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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:79449" rel="noopener">Leapmotor IPO: The Bull Case</a></em></strong>, 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 a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of development.</li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.
In Leapmotor 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 a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of development.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.</li>
<li>Leapmotor ranked fifth among the global pure-play EV companies and fourth among the pure-play EV companies based in China as measured by sales volume in 2021. </li>
<li>The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.</li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, will start its listing hearing for a US$1.5 billion HKEx IPO this week, according to press reports.
Leapmotor ranked fifth among the global pure-play EV companies and fourth among the pure-play EV companies based in China as measured by sales volume in 2021. 
The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.


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.

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. </li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. 
In this note, we talk about the positive aspects of the deal.


WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

<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>Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while</li>
<li>There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.</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.
Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.


ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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)

Leapmotor IPO: The Bear Case

The key elements of the bear case rest on a slow ramp-up, lower revenue, high EBIT and FCF loss margin compared to peers at a similar stage of...

Arun George

Leapmotor IPO: The Bull Case

The key elements of the bull case rest on a solid roadmap, executive capabilities, explosive growth, declining loss margin and declining FCF burn.

Arun George

WM Motor Holding IPO - The Positives - Fast Growth Driven by Its SUV and Mainstream Focus

WM Motor Technology Co Ltd is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of...

Sumeet Singh

LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.

Sumeet Singh

ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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

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52-week Range

Market Cap (USDm)

P/E

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