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

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a>, an EV manufacturer, has filed for a US$1 billion IPO on the HKEx. It recently raised US$595.7 million at a US$7 billion valuation.</li>
<li>In line with industry trends and listed Chinese peers, WM Motor rapidly grew its vehicle deliveries in 2021. Price increases and a good roadmap support future growth. </li>
<li>WM Motor is sub-scale vs peers pointing to an uncertain path to profitability. As the era of being rewarded for growth at any cost is over, the timing feels off.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH), an EV manufacturer, has filed for a US$1 billion IPO on the HKEx. It recently raised US$595.7 million at a US$7 billion valuation.
In line with industry trends and listed Chinese peers, WM Motor rapidly grew its vehicle deliveries in 2021. Price increases and a good roadmap support future growth. 
WM Motor is sub-scale vs peers pointing to an uncertain path to profitability. As the era of being rewarded for growth at any cost is over, the timing feels off.


WM Motor IPO Initiation: Electric Jitters

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.

<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 this note, we will talk about the positive aspects of the deal.</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 this note, we will talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

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>In Depth: How China took another step forward on genetically modified farming</li><li>China aims to beat its own emission targets, envoy says</li><li>November looms large for U.S.-traded Chinese stocks facing delisting</li></ul>

In Depth: How China took another step forward on genetically modified farmingChina aims to beat its own emission targets, envoy saysNovember looms large for U.S.-traded Chinese stocks facing delisting

CX Daily: How China Took Another Step Forward on Genetically Modified Farming

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. </li>
<li>Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.</li>
<li>Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.</li>
</ul>


Three major positive factors for Samsung C&amp;T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting trading business earnings. 
Shanghai lockdown remains a black box event and there are some increasing concerns that the China COVID induced lockdowns could result in a potential earnings miss for Samsung Electronics.
Samsung C&amp;T (028260 KS) has been outperforming Samsung Electronics (005930 KS). Samsung C&amp;T is flat for the year versus Samsung Electronics which is down 13.6% YTD.


Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
In this note, we talk about the not so positive aspects of the deal.


Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

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)

WM Motor IPO Initiation: Electric Jitters

WM Motor has filed for a US$1 billion IPO on the HKEx. The IPO is an AVOID due to an uncertain path to profitability and the end of the era of...

Arun George

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

CX Daily: How China Took Another Step Forward on Genetically Modified Farming

In Depth: How China took another step forward on genetically modified farming. China aims to beat its own emission targets, envoy says

Caixin Global

Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Three major positive factors for Samsung C&T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WM Motor IPO Initiation: Electric Jitters

WM Motor has filed for a US$1 billion IPO on the HKEx. The IPO is an AVOID due to an uncertain path to profitability and the end of the era of...

Arun George

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

CX Daily: How China Took Another Step Forward on Genetically Modified Farming

In Depth: How China took another step forward on genetically modified farming. China aims to beat its own emission targets, envoy says

Caixin Global

Samsung C&T: Deep Discount NAV, Capital Shifting to Value/Holdcos, & Trading Business Boost

Three major positive factors for Samsung C&T include deep discount NAV, capital shifting to value/holdcos, and higher commodity prices boosting...

Douglas Kim

Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh