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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Covid-19 / In Depth: Lockdowns expose Covid’s cost on mental health in China</li><li>Shanghai / Shanghai tells employers not to reject recovered Covid-19 job seekers</li><li>Banking / Henan to reimburse depositors following violent protests</li></ul>

Covid-19 / In Depth: Lockdowns expose Covid’s cost on mental health in ChinaShanghai / Shanghai tells employers not to reject recovered Covid-19 job seekersBanking / Henan to reimburse depositors following violent protests

CX Daily: Lockdowns Expose Covid’s Cost on Mental Health in China

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/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a> priced its H Share at HK$82.00 per share to raise net proceeds of HK$13,062 million (US$1.7 billion). The H Share will start trading tomorrow.</li>
<li>The H Share listing (HK$82.00) and <a href="https://inews.hket.com/article/3300412/%E3%80%90%E6%96%B0%E8%82%A1IPO%E3%80%91%E5%9B%9B%E6%96%B0%E8%82%A1%E6%9A%97%E7%9B%A4%E9%BD%8A%E8%B7%8C%E3%80%80%E5%A4%A9%E9%BD%8A%E9%8B%B0%E6%A5%AD9696%E4%B8%80%E6%89%8B%E6%9A%AB%E8%9D%951100%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">grey market price</a> (HK$76.50) imply an AH discount of 45% and 49%, respectively. This compares to <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 current 35.3% AH discount.</li>
<li>The relative valuation is attractive. At the H Share listing price, <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>’s H Share trades at a -6% discount to the median peers’ CY2022 P/B multiple.</li>
</ul>



Tianqi Lithium (002466 CH) priced its H Share at HK$82.00 per share to raise net proceeds of HK$13,062 million (US$1.7 billion). The H Share will start trading tomorrow.
The H Share listing (HK$82.00) and grey market price (HK$76.50) imply an AH discount of 45% and 49%, respectively. This compares to Ganfeng Lithium (1772 HK)’s current 35.3% AH discount.
The relative valuation is attractive. At the H Share listing price, Tianqi Lithium (9696 HK)’s H Share trades at a -6% discount to the median peers’ CY2022 P/B multiple.


Tianqi Lithium H Share Listing: Trading Debut

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) raised around US$2bn 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 talk about the updates since our last note, along with the trading dynamics.</li>
</ul>


Tianqi Lithium (TL) raised around US$2bn 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 talk about the updates since our last note, along with the trading dynamics.


Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into the consumer staple and health care were offset by the outflows from industrials and material sector.</li>
<li>We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into the consumer staple and health care were offset by the outflows from industrials and material sector.
We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week.


Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.</li>
<li>For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.
For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.


ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

China

Ganfeng Lithium Co Ltd researches and produces lithium products. The Company produces and sells lithium metal, lithium aluminum hydride, lithium fluoride, lithium chloride, and other chemical products of lithium. Jiangxi Ganfeng Lithium also exports lithium products.

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Ganfeng Lithium (1772 HK)

CX Daily: Lockdowns Expose Covid’s Cost on Mental Health in China

Covid-19 / In Depth: Lockdowns expose Covid’s cost on mental health in China. Shanghai / Shanghai tells employers not to reject recovered Covid-19...

Caixin Global

Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. In this note, we talk about the updates since our last notes, along with the...

Sumeet Singh

ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Lockdowns Expose Covid’s Cost on Mental Health in China

Covid-19 / In Depth: Lockdowns expose Covid’s cost on mental health in China. Shanghai / Shanghai tells employers not to reject recovered Covid-19...

Caixin Global

Tianqi Lithium H Share Listing: Trading Debut

The H Share opened at 6.7% lower in the Futu grey market. The AH discount and relative valuation suggest that the H Share listing price remains...

Arun George

Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. In this note, we talk about the updates since our last notes, along with the...

Sumeet Singh

Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing

We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week, meanwhile its close peer Ganfeng Lithium-A experienced outflows.

Ke Yan, CFA, FRM

ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh