In today’s briefing:
- Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
- Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
- Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
- ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin
- Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins
- Chandra Dayua Pre-IPO: Very Expensive, Avoid
Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
- Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
- I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
- Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
- Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
- ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
- Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
- Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
- My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.
ECM Weekly (23 June 2025) – Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin
- 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, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line.
- On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.
Pre-IPO IFBH Pte. Ltd. (PHIP Updates) – The Hidden Risks Behind the Strong Growth and High Margins
- IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
- IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
- Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there’s uncertainty in future prospects. Valuation could be lower than industry average
Chandra Dayua Pre-IPO: Very Expensive, Avoid
- Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
- It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
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