In today’s briefing:
- Leapmotor IPO: Valuation First-Look
- Chongqing Hongjiu Fruit IPO Trading – Scraped Through with Tepid Subscription Rates
Leapmotor IPO: Valuation First-Look
- 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.
Chongqing Hongjiu Fruit IPO Trading – Scraped Through with Tepid Subscription Rates
- Chongqing Hongjiu Fruit (6689 HK) raised around US$71m in its Hong Kong IPO.
- CHJF’s subscription rates were lackluster with weak coverage on the institutional tranche and the retail portion being undersubscribed.
- However, after applying a discount to the local peer average, we think there still remains some upside for investors given its higher revenue and profitability growth.
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