In today’s briefing:
- A/H Premium Tracker (To 5 Sep 2025): AH Premia Contract Slightly, Beautiful Skew Better
- Hesai Secondary Offering – Stock Hasn’t Corrected Yet
- Nidec: Navigating Regulatory Challenges and Unlocking Value
- Evergreen Marine Reported -56% Y/Y Decline in Q225 OP | But Q325 Is Likely to Be Much Worse
A/H Premium Tracker (To 5 Sep 2025): AH Premia Contract Slightly, Beautiful Skew Better
- “Beautiful Skew” came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.
- Last week’s short reco on Remegen (9995 HK) gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.
- AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.
Hesai Secondary Offering – Stock Hasn’t Corrected Yet
- Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the deal structure and updates since then.
Nidec: Navigating Regulatory Challenges and Unlocking Value
- Urgent Regulatory Deadline: Nidec faces a critical deadline of September 26, 2025. Meeting this deadline is crucial to avoid regulatory consequences, including potential “Security on Alert” designation or stock suspension.
- Underlying Strength Amidst Issues: Despite recent compliance issues that have impacted its stock, Nidec maintains a strong position as a global leader in electric motors with diversified revenue, projected growth.
- Potential for Rebound: The current low valuation, may present a buying opportunity for long-term investors if the company successfully addresses its governance issues and restores investor confidence.
Evergreen Marine Reported -56% Y/Y Decline in Q225 OP | But Q325 Is Likely to Be Much Worse
- In Q225, Evergreen Marine reported a -56% Y/Y decline in Operating Profit
- That’s bad, but our initial read indicates Q325 will likely be far worse
- Y/Y, shares still up slightly; we see lots of downside for container carriers
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