Lyon: Maintaining Ningde era (03750.HK) "outperforming the market" rating is expected to have a low possibility of a significant pullback when the lock-up period for the Hong Kong IPO expires.

According to the Wisdom Financial APP, A Lyon report released that Ningde Times (03750, 300750.SZ) is about to have their lock-up period for cornerstone investors in the upcoming Hong Kong IPO expire on November 20, causing concerns in the market about potential selling pressure on the stock. Lyon expects some profit-taking activities to occur, but does not believe it will lead to a significant drop in the stock price. Lyon stated that once the above uncertainties are resolved, they expect Ningde Times to resume its upward trend, mainly driven by strong global energy storage system development and improvements in battery supply and demand dynamics by 2026. Therefore, the bank reaffirmed its outperform rating on Ningde Times' A shares and Hong Kong shares; with a target price of 500 RMB for A shares and a target price of 685 HKD for Hong Kong shares.