IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:79449" rel="noopener">Leapmotor IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case. </li>
<li>The key elements of the bear case rest on a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of development.</li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.
In Leapmotor IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
The key elements of the bear case rest on a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of development.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.</li>
<li>Leapmotor ranked fifth among the global pure-play EV companies and fourth among the pure-play EV companies based in China as measured by sales volume in 2021. </li>
<li>The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.</li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.
Leapmotor ranked fifth among the global pure-play EV companies and fourth among the pure-play EV companies based in China as measured by sales volume in 2021. 
The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. 
In this note, we talk about the positive aspects of the deal.


WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Tesla Inc. has signed $5 billion worth of deals to buy nickel for electric-vehicle (EV) batteries from companies operating in an Indonesian industrial park that’s jointly run by Chinese metals giant Tsingshan Holdings Group Co. Ltd</li><li>Tesla has signed a five-year contract with nickel processing companies operating out of the Morowali Industrial Park on Sulawesi Island</li><li>The deals come as the Indonesian government seeks to draw in foreign investment to build a complete supply chain for new-energy vehicles</li></ul>

Tesla Inc. has signed $5 billion worth of deals to buy nickel for electric-vehicle (EV) batteries from companies operating in an Indonesian industrial park that’s jointly run by Chinese metals giant Tsingshan Holdings Group Co. LtdTesla has signed a five-year contract with nickel processing companies operating out of the Morowali Industrial Park on Sulawesi IslandThe deals come as the Indonesian government seeks to draw in foreign investment to build a complete supply chain for new-energy vehicles

China’s Tsingshan Looms Over Tesla’s $5 Billion in Indonesian Nickel Deals

Cross Asset Strategy

<ul><li>Five things to know about China’s scandal-struck chip industry ‘big fund’</li><li>Force remains ‘last resort’ for reunifying Taiwan, Beijing white paper says</li><li>Hong Kong to shorten quarantine for mainland travelers</li></ul>

Five things to know about China’s scandal-struck chip industry ‘big fund’Force remains ‘last resort’ for reunifying Taiwan, Beijing white paper saysHong Kong to shorten quarantine for mainland travelers

CX Daily: Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Leapmotor IPO: The Bear Case

The key elements of the bear case rest on a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of...

Arun George

Leapmotor IPO: The Bull Case

The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.

Arun George

WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

WM Motor Technology Co Ltd is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Sumeet Singh

China’s Tsingshan Looms Over Tesla’s $5 Billion in Indonesian Nickel Deals

Tesla Inc. has signed $5 billion worth of deals to buy nickel for electric-vehicle (EV) batteries from companies operating in an Indonesian...

Caixin Global

CX Daily: Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

Five things to know about China’s scandal-struck chip industry ‘big fund’. Force remains ‘last resort’ for reunifying Taiwan, Beijing white paper says

Caixin Global

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