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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> has launched its H Share listing at an indicative price range of HK$69.00-82.00 per share. Pricing is on 6 July and listing on 13 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>'s AH discount range of 52.9%-44.0% is reasonable in the context of <a href="https://www.smartkarma.com/entities/ganfeng-lithium-co-ltd" target="_blank" data-smartkarma-citation="entities:26795:1" rel="noopener">Ganfeng Lithium (1772 HK)</a>’s average AH discount is 38.5% since its H Share listing.</li>
<li>Our relative valuation analysis suggests that Tianqi's H Share valuation is attractive in comparison to median peers' multiples. </li>
</ul>



Tianqi Lithium (9696 HK) has launched its H Share listing at an indicative price range of HK$69.00-82.00 per share. Pricing is on 6 July and listing on 13 July.

Tianqi Lithium (002466 CH)'s AH discount range of 52.9%-44.0% is reasonable in the context of Ganfeng Lithium (1772 HK)’s average AH discount is 38.5% since its H Share listing.
Our relative valuation analysis suggests that Tianqi's H Share valuation is attractive in comparison to median peers' multiples. 


Tianqi Lithium H Share Listing: Valuation Insights

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.

<ul>
<li>Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.</li>
<li>In this note, we take about the deal pricing and run the deal through our ECM framework.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.
In this note, we take about the deal pricing and run the deal through our ECM framework.


Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

<ul>
<li>Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .</li>
<li>In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .
In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.


Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

<ul>
<li>CALB aims to raise around US$1.5bn 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 talk about the not so positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn 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 talk about the not so positive aspects of the deal.


CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

<ul>
<li>CALB aims to raise around US$1.5bn 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 talk about the positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn 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 talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

China

CALB Group Co., Ltd. manufactures and distributes battery products. The Company produces lithium ion power batteries, battery management systems, energy storage batteries, and other products. CALB Group supplies its products in vehicles, energy storage, and other fields.

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CALB Group (3931 HK)

Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. In this note, we talk about pricing and run the deal through our...

Sumeet Singh

Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. In this note, we look at A/H valuations.

Sumeet Singh

CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp up its production capacity. CALB undertakes design, R&D, production and sales of EV...

Sumeet Singh

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Tianqi Lithium H Share Listing: Valuation Insights

Tianqi's AH discount range is reasonable. The H Share valuation is attractive in comparison to median peers' multiples. Participate in the H Share...

Arun George

Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. In this note, we talk about pricing and run the deal through our...

Sumeet Singh

Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. In this note, we look at A/H valuations.

Sumeet Singh

CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp up its production capacity. CALB undertakes design, R&D, production and sales of EV...

Sumeet Singh

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh