APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cloudchain" target="_blank" data-smartkarma-citation="entities:40304:1" rel="noopener">Cloudchain (CC CH)</a> is looking to raise up to US$200m in its upcoming HK IPO. </li>
<li>Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. 
Cloudchain is an independent industry digital finance platform in China, serving anchor enterprises, chain-related enterprises, and financial institutions.
In this note, we will talk about the positive aspects of the deal.


Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)</li>
<li>700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)</li>
<li>1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)</li>
</ul>


03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)
700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)
1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)


[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.</li><li>Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.</li><li>The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Horizon Robotics / Equity Capital Markets

<ul>
<li>Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities International.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>HR was the first and the largest Chinese company providing integrated ADAS and AD solutions in terms of annual installation volume since 2021, according to CIC.</li>
</ul>


Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities International.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
HR was the first and the largest Chinese company providing integrated ADAS and AD solutions in terms of annual installation volume since 2021, according to CIC.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Autonomous Driving represents the perfect fusion of our love affair with automobiles and our fascination with artificial intelligence. It has been part of our collective imagination for decades, first epitomized at the 1939 New York World Fair Futurama exhibit which posited an automated highway system (AHS), sponsored by General Motors. Research on AHS conducted at The Ohio State University led to the development of the world's first partially autonomous vehicle in 1962. Fast forward half a century and the goal of achieving autonomous driving is firmly fixed in the glare of our automobile headlights. Leading automakers, as well as technology companies, are promising autonomous or at least highly autonomous automobiles within the next three years. At the forefront, <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> represented by its automotive spin-off Waymo, is in the process of launching the world's first driverless taxi service in Phoenix, Arizona. <a href="https://www.smartkarma.com/entities/18811" target="_blank" data-smartkarma-citation="entities:18811:1">General Motors Co (GM US)</a>, arguably the closest to Waymo in technology terms, has announced similar plans to launch an autonomous ride-sharing service in 2019.Not all is rosy in the autonomous driving garden, however. The sector has been plagued by high-profile defections of key staff leaving to either create their own startups or join competitors. These moves have led to equally high-profile and in some cases, embarrassing, law-suits. Other companies rush to hire talented artificial intelligence engineers has decimated the research ranks of leading universities.The safety and reliability of autonomous driving technology on our streets today has also been thrown into doubt in recent times. Just two days ago, on March 18'th, the first fatal accident involving an autonomous vehicle occurred in Phoenix Arizona, details <a href="https://electrek.co/2018/03/19/uber-self-driving-prototyp-fatal-crash-police/" target="_blank">here</a>. That vehicle was a Volvo XC90 and was part of <a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies Inc</a> self-driving test fleet in the city. According to initial reports, the vehicle was operating in autonomous mode and had a safety driver on board. While we need to await the outcome of this particular investigation, previous incidents involving other autonomous vehicles highlight some astonishing shortcomings of the technology being used on our streets today. Indeed, there are now serious questions about the viability of so-called Level 3 autonomous driving in so far as they rely on emergency intervention by a driver highly likely to have been distracted by something more exciting than monitoring an automobile driving by itself. Autonomous driving is a subject far too broad to be covered in a single Insight. Consider this a primer where we begin by examining the origins of autonomous driving, tracing its roots back to 1960s which, by no coincidence, was also the starting point for much of the research on modern-day artificial intelligence. We look at the specific factors which combined to propel autonomous driving from the AI laboratories of prestigious universities to the drawing boards of multinationals around the globe. We review the framework for the different levels of autonomous driving and highlight the fact that most auto OEM's choose to largely ignore them. We then examine in detail the aforementioned issues with Level 3 autonomous driving and reveal that the technology used in the Volvo XC90, the vehicle involved in the recent fatal accident in Phoenix, specifically warns in its user manual that it should not be used for city driving and that it cannot detect pedestrians, cyclists etc. Recognizing the seminal role that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> has played in advancing the technology, we provide an in-depth review of their self-driving initiative from its inception as a secretive Google X project to its current day incarnation as Waymo. By way of contrast, we examine the autonomous driving ambitions of one of the world's leading auto OEMs, General Motors, and provide a detailed review of their progress to date. Finally, we address the question on everybody's mind when it comes to autonomous driving - are we there yet?

Autonomous Driving represents the perfect fusion of our love affair with automobiles and our fascination with artificial intelligence. It has been part of our collective imagination for decades, first epitomized at the 1939 New York World Fair Futurama exhibit which posited an automated highway system (AHS), sponsored by General Motors. Research on AHS conducted at The Ohio State University led to the development of the world's first partially autonomous vehicle in 1962. Fast forward half a century and the goal of achieving autonomous driving is firmly fixed in the glare of our automobile headlights. Leading automakers, as well as technology companies, are promising autonomous or at least highly autonomous automobiles within the next three years. At the forefront, Alphabet Inc Cl C (GOOG US) represented by its automotive spin-off Waymo, is in the process of launching the world's first driverless taxi service in Phoenix, Arizona. General Motors Co (GM US), arguably the closest to Waymo in technology terms, has announced similar plans to launch an autonomous ride-sharing service in 2019.Not all is rosy in the autonomous driving garden, however. The sector has been plagued by high-profile defections of key staff leaving to either create their own startups or join competitors. These moves have led to equally high-profile and in some cases, embarrassing, law-suits. Other companies rush to hire talented artificial intelligence engineers has decimated the research ranks of leading universities.The safety and reliability of autonomous driving technology on our streets today has also been thrown into doubt in recent times. Just two days ago, on March 18'th, the first fatal accident involving an autonomous vehicle occurred in Phoenix Arizona, details here. That vehicle was a Volvo XC90 and was part of Uber Technologies Inc self-driving test fleet in the city. According to initial reports, the vehicle was operating in autonomous mode and had a safety driver on board. While we need to await the outcome of this particular investigation, previous incidents involving other autonomous vehicles highlight some astonishing shortcomings of the technology being used on our streets today. Indeed, there are now serious questions about the viability of so-called Level 3 autonomous driving in so far as they rely on emergency intervention by a driver highly likely to have been distracted by something more exciting than monitoring an automobile driving by itself. Autonomous driving is a subject far too broad to be covered in a single Insight. Consider this a primer where we begin by examining the origins of autonomous driving, tracing its roots back to 1960s which, by no coincidence, was also the starting point for much of the research on modern-day artificial intelligence. We look at the specific factors which combined to propel autonomous driving from the AI laboratories of prestigious universities to the drawing boards of multinationals around the globe. We review the framework for the different levels of autonomous driving and highlight the fact that most auto OEM's choose to largely ignore them. We then examine in detail the aforementioned issues with Level 3 autonomous driving and reveal that the technology used in the Volvo XC90, the vehicle involved in the recent fatal accident in Phoenix, specifically warns in its user manual that it should not be used for city driving and that it cannot detect pedestrians, cyclists etc. Recognizing the seminal role that Alphabet Inc Cl C (GOOG US) has played in advancing the technology, we provide an in-depth review of their self-driving initiative from its inception as a secretive Google X project to its current day incarnation as Waymo. By way of contrast, we examine the autonomous driving ambitions of one of the world's leading auto OEMs, General Motors, and provide a detailed review of their progress to date. Finally, we address the question on everybody's mind when it comes to autonomous driving - are we there yet?

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals

CMB International

Horizon Robotics Pre-IPO Tearsheet

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities International.

Sumeet Singh

Autonomous Driving- Are We There Yet?

I find it fascinating to read this again, almost six years to the day since I published it. I intend to publish an update on this topic in the...

William Keating

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Cloudchain Pre-IPO - The Positives - Turned Profitable Recently

Cloudchain (CC CH) is looking to raise up to US$200m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Ethan Aw

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

​Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals

CMB International

Horizon Robotics Pre-IPO Tearsheet

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities International.

Sumeet Singh

Autonomous Driving- Are We There Yet?

I find it fascinating to read this again, almost six years to the day since I published it. I intend to publish an update on this topic in the...

William Keating

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...