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.

Equity Capital Markets

<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>There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.</li>
<li>There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.</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.
There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.
There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.


ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

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.

<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

<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>
<a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Sichuan Tianqi Lithium Industries, Inc (002466 CH)</a> has upped its targeted H Share raise from US$1.0-1.5 billion to US$1.5–2.0 billion. The listing will kick off on Thursday.</li>
<li>In <a href="https://www.smartkarma.com/insights/tianqi-lithium-h-share-listing-riding-the-wave" target="_blank" data-smartkarma-citation="insights:71921" rel="noopener">Tianqi Lithium H Share Listing: Riding the Wave</a>, we noted that Tianqi is well-placed to leverage the high lithium prices to deliver growth, margin and cash generation.</li>
<li>In this note, we examine the likely discount that <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc-f26986a6-bedd-49d2-a5bd-b3dabf59ae32" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Sichuan Tianqi Lithium Industries, Inc. (TIANQI HK)</a> will offer its H Shares in comparison to the A Shares.</li>
</ul>



Sichuan Tianqi Lithium Industries, Inc (002466 CH) has upped its targeted H Share raise from US$1.0-1.5 billion to US$1.5–2.0 billion. The listing will kick off on Thursday.
In Tianqi Lithium H Share Listing: Riding the Wave, we noted that Tianqi is well-placed to leverage the high lithium prices to deliver growth, margin and cash generation.
In this note, we examine the likely discount that Sichuan Tianqi Lithium Industries, Inc. (TIANQI HK) will offer its H Shares in comparison to the A Shares.


Tianqi Lithium H Share Listing: AH Discount Views

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc-f26986a6-bedd-49d2-a5bd-b3dabf59ae32" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Sichuan Tianqi Lithium Industries, Inc. (TIANQI HK)</a> is pre-marketing an H Share listing to raise US$1.0-1.5 billion. It was listed on the Shenzhen Stock Exchange in 2010. </li>
<li>The H Share proceeds will be used to repay the outstanding <a href="https://www.smartkarma.com/entities/quimica-y-minera-chil-sp-adr" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Quimica Y Minera Chil-Sp Adr (SQM US)</a> related debt, fund construction costs and working capital</li>
<li>The fundamentals are strong as <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Sichuan Tianqi Lithium Industries, Inc (002466 CH)</a> is well-placed to leverage the high lithium prices to deliver growth, margin and cash generation.</li>
</ul>



Sichuan Tianqi Lithium Industries, Inc. (TIANQI HK) is pre-marketing an H Share listing to raise US$1.0-1.5 billion. It was listed on the Shenzhen Stock Exchange in 2010. 
The H Share proceeds will be used to repay the outstanding Quimica Y Minera Chil-Sp Adr (SQM US) related debt, fund construction costs and working capital
The fundamentals are strong as Sichuan Tianqi Lithium Industries, Inc (002466 CH) is well-placed to leverage the high lithium prices to deliver growth, margin and cash generation.


Tianqi Lithium H Share Listing: Riding the Wave

China

Jiangxi Ganfeng Lithium Co., Ltd. researches and produces lithium products and operates import, export and manufacturing businesses for its own products.  The Company's products include lithium metal, lithium aluminum hydride, lithium fluoride, lithium chloride, and other chemical products of lithium.

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Jiangxi Ganfeng Lithium (002460 CH)

ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

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

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 H Share Listing: AH Discount Views

Tianqi aims to launch a US$1.5-2bn H Share listing on Thursday. In this note, we examine the likely discount that Tianqi will offer its H Shares in...

Arun George

Tianqi Lithium H Share Listing: Riding the Wave

Tianqi is pre-marketing an H Share listing to raise US$1.0-1.5 bn. The fundamentals are strong as it is well-placed to leverage the high lithium...

Arun George