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

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is looking to raise up to US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations</li>
</ul>



Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance in our past note. In this note, we talk about valuations


Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

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>1810 HK/1211 HK/LI/NIO/XPEV :In the 14th week of 2024 , new energy vehicle sales growth is stable, Xiaomi affects Tesla and AITO, LI overtook AITO, and BYD fell back（/）</li>
<li>XPEV US: Nearly a thousand units of Xpeng G9 shipped to Germany, with total export value exceeding 500 million yuan (/)</li>
<li>TSLA US: Speculation has it Toyota may cooperate with Huawei globally on autonomous driving（/）</li>
</ul>


1810 HK/1211 HK/LI/NIO/XPEV :In the 14th week of 2024 , new energy vehicle sales growth is stable, Xiaomi affects Tesla and AITO, LI overtook AITO, and BYD fell back（/）
XPEV US: Nearly a thousand units of Xpeng G9 shipped to Germany, with total export value exceeding 500 million yuan (/)
TSLA US: Speculation has it Toyota may cooperate with Huawei globally on autonomous driving（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

<ul>
<li>XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）</li>
<li>3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）</li>
<li>1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）</li>
</ul>


XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）
3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）
1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）


[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

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/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <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>, has restarted its IPO process to raise US$500 million by listing on the NYSE.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a>. 
</li>
<li>The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has restarted its IPO process to raise US$500 million by listing on the NYSE.
We previously discussed the IPO in ZEEKR IPO: The Bull Case and ZEEKR IPO: The Bear Case. 

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF. 


ZEEKR IPO: Latest Updates as the IPO Process Restarts

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

Cross Asset Strategy

<ul><li>Local / In Depth: Frugality bites for China’s cash-strapped local governments</li><li>China-U.S. /: Xi and Biden talk by phone on bilateral cooperation and differences</li><li>Trade /: Moscow closes auto export loophole that had been a boon to Chinese traders</li></ul>

Local / In Depth: Frugality bites for China’s cash-strapped local governmentsChina-U.S. /: Xi and Biden talk by phone on bilateral cooperation and differencesTrade /: Moscow closes auto export loophole that had been a boon to Chinese traders

CX Daily: Frugality bites for China’s cash-strapped local governments 

China

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Beiqi Foton Motor Co., Ltd. manufactures and markets automobiles and parts. The Company produces light trucks, medium trucks, heavy trucks, passenger cars, and engine parts. Beiqi Foton Motor also conducts automotive wholesale businesses domestically and internationally.

Lifan Industry (Group) Company Limited develops, manufactures and sells motorcycles, cars and gasoline engines. The Company's major products include motorcycles, motorcycle engines, passenger cars, passenger car engines, gasoline engines and other terminal products such as generator sets, water pumps and lawn mowers.

Jiangling Motors Corp. Ltd. manufactures and sells vehicles and related components.  The Company's main products include JMC series trucks and pickups, and Transit series commercial buses.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under license from Fiat.  The Group also imports Alfa Romeo and Fiat cars for domestic market and provides financing services.

Ford Otomotiv Sanayi A.S. manufactures, imports and distributes Ford model trucks, automobiles, mini-buses, vans, trailers, and pickups.  Ford Otomotiv primarily sells its passenger vehicles and light trucks domestically, and exports majority of its commercial van production.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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 (NIO US)

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

ZEEKR IPO: Latest Updates as the IPO Process Restarts

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF.

Arun George

CX Daily: Frugality bites for China’s cash-strapped local governments

Local / In Depth: Frugality bites for China’s cash-strapped local governments Chinese local governments are gearing up for another tough year and...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

​New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

​Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

ZEEKR IPO: Latest Updates as the IPO Process Restarts

The latest SEC filings reinforce the bear case due to weak industry sentiment, rapidly slowing growth, ongoing operating losses and volatile FCF.

Arun George

CX Daily: Frugality bites for China’s cash-strapped local governments

Local / In Depth: Frugality bites for China’s cash-strapped local governments Chinese local governments are gearing up for another tough year and...

Caixin Global

New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...