In today’s briefing:
- CALB IPO Preview
- Onewo IPO: Trade-Offs Vs Peers
CALB IPO Preview
- China Aviation Lithium Battery (CALB) is getting ready for an IPO in Hong Kong.
- In the past several days, CALB received the approval from the Hong Kong stock exchange for an IPO.
- In the next two years, CALB expects its production capacity for lithium batteries to increase to about 55 GWh which is more than 6x the capacity at end of 2021.
Onewo IPO: Trade-Offs Vs Peers
- Onewo Space-Tech (ONEWO HK), China Vanke (000002 CH)’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.
- We previously discussed the IPO in Onewo IPO: The Bull Case and Onewo IPO: The Bear Case.
- A comparison with large-cap peers suggests that Onewo offers large-scale with parentco stability at the cost of low growth runaway from undelivered GFA and gross margin.
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