’s briefing:
- Chery Automobile IPO: The Bear Case
- ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery
- Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning
- SHEIN / Temu / AliExpress: After US Ended “De Minimis” Exemption, Shipments to US Declined 81%
Chery Automobile IPO: The Bear Case
- Chery Automobile (CH3456 CH), a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.
- In Chery Automobile IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
- The bear case rests on weakening trends of the primary business, gross margin pressure, declining contract liabilities and factoring of receivables.
ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
- On the placements front, deals continue to flow through as the market remains receptive.
Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning
- Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
- It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
SHEIN / Temu / AliExpress: After US Ended “De Minimis” Exemption, Shipments to US Declined 81%
- Postal parcel volume bound for the US fell -81% after exemption ended Aug 29
- In many cases, logistics providers unwilling to manage US Customs process
- We believe the change undermines US model used by SHEIN, Temu, AliExpress
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