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/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

<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 EV brand by <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>, aims to raise around US$370m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings and have a relook at valuations.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$370m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings and have a relook at valuations.


Zeekr IPO - Missed Targets and Related Party Deals - We Would Stick to the Bottom-End

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 launched an IPO to raise up to US$368 million.  </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>, <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> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-latest-updates-as-the-ipo-process-restarts" target="_blank" data-smartkarma-citation="insights:136469" rel="noopener">ZEEKR IPO: Latest Updates as the IPO Process Restarts</a>. </li>
<li>The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has launched an IPO to raise up to US$368 million.  
We previously discussed the IPO in ZEEKR IPO: The Bull Case, ZEEKR IPO: The Bear Case and ZEEKR IPO: Latest Updates as the IPO Process Restarts. 
The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. 


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Geely-Backed ZEEKR set terms for U.S. IPO: EV maker offers 17.5M American depositary shares (ADSs) at the price range of $18-$21, implying a market cap of ~$4.8B at the midpoint.</li>
<li>Geely Auto, Mobileye and CATL have indicated a non-binding interest in subscribing for an aggregate of up to ~$349M worth of the ADSs being offered in this offering.</li>
<li>I have a positive view of ZEEKR IPO as the offering will be priced significantly below last round valuation of ~$13B.  </li>
</ul>


Geely-Backed ZEEKR set terms for U.S. IPO: EV maker offers 17.5M American depositary shares (ADSs) at the price range of $18-$21, implying a market cap of ~$4.8B at the midpoint.
Geely Auto, Mobileye and CATL have indicated a non-binding interest in subscribing for an aggregate of up to ~$349M worth of the ADSs being offered in this offering.
I have a positive view of ZEEKR IPO as the offering will be priced significantly below last round valuation of ~$13B.  


ZEEKR IPO: Attractive ~$4.8B Midpoint Valuation Offers At Least 30% Upside

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: China PMI data, South Korean exports, and consumer inflation.</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: China PMI data, South Korean exports, and consumer inflation.

 Companies mentioned:Baidu (9888 HK), Tencent (700 HK), SK Hynix (000660 KS)



GEMWeekly (3 May 2024): China, South Korea Macro; Baidu, Tencent, SK Hynix

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

ZEEKR IPO: Attractive ~$4.8B Midpoint Valuation Offers At Least 30% Upside

ZEEKR plans to price its IPO in May and my analysis suggests that attractive ~$4.8B midpoint valuation offers at least 30% upside vs. IPO price of...

Andrei Zakharov

GEMWeekly (3 May 2024): China, South Korea Macro; Baidu, Tencent, SK Hynix

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

Zeekr IPO - Missed Targets and Related Party Deals - We Would Stick to the Bottom-End

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$370m in its US listing. In this note, we look at the recent...

Sumeet Singh

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

ZEEKR IPO: Attractive ~$4.8B Midpoint Valuation Offers At Least 30% Upside

ZEEKR plans to price its IPO in May and my analysis suggests that attractive ~$4.8B midpoint valuation offers at least 30% upside vs. IPO price of...

Andrei Zakharov

GEMWeekly (3 May 2024): China, South Korea Macro; Baidu, Tencent, SK Hynix

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA