Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Baic Motor Corp Ltd H / Equity Capital Markets

<p>We would avoid the deal.</p><p>We think that the IPO valuation doesn’t leave enough upside for investors as compared to peer’s valuation. In addition we are concerned that analyst’s growth expectations might be too aggressive given the slowdown of the Passenger Vehicle market in China.</p>

We would avoid the deal.We think that the IPO valuation doesn’t leave enough upside for investors as compared to peer’s valuation. In addition we are concerned that analyst’s growth expectations might be too aggressive given the slowdown of the Passenger Vehicle market in China.

BAIC IPO - Expensive valuation underpinned by aggressive growth assumption amid China Auto market slow down