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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a>  is looking to raise about US$1bn in its Hong Kong IPO, while <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha</a> (ChaPanda) and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings</a> (Good me) are said to be looking to raise US$300m each.</li>
<li>All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.</li>
<li>In this note, we will undertake a peer comparison, including the Hong Kong listed peer, <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a>.</li>
</ul>



Mixue Group  is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha (ChaPanda) and Guming Holdings (Good me) are said to be looking to raise US$300m each.
All three are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.
In this note, we will undertake a peer comparison, including the Hong Kong listed peer, Nayuki Holdings (2150 HK).


MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Octillion Energy Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/octillion-energy-holdings" target="_blank" data-smartkarma-citation="entities:40394:1" rel="noopener">Octillion Energy Holdings (OE HK)</a> is looking to raise US$400m in its upcoming Hong Kong IPO.</li>
<li>Octillion’s main revenue driver has been its EV battery systems with battery cells over the track record period, with a healthy balance sheet to support its cash burn. </li>
<li>However, its revenue growth fell off a cliff in 1H23 due to its heavy reliance on a single customer, which doesn’t appear sustainable, in our view.</li>
</ul>



Octillion Energy Holdings (OE HK) is looking to raise US$400m in its upcoming Hong Kong IPO.
Octillion’s main revenue driver has been its EV battery systems with battery cells over the track record period, with a healthy balance sheet to support its cash burn. 
However, its revenue growth fell off a cliff in 1H23 due to its heavy reliance on a single customer, which doesn’t appear sustainable, in our view.


Octillion Energy Holdings Pre-IPO - Over-Reliance on Top Customer and Lack of Competitive Edge

Event-Driven

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul><li>Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (<a href="https://www.smartkarma.com/300750.SZ" target="_blank" rel="noopener">300750.SZ</a> -0.92%) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).</li><li>The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products.</li><li>It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (<a href="https://www.smartkarma.com/002594.SZ" target="_blank" rel="noopener">002594.SZ</a> +0.69%), which produces both vehicles and their batteries.</li></ul>

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.92%) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products.It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (002594.SZ +0.69%), which produces both vehicles and their batteries.

CATL Hitches Up With Didi, Broadening Move in Battery Swapping 

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In this note, we talk about the not-so-positive aspects of the deal.


Ola Electric Pre-IPO - The Negatives - Still a Long Road Ahead with Ample Competition

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (9866 HK)

MIXUE/ChaPanda/Good Me Pre-IPO - Peer Comparison

Mixue is looking to raise about US$1bn in its Hong Kong IPO, while ChaPanda and Good me)are said to be looking to raise US$300m each. In this note,...

Sumeet Singh

Octillion Energy Holdings Pre-IPO - Over-Reliance on Top Customer and Lack of Competitive Edge

Octillion Energy Holdings (OE HK) is looking to raise US$400m in its upcoming Hong Kong IPO. Its revenue growth fell off a cliff in 1H23 due to its...

Ethan Aw

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

CATL Hitches Up With Didi, Broadening Move in Battery Swapping

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.92%) has set up a battery swapping joint venture (JV) with...

Caixin Global

Ola Electric Pre-IPO - The Negatives - Still a Long Road Ahead with Ample Competition

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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