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

<a href="https://www.smartkarma.com/entities/guangzhou-xiaopeng-motors-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener">Guangzhou Xiaopeng Motors Technology Co Ltd (1564038D CH)</a>/XPeng is a leading BEV (battery electric passenger vehicle) company in China. XPeng is backed by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> (14.4% of ordinary shares). In August 2020, XPeng completed a Series C+ round financing to raise $900 million from 27 investors which include Alibaba, Hillhouse Capital, Sequoia Capital, Coatue and Qatar Investment Authority. It is seeking to raise $500 million through an NYSE IPO, according to press reports.<div class="content-highlight">XPeng's current vehicle line-up consists of an SUV (the G3 which commenced deliveries in December 2018) and a four-door sports sedan (the P7 which commenced deliveries in May 2020). We believe that the XPeng’s IPO pitch largely rests on the P7 which is positioned as a value-for-money and a potentially superior alternative to the Tesla Model 3. While XPeng targets different customers due to differing price points, models and EV technology, we think that investors will nonetheless benchmark it to Chinese EV peers <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a> and <a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" data-smartkarma-citation="entities:28812:1" rel="noopener">Li Auto Inc. (LI US)</a>. While we think that <a href="https://www.smartkarma.com/insights/li-auto-ipo-initiation-on-a-charge" target="_blank" rel="noopener">Li Auto has stronger fundamentals</a>, we have labelled this insight bullish as XPeng’s fundamentals are comparatively decent and market sentiment on EV stocks remains strong. </div>

Guangzhou Xiaopeng Motors Technology Co Ltd (1564038D CH)/XPeng is a leading BEV (battery electric passenger vehicle) company in China. XPeng is backed by Alibaba Group (BABA US) (14.4% of ordinary shares). In August 2020, XPeng completed a Series C+ round financing to raise $900 million from 27 investors which include Alibaba, Hillhouse Capital, Sequoia Capital, Coatue and Qatar Investment Authority. It is seeking to raise $500 million through an NYSE IPO, according to press reports.XPeng's current vehicle line-up consists of an SUV (the G3 which commenced deliveries in December 2018) and a four-door sports sedan (the P7 which commenced deliveries in May 2020). We believe that the XPeng’s IPO pitch largely rests on the P7 which is positioned as a value-for-money and a potentially superior alternative to the Tesla Model 3. While XPeng targets different customers due to differing price points, models and EV technology, we think that investors will nonetheless benchmark it to Chinese EV peers NIO Inc (NIO US) and Li Auto Inc. (LI US). While we think that Li Auto has stronger fundamentals, we have labelled this insight bullish as XPeng’s fundamentals are comparatively decent and market sentiment on EV stocks remains strong. 

XPeng IPO Initiation: Charging up for a Long Ride

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

China

Haima Automobile Group Co., Ltd. develops and manufactures branded automobiles and automobile accessories in China and internationally.

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Haima Automobile Group Co A (000572 CH)

XPeng IPO Initiation: Charging up for a Long Ride

Guangzhou Xiaopeng Motors Technology Co Ltd (1564038D CH)/XPeng is a leading BEV (battery electric passenger vehicle) company in China. XPeng is...

Arun George

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

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