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>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 undertake a peer comparison and talk about the company’s expansion plans.</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 undertake a peer comparison and talk about the company’s expansion plans.


CALB Pre-IPO - Peer Comparison - Top Growth, Bottom Margins, Fastest Expansion Plans

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. Its demand forecasting is slated to take place today and tomorrow.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we will talk about the updates from the revised filing, and re-look at valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. Its demand forecasting is slated to take place today and tomorrow.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we will talk about the updates from the revised filing, and re-look at valuations.


WCP IPO - 2Q22 Updates and Valuation Refresh

<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 talk about the updates from the company’s recent PHIP filings.</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 talk about the updates from the company’s recent PHIP filings.


CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

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>Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.</li><li>Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).</li><li>NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.</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>

Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.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 – Aug NEV: All-time high sales for tier-2 brands

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.

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, a Chinese EV manufacturer, is pre-marketing a US$1.5 billion HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <em><strong><a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:79449" rel="noopener">Leapmotor IPO: The Bull Case</a></strong></em>, <em><strong><a href="https://www.smartkarma.com/insights/leapmotor-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:79536" rel="noopener">Leapmotor IPO: The Bear Case</a></strong></em> and <strong><em><a href="https://www.smartkarma.com/insights/leapmotor-ipo-look-before-you-leap" target="_blank" data-smartkarma-citation="insights:79904" rel="noopener">Leapmotor IPO: Look Before You Leap</a></em></strong>. </li>
<li>In this note, we present our forecasts and take the first look at Leapmotor's potential valuation range. </li>
</ul>



Leapmotor (2007699D HK), a Chinese EV manufacturer, is pre-marketing a US$1.5 billion HKEx IPO, according to press reports.
We previously discussed the IPO in Leapmotor IPO: The Bull Case, Leapmotor IPO: The Bear Case and Leapmotor IPO: Look Before You Leap. 
In this note, we present our forecasts and take the first look at Leapmotor's potential valuation range. 


China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (9868 HK)

CALB Pre-IPO - Peer Comparison - Top Growth, Bottom Margins, Fastest Expansion Plans

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we undertake a peer comparison and look at the company's expansion plans.

Sumeet Singh

WCP IPO - 2Q22 Updates and Valuation Refresh

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about its 2Q22 updates...

Sumeet Singh

CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk abou the updates from the company's recent PHIP filings.

Sumeet Singh

China Auto Sector – Aug NEV: All-time high sales for tier-2 brands

Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).

CMB International

Leapmotor IPO: Valuation First-Look

Leapmotor recently disclosed that it delivered 12,525 units in August. In this note, we present our forecasts and take the first look at...

Arun George

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