Abstract: Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor. We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials. We also discuss our preliminary thoughts on valuation, anchored by A-H premium.
CHINA LONGYUAN POWER, Goldwind, CGN POWER, DONGFANG ELECTRIC, SUNGROW POWER SUPPLY, CATL, FLAT GLASS, Enphase Energy, Fluence Energy, Inc. Class A Common Stock
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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