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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In this note, we will run the deal through our ECM framework and talk about valuations.


Leapmotor IPO - Peers Recent Down Move Won’t Help

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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) wholesale volume surged 37% YoY to 2.13mn units in Aug 2022, 1% higher than our prior projection.</li><li>Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.</li><li>Retail sales volume, based on insurance data, rose 18% YoY to 1.89mn units, 2% lower than our prior forecast.</li></ul></div></div></div></div><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>

China’s passenger-vehicle (PV) wholesale volume surged 37% YoY to 2.13mn units in Aug 2022, 1% higher than our prior projection.Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.Retail sales volume, based on insurance data, rose 18% YoY to 1.89mn units, 2% lower than our prior forecast.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.

China Auto Sector – What we worried earlier is partially priced in now

<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>On the IPO front, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.</li>
<li>There was only the <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> mega entitlement offer this week, on the placements front.</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.
On the IPO front, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.
There was only the Atlas Arteria (ALX AU) mega entitlement offer this week, on the placements front.


ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

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><p>NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. </p></li><li><p>Foreign affairs / Xi and Putin vow to have each other’s back. </p></li><li><p>Drought / Central China’s Hunan province faces severe drought. </p></li></ul>

NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. Foreign affairs / Xi and Putin vow to have each other’s back. Drought / Central China’s Hunan province faces severe drought. 

CX Daily: New Battle Lines Emerge in China’s Shifting NEV Market

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.


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 (NIO US)

Leapmotor IPO - Peers Recent Down Move Won’t Help

Leapmotor (LM) aims to raise around US$1.0bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we run...

Sumeet Singh

China Auto Sector – What we worried earlier is partially priced in now

Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.

CMB International

ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

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

CX Daily: New Battle Lines Emerge in China’s Shifting NEV Market

NEVs / In Depth: New battle lines emerge in China’s shifting NEV market. Foreign affairs / Xi and Putin vow to have each other’s back.

Caixin Global

CALB Pre-IPO - Thoughts on Valuation

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk about our earnings forecast and valuations estimates.

Sumeet Singh

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52-week Range

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