IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Equity Capital Markets

Haitong UniTrust International Leasing / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/28044" target="_blank" data-smartkarma-citation="entities:28044:1">Haitong UniTrust International Leasing (1905 HK)</a> has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of <a href="https://www.smartkarma.com/entities/5665" target="_blank" data-smartkarma-citation="entities:5665:1">Haitong Securities Co Ltd (H) (6837 HK)</a>.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/haitong-unitrust-intl-leasing-ipo-preview-fourth-time-lucky" target="_blank">our IPO initiation note</a>, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. </p></div>

Haitong UniTrust International Leasing (1905 HK) has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of Haitong Securities Co Ltd (H) (6837 HK).In our IPO initiation note, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. 

Haitong UniTrust Intl Leasing IPO: Fair Value

China

Shanghai Qiangsheng Holding Co., Ltd. provides taxi and mini bus transportation services.  The Company also provides automobile repair, automobile rental, and advertising services.

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Shanghai Qiangsheng Hldg A (600662 CH)

Haitong UniTrust Intl Leasing IPO: Fair Value

Haitong UniTrust International Leasing (1905 HK) has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion...

Arun George

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