Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.</li>
<li>In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.</li>
</ul>


Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.

Tuhu Car (2007986D HK) 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.


Equity Bottom-Up

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<ul>
<li>Several news media outlets reported that <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> had inflated its sales data for December 2022 based on distributor claims.</li>
<li>With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.</li>
<li>The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.</li>
</ul>


Several news media outlets reported that Leapmotor (9863 HK) had inflated its sales data for December 2022 based on distributor claims.
With China ending its new energy vehicle subsidy policy in 2022, EV makers were rushing to sell as many units as possible before embracing price hikes and face competition.
The company announced a price hike in January and sales volumes have declined in 1Q2023. We think the company will struggle to increase its sales volume going forward.


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

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technologie" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.</li>
<li>LM is a smart EV company based in China, founded in 2015.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.
LM is a smart EV company based in China, founded in 2015.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> raised around US$151m in its Hong Kong IPO.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Tuhu Car (2007986D HK) raised around US$151m in its Hong Kong IPO.
Tuhu is an integrated online and offline platform for automotive services in China.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Tuhu Car IPO Trading - Lukewarm Subscription, Small Float Could Impact Trading

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/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a>, a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tuhu-car-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:112644" rel="noopener">TUHU Car IPO: The Investment Case</a></em></strong>, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.</li>
<li>Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. </li>
</ul>



Tuhu Car (2007986D HK), a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.
In TUHU Car IPO: The Investment Case, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.
Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. 


China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

Tuhu Car IPO: Forecasts and Valuation

Tuhu Car priced its IPO at HK$28.00 per share, at the bottom end of the IPO price range and raised net proceeds of HK$1,081m (US$138m) excluding...

Shifara Samsudeen, ACMA, CGMA

Leapmotor: In Desperate Straits..

AS Leapmotor's IPO lock-up expiry is approaching, we think this insight will offer investors a glimpse into the company's financials...

Shifara Samsudeen, ACMA, CGMA

Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire...

Sumeet Singh

Tuhu Car IPO Trading - Lukewarm Subscription, Small Float Could Impact Trading

Tuhu Car (2007986D HK) raised around US$151m in its Hong Kong IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

TUHU Car IPO: Valuation Insights

Tuhu has launched its HKEx IPO at a price range of HK$28.00-31.00 per share. Our valuation analysis suggests that Tuhu is reasonably priced at the...

Arun George

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