Abstract: Inovance is seeking to raise at least USD 100m via a Hong Kong listing. MS, CICC, GTJA, and BOA are the sponsors. This note covers Inovance's industrial automation and NEV businesses, peer valuation. We also discussed our preliminary thoughts on valuation.
WEICHAI POWER, ZHEJIANG SANHUA INTELLIGENT CONTROLS, ESTUN AUTOMATION, SANHUA, Inovance, SHENZHEN HAN'S CNC TECHNOLOGY, HANS CNC, ZHUZHOU CRRC TIMES ELECTRIC, Yaskawa Electric, Rockwell Automation
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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