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.

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 (9863 HK)</a> raised around US$800m in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In this note, we will talk about the demand for the deal and other trading dynamics.


Leapmotor IPO - Weak Demand but Concentrated Allocation

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Market consensus on Q3 deliveries has been dropping toward my ~330,000 estimate on weaker China sales, as we saw in Q2. </li>
<li>This time they can't blame Covid-shutdowns—Tesla's production is wide open.</li>
<li>Instead it looks like softer demand despite lower prices—signalling potentially more pressure ahead.</li>
</ul>


Market consensus on Q3 deliveries has been dropping toward my ~330,000 estimate on weaker China sales, as we saw in Q2. 
This time they can't blame Covid-shutdowns—Tesla's production is wide open.
Instead it looks like softer demand despite lower prices—signalling potentially more pressure ahead.


Tesla's Q3 Ests Are Fading On Weaker China Sales—Again

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 16th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in ZTO, Yum China, Netease, HSBC, Tencent, Wuxi Biologics/Apptec.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 16th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in ZTO, Yum China, Netease, HSBC, Tencent, Wuxi Biologics/Apptec.


HK Short Interest: ZTO, Yum China, Netease, HSBC, Tencent, Wuxi Biologics/Apptec

<ul>
<li>CALB aims to raise up to US$1.7bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In this note, we will run the deal through our ECM framework and talk about IPO pricing.</li>
</ul>


CALB aims to raise up to US$1.7bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will run the deal through our ECM framework and talk about IPO pricing.


CALB IPO - Low-End Appears Reasonable but Will Still Need Some Charging Support

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<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>  is a leading smart EV company in China. The company plans to raise net proceeds of US$904m through its HKEx IPO.</li>
<li>In our previous insight <a href="https://www.smartkarma.com/insights/leapmotor-ipo-stuck-in-the-middle" target="_blank" data-smartkarma-citation="insights:80837" rel="noopener">Leapmotor IPO: Stuck in the Middle</a> , we concluded that the company will have to compromise on margins to grow its top line.</li>
<li>Our valuation analysis suggests that Leapmotor’s shares are not even attractive at the lower-end of the IPO price range and the premium vs local peers is hard to justify.</li>
</ul>



Leapmotor (2007699D HK)  is a leading smart EV company in China. The company plans to raise net proceeds of US$904m through its HKEx IPO.
In our previous insight Leapmotor IPO: Stuck in the Middle , we concluded that the company will have to compromise on margins to grow its top line.
Our valuation analysis suggests that Leapmotor’s shares are not even attractive at the lower-end of the IPO price range and the premium vs local peers is hard to justify.


China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Leapmotor IPO - Weak Demand but Concentrated Allocation

Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.

Sumeet Singh

Tesla's Q3 Ests Are Fading On Weaker China Sales—Again

Market consensus on Q3 deliveries has been dropping toward my 330,000 estimate on weaker China sales, as in Q2. This time they can't blame Covid...

Vicki Bryan

HK Short Interest: ZTO, Yum China, Netease, HSBC, Tencent, Wuxi Biologics/Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 16th and highlight short interest changes in ZTO, Yum China, Netease,...

Ke Yan, CFA, FRM

CALB IPO - Low-End Appears Reasonable but Will Still Need Some Charging Support

CALB aims to raise up to US$1.7bn in its Hong Kong IPO. In this note, we talk about the deal valuations and run it through our ECM framework.

Sumeet Singh

Leapmotor IPO: Forecasts and Valuation

Based on our revenue forecasts using expected EV deliveries, we think Leapmotor's IPO is overvalued and is not even attractive at the lower end....

Shifara Samsudeen, ACMA, CGMA

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