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Caixin Global

Articles from Caixin Global

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Thematic (Sector/Industry)

<ul><li>China has denounced the European Commission’s plan to definitely impose tariff hikes on all electric vehicles (EVs) shipped from the country as “unreasonable,” and vowed to take “all necessary measures” to defend Chinese companies.</li><li>The commission on Tuesday announced an adjusted set of proposed additional duties on China-made EVs as part of an ongoing investigation that found state subsidies are enabling Chinese electric-car makers to undercut their European rivals.</li><li>In an escalation of trade frictions, China on Wednesday launched an anti-subsidy investigation into European Union dairy products.</li></ul>

China has denounced the European Commission’s plan to definitely impose tariff hikes on all electric vehicles (EVs) shipped from the country as “unreasonable,” and vowed to take “all necessary measures” to defend Chinese companies.The commission on Tuesday announced an adjusted set of proposed additional duties on China-made EVs as part of an ongoing investigation that found state subsidies are enabling Chinese electric-car makers to undercut their European rivals.In an escalation of trade frictions, China on Wednesday launched an anti-subsidy investigation into European Union dairy products.

China Vows to Defend EV-Makers as EU Confirms Additional Import Duties 

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>WeRide, a pure-play autonomous driving company with operations in 7 countries, may raise up to $120M in upcoming IPO in the United States.</li>
<li>WeRide is expected to IPO this week. The company’s amended prospectus puts the price range per ADS at $15.50 to $18.50, implying a market cap of ~$4.6B at the midpoint.</li>
<li>The company has raised ~$1.4B in equity financing to date and was backed by Qiming Venture Partners and the venture capital fund of the Renault Nissan Mitsubishi Alliance, among others.</li>
</ul>


WeRide, a pure-play autonomous driving company with operations in 7 countries, may raise up to $120M in upcoming IPO in the United States.
WeRide is expected to IPO this week. The company’s amended prospectus puts the price range per ADS at $15.50 to $18.50, implying a market cap of ~$4.6B at the midpoint.
The company has raised ~$1.4B in equity financing to date and was backed by Qiming Venture Partners and the venture capital fund of the Renault Nissan Mitsubishi Alliance, among others.


WeRide IPO: High-Risk Venture Investment and Unproven Business Model

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.</li>
<li>One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.</li>
<li>Tencent will formally start the game, Arena Breakout: Infinite, in August.</li>
</ul>


The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.
One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.
Tencent will formally start the game, Arena Breakout: Infinite, in August.


China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

Black Sesame International Holding / Equity Bottom-Up

<ul><li>Black Sesame Technologies Inc., a Chinese system-on-a-chip designer focused on autonomous driving systems, is seeking to raise up to HK$1.12 billion ($143 million) from its initial public offering (IPO) in Hong Kong.</li><li>The listing will be the second IPO under the new Chapter 18C listing rules introduced in March 2023, which allow companies engaged in specialty technologies to list in Hong Kong even if they are not yet profitable or unable to meet the Main Board’s earnings requirements.</li><li><a href="https://www.caixinglobal.com/2024-06-05/ai-drug-researcher-quantumpharm-seeks-145-million-in-hong-kong-ipo-102203232.html" target="_blank" rel="noopener">QuantumPharm Inc.</a>, a Shenzhen-based AI drug researcher backed by Tencent Holdings Ltd., debuted on June 13 as the first, raising HK$1.13 billion.</li></ul>

Black Sesame Technologies Inc., a Chinese system-on-a-chip designer focused on autonomous driving systems, is seeking to raise up to HK$1.12 billion ($143 million) from its initial public offering (IPO) in Hong Kong.The listing will be the second IPO under the new Chapter 18C listing rules introduced in March 2023, which allow companies engaged in specialty technologies to list in Hong Kong even if they are not yet profitable or unable to meet the Main Board’s earnings requirements.QuantumPharm Inc., a Shenzhen-based AI drug researcher backed by Tencent Holdings Ltd., debuted on June 13 as the first, raising HK$1.13 billion.

Chinese Auto Chip Maker Black Sesame to Raise $143 Million in Hong Kong IPO

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  
</li>
<li>
<a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">POWER ASSETS HOLDINGS (6 HK)</a> has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH GROUP (288 HK)</a> has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 
</li>
</ul>



BYD (1211 HK) shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  


POWER ASSETS HOLDINGS (6 HK) has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 


WH GROUP (288 HK) has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 



Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

China Vows to Defend EV-Makers as EU Confirms Additional Import Duties

China has denounced the European Commission’s plan to definitely impose tariff hikes on all electric vehicles (EVs) shipped from the country as...

Caixin Global

WeRide IPO: High-Risk Venture Investment and Unproven Business Model

WeRide, a Chinese autonomous driving company backed by Yutong and VC investors, is expected to IPO this week in the United States. I view WeRide...

Andrei Zakharov

China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

The retail deliveries of NEV increased by 37% YoY in July. Freshippo will sell its OEM goods on Lazada. Tencent will formally start the game...

Ming Lu

Chinese Auto Chip Maker Black Sesame to Raise $143 Million in Hong Kong IPO

Black Sesame Technologies Inc., a Chinese system-on-a-chip designer focused on autonomous driving systems, is seeking to raise up to HK$1.12...

Caixin Global

Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

BYD Company, Power Assets and WH Group all experienced breakouts during the week. WH Group announced a spin off of its Smithfield Foods business...

David Mudd

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