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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO. 
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In this note, we talk about the positive aspects of the deal.


Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)</li>
<li>LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)</li>
<li>BEKE: Chongqing raised the levy standard of property tax (+)</li>
</ul>


300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)
LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)
BEKE: Chongqing raised the levy standard of property tax (+)


[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

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.

<ul><li>According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.</li><li>PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.</li><li>PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.</li></ul><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>

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.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 – Attractive valuation with likely resilient earnings

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the not so positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Guming Holdings (Guming) is a maker of freshly-made beverages in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
Guming Holdings (Guming) is a maker of freshly-made beverages in China.
In this note, we will talk about the positive aspects of the deal.


Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

China

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

China Automotive Engineering Research Institute Company Limited develops, manufactures and sells automotive products, provides consulting, automotive testing and evaluation services. The Company's main products include dump trucks, concrete mixer trucks, and sanitation trucks.

China Automotive Engg Rsrch Inst (601965 CH)

Beiqi Foton Motor Co., Ltd. manufactures and markets automobiles and parts. The Company produces light trucks, medium trucks, heavy trucks, passenger cars, and engine parts. Beiqi Foton Motor also conducts automotive wholesale businesses domestically and internationally.

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Lifan Industry (Group) Company Limited develops, manufactures and sells motorcycles, cars and gasoline engines. The Company's major products include motorcycles, motorcycle engines, passenger cars, passenger car engines, gasoline engines and other terminal products such as generator sets, water pumps and lawn mowers.

MITSUBISHI MOTORS CORPORATION develops and manufactures passenger cars and its related parts.  The Company has production facilities in Japan, the US, and Thailand.  Mitsubishi Motors Corp provides vehicle-related financing and leasing service through its subsidiary.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Yadea Group is a leading electric two wheeler brand in China. The company produces electric bikes and scooters.

Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under license from Fiat.  The Group also imports Alfa Romeo and Fiat cars for domestic market and provides financing services.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

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 (XPEV US)

Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Auto Sector – Attractive valuation with likely resilient earnings

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher...

CMB International

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

​Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Auto Sector – Attractive valuation with likely resilient earnings

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher...

CMB International

Guming Holdings (Goodme) Pre-IPO - The Negatives - Growth Sustainability Remains a Question Mark

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

Guming Holdings (Goodme) Pre-IPO - The Positives - Benefited from Scaling Its Store Network

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.