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/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a>, a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/calb-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:80643" rel="noopener">CALB IPO: Updates Support the Bull Case</a>.</li>
<li>In this note, we present our forecasts and take the first look at CALB's potential valuation range. </li>
</ul>



CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
We previously discussed the IPO in CALB IPO: The Bull Case, CALB IPO: The Bear Case and CALB IPO: Updates Support the Bull Case.
In this note, we present our forecasts and take the first look at CALB's potential valuation range. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a>, a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a>. This note updates our view for the PHIP and recent developments.</li>
<li>The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The IPO is worth a look.</li>
</ul>



CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
We previously discussed the IPO in CALB IPO: The Bull Case and CALB IPO: The Bear Case. This note updates our view for the PHIP and recent developments.
The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The IPO is worth a look.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Lepu Medical Technology A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lepu-medical-technology-a" target="_blank" data-smartkarma-citation="entities:16654:1" rel="noopener">Lepu Medical Technology A (300003 CH)</a> is looking to raise up to US$550m in its Swiss GDR listing. Bookrunners on the deal are CICC, Citic Securities, and Credit Suisse.</li>
<li>The firm has earlier secured CSRC’s approval to list a maximum 36.09m GDRs (or 180.46m A-shares, at a 1:5 conversion). </li>
<li>As per media reports, Lepu Medical will look to launch its Swiss GDR offering soon and the eventual deal size might amount to US$300m.</li>
</ul>



Lepu Medical Technology A (300003 CH) is looking to raise up to US$550m in its Swiss GDR listing. Bookrunners on the deal are CICC, Citic Securities, and Credit Suisse.
The firm has earlier secured CSRC’s approval to list a maximum 36.09m GDRs (or 180.46m A-shares, at a 1:5 conversion). 
As per media reports, Lepu Medical will look to launch its Swiss GDR offering soon and the eventual deal size might amount to US$300m.


Lepu Medical GDR Listing - Financials Improved Sequentially, However, Price Momentum Has Been Weak

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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 undertake a peer comparison and talk about the company’s expansion plans.</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 undertake a peer comparison and talk about the company’s expansion plans.


CALB Pre-IPO - Peer Comparison - Top Growth, Bottom Margins, Fastest Expansion Plans

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a>, a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB 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 its small scale, low profitability and high FCF burn compared to listed peers.   </li>
</ul>



CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
In CALB 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 its small scale, low profitability and high FCF burn compared to listed peers.   


China

Gotion High-tech Co.,Ltd researches, develops, manufacture and markets lithium batteries. The Company mainly produces lithium ion batteries, power lithium battery sets, and other related products. Guoxuan High-Tech supplies its products for electric commercial vehicles, passenger cars, power stations, and other fields.

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Gotion High-tech (002074 CH)

CALB IPO: What's It Worth?

CALB is seeking to raise US$2.0 billion through an HKEx IPO. In this note, we present our forecasts and take the first look at CALB's potential...

Arun George

CALB IPO: Updates Support the Bull Case

The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The...

Arun George

Lepu Medical GDR Listing - Financials Improved Sequentially, However, Price Momentum Has Been Weak

Lepu Medical Technology A (300003 CH) is looking to raise up to US$550m in its Swiss GDR listing. Bookrunners on the deal are CICC, Citic...

Clarence Chu

CALB Pre-IPO - Peer Comparison - Top Growth, Bottom Margins, Fastest Expansion Plans

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we undertake a peer comparison and look at the company's expansion plans.

Sumeet Singh

CALB IPO: The Bear Case

The key elements of the bear case rest on its small scale, low profitability and high FCF burn compared to listed peers.

Arun George

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