ECM

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

07 Jul 2026 By Ke Yan, CFA
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Abstract: Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor. We look at the company's core segments: switchgear, transformers and protection and automation. We discuss our preliminary thoughts on the company's valuation based on A-H premium.

XJ ELECTRIC (000400 CH) SIEYUAN ELECTRIC (002028 CH) Goldwind (002202 CH) DONGFANG ELEC (1072 HK) GOLDWIND (2208 HK) SHANGHAI ELECTRIC GRP CO L-H (2727 HK) TIMES ELECTRIC (3898 HK) TBEA (600089 CH) NARI TECHNOLOGY (600406 CH) DONGFANG ELECTRIC (600875 CH) SHANGHAI ELECTRIC (601727 CH) ZHEJIANG CHINT ELECTRICS (601877 CH) Hitachi (6501 JP) ZHUZHOU CRRC TIMES ELECTRIC (688187 CH) HAINAN JINPAN SMART TECHNOLOGY (688676 CH) Eaton Corporation, plc Ordinary Shares (ETN US) GE Vernova (GEV US) SU FP (SU FP)

Highlighted Stocks

XJ ELECTRIC, SIEYUAN ELECTRIC, Goldwind, DONGFANG ELEC, GOLDWIND, SHANGHAI ELECTRIC GRP CO L-H, TIMES ELECTRIC, TBEA, NARI TECHNOLOGY, DONGFANG ELECTRIC, SHANGHAI ELECTRIC, ZHEJIANG CHINT ELECTRICS, Hitachi, ZHUZHOU CRRC TIMES ELECTRIC, HAINAN JINPAN SMART TECHNOLOGY, Eaton Corporation, plc Ordinary Shares, GE Vernova, SU FP

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