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>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> , aims to raise around US$500m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the positive aspects of the deal.


Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Li Auto's revenue increased by 271% YoY and vehicle deliveries increased by 296% YoY in 3Q23.</li>
<li>NIO will dismiss 10% of its employees and even 20% in some departments.</li>
<li>We do not believe Alibaba will take over the whole Best Inc.</li>
</ul>


Li Auto's revenue increased by 271% YoY and vehicle deliveries increased by 296% YoY in 3Q23.
NIO will dismiss 10% of its employees and even 20% in some departments.
We do not believe Alibaba will take over the whole Best Inc.


China Consumption Weekly (13Nov2023): Li Auto, NIO, Alibaba, Best, Meituan, KE

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)</li>
<li>LI/XPEV/NIO/TLSA1211.HK: Tesla raises prices for Model 3 + Model Y on November 9th (+)</li>
<li>ZLAB: ZLAB's Q3 revenue slightly lower than our estimates, R&amp;D compressed profits</li>
</ul>


CPNG/BABA/PDD : Coupang sacrifices profitability for growth in 3Q23 (-/+/+)
LI/XPEV/NIO/TLSA1211.HK: Tesla raises prices for Model 3 + Model Y on November 9th (+)
ZLAB: ZLAB's Q3 revenue slightly lower than our estimates, R&amp;D compressed profits


[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We are of the view that Li Auto’s 3Q23 earnings were largely in line, as investors have factored in the stiffer competition.</li><li>We believe its upcoming flagship model, the Mega, could be a positive catalyst for share price, as its controversial design could lure more attention and lower the product cannibalization.</li><li>We cut our FY24E net profit by RMB 3bn to RMB 14.5bn, mainly due to its accelerated R&amp;D investments.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We are of the view that Li Auto’s 3Q23 earnings were largely in line, as investors have factored in the stiffer competition.We believe its upcoming flagship model, the Mega, could be a positive catalyst for share price, as its controversial design could lure more attention and lower the product cannibalization.We cut our FY24E net profit by RMB 3bn to RMB 14.5bn, mainly due to its accelerated R&amp;D investments.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Auto Inc. (LI US) – Mega Could Be a Positive Catalyst

<ul>
<li>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing. In this note we talk about the positive aspects...

Sumeet Singh

China Consumption Weekly (13Nov2023): Li Auto, NIO, Alibaba, Best, Meituan, KE

Li Auto, Revenue increased by 271% YoY and vehicle deliveries increased by 296% YoY in 3Q23. NIO will dismiss 10% of its employees. We do not...

Ming Lu

[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.

Blue Lotus Research Institute

Li Auto Inc. (LI US) – Mega Could Be a Positive Catalyst

We believe its upcoming flagship model, the Mega, could be a positive catalyst for share price, as its controversial design could lure more...

CMB International

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zeekr Pre-IPO - The Positives - Has Been Growing Very Fast While Meeting Its Targets

Zeekr, a premium EV brand by Geely Auto (175 HK) , aims to raise around US$500m in its US listing. In this note we talk about the positive aspects...

Sumeet Singh

China Consumption Weekly (13Nov2023): Li Auto, NIO, Alibaba, Best, Meituan, KE

Li Auto, Revenue increased by 271% YoY and vehicle deliveries increased by 296% YoY in 3Q23. NIO will dismiss 10% of its employees. We do not...

Ming Lu

[Blue Lotus Daily]: LI/XPEV/NIO/TSLA/ATAT/HTHT/ZLAB/ACMR/CPNG/BABA/PDD/BEKE

​Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.

Blue Lotus Research Institute

Li Auto Inc. (LI US) – Mega Could Be a Positive Catalyst

We believe its upcoming flagship model, the Mega, could be a positive catalyst for share price, as its controversial design could lure more...

CMB International

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

Coupang prioritizes growth over profitability, Tesla increases prices for Model 3 and Model Y, ZLAB's Q3 revenue falls short of estimates.