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Articles from Caixin Global

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Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul><li>An announcement by Contemporary Amperex Technology Co. Ltd. (CATL) that is to halt production at its giant lithium concentrator in Yichun, Jiangxi province, triggered a sharp rise in domestic lithium mining companies’ stocks.</li><li>Ganfeng Lithium Group Co. Ltd. and Tianqi Lithium Corp. hit their daily price limits Wednesday, while other lithium firms saw significant gains.</li><li>CATL’s decision to stop production comes after steep falls in lithium prices, which have dropped 60% from previous highs.</li></ul>

An announcement by Contemporary Amperex Technology Co. Ltd. (CATL) that is to halt production at its giant lithium concentrator in Yichun, Jiangxi province, triggered a sharp rise in domestic lithium mining companies’ stocks.Ganfeng Lithium Group Co. Ltd. and Tianqi Lithium Corp. hit their daily price limits Wednesday, while other lithium firms saw significant gains.CATL’s decision to stop production comes after steep falls in lithium prices, which have dropped 60% from previous highs.

Boost for Lithium Mining Stock as CATL Halts Yichun Production After Price Plunge 

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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.</li>
<li>We previously discussed the listing in <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-latest-updates-points-to-a-business-in-rude-health" target="_blank" data-smartkarma-citation="insights:157653" rel="noopener">Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health</a> and <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-ah-discount-views" target="_blank" data-smartkarma-citation="insights:157868" rel="noopener">Midea Group H Share Listing: AH Discount Views</a>. </li>
<li>Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH) has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.
We previously discussed the listing in Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health and Midea Group H Share Listing: AH Discount Views. 
Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.


Midea Group H Share Listing (300 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, the world’s biggest home appliances maker, is premarketing an H Share listing to raise US$3 billion.</li>
<li>In <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-latest-updates-points-to-a-business-in-rude-health" target="_blank" data-smartkarma-citation="insights:157653" rel="noopener">Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health</a>, we noted that Midea is in good health, with strong growth, margins, and cash generation.</li>
<li>In this note, we examine the likely discount that Midea will offer its H Shares compared to the A Shares.</li>
</ul>



Midea Group Co Ltd A (000333 CH), the world’s biggest home appliances maker, is premarketing an H Share listing to raise US$3 billion.
In Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health, we noted that Midea is in good health, with strong growth, margins, and cash generation.
In this note, we examine the likely discount that Midea will offer its H Shares compared to the A Shares.


Midea Group H Share Listing: AH Discount Views

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, recently filed its PHIP as it aims to raise up to US$3bn in its H-share listing, as per media reports.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the updates from its 1H24 results.</li>
</ul>



Midea Group Co Ltd A (000333 CH), recently filed its PHIP as it aims to raise up to US$3bn in its H-share listing, as per media reports.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the updates from its 1H24 results.


Midea A/H Listing - 1H24 Updates - Strong Growth, Margins Uptick Continues

Thematic (Sector/Industry)

<ul><li>China’s lithium supply glut is worsening, with output expected to expand by 41% this year, fueling a steeper downward trend in prices for this material, a crucial component of electric vehicle batteries.</li><li>China’s domestic production of lithium carbonate is expected to reach 650,000 tons, a year-on-year increase of 41%, according to Fan Runze, a senior industry analyst at research institute Antaike.</li><li>With more supply expected to be released in the second half, lithium prices could drop to their lowest point of the year, said Fan at a Wednesday conference.</li></ul>

China’s lithium supply glut is worsening, with output expected to expand by 41% this year, fueling a steeper downward trend in prices for this material, a crucial component of electric vehicle batteries.China’s domestic production of lithium carbonate is expected to reach 650,000 tons, a year-on-year increase of 41%, according to Fan Runze, a senior industry analyst at research institute Antaike.With more supply expected to be released in the second half, lithium prices could drop to their lowest point of the year, said Fan at a Wednesday conference.

China’s Lithium Mountain Grows as Oversupply Drags Down Prices Further  

China

Tianqi Lithium Corporation develops, manufactures, and sells lithium products. The Company produces lithium carbonate, lithium chloride, lithium hydroxide, and other related products. Tianqi Lithium markets its products worldwide.

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Tianqi Lithium (9696 HK)

Boost for Lithium Mining Stock as CATL Halts Yichun Production After Price Plunge

An announcement by Contemporary Amperex Technology Co. Ltd. (CATL) that is to halt production at its giant lithium concentrator in Yichun, Jiangxi...

Caixin Global

Midea A/H Listing - 1H24 Updates - Strong Growth, Margins Uptick Continues

Midea Group Co Ltd A (000333 CH), recently filed its PHIP as it aims to raise up to US$3bn in its H-share listing, as per media reports. In this...

Sumeet Singh

China’s Lithium Mountain Grows as Oversupply Drags Down Prices Further

China’s lithium supply glut is worsening, with output expected to expand by 41% this year, fueling a steeper downward trend in prices for this...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Boost for Lithium Mining Stock as CATL Halts Yichun Production After Price Plunge

An announcement by Contemporary Amperex Technology Co. Ltd. (CATL) that is to halt production at its giant lithium concentrator in Yichun, Jiangxi...

Caixin Global

Midea Group H Share Listing (300 HK): Valuation Insights

Midea has launched its H Share listing. Our valuation analysis suggests that the range is attractive, so we would participate in the listing.

Arun George

Midea Group H Share Listing: AH Discount Views

Midea is premarketing an H Share listing to raise US$3 billion. In this note, we examine the likely discount that Midea will offer its H Shares...

Arun George

Midea A/H Listing - 1H24 Updates - Strong Growth, Margins Uptick Continues

Midea Group Co Ltd A (000333 CH), recently filed its PHIP as it aims to raise up to US$3bn in its H-share listing, as per media reports. In this...

Sumeet Singh

China’s Lithium Mountain Grows as Oversupply Drags Down Prices Further

China’s lithium supply glut is worsening, with output expected to expand by 41% this year, fueling a steeper downward trend in prices for this...

Caixin Global