IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:162681" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:162910" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.
We previously discussed the IPO in Horizon Robotics (9660 HK) IPO: The Bull Case and Horizon Robotics (9660 HK) IPO: The Bear Case. 
Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.


Horizon Robotics (9660 HK) IPO: Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the coming week will see a whole lot of listings across the region.</li>
<li>On the placements front, there were mainly deals in Australia this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the coming week will see a whole lot of listings across the region.
On the placements front, there were mainly deals in Australia this week.


ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Horizon Robotics, a Beijing-based fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, plans to raise ~$700M at the high end of the range at HK$3.99/share.</li>
<li>The IPO is expected to be between HK$3.73 and HK$3.99. However, the offer price may be, but is not expected to be, lower than the lower end of the range.</li>
<li>I believe that at the high end of the range, the company’s valuation is full, and I would await a share pull-back before becoming more positive on the stock.</li>
</ul>


Horizon Robotics, a Beijing-based fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, plans to raise ~$700M at the high end of the range at HK$3.99/share.
The IPO is expected to be between HK$3.73 and HK$3.99. However, the offer price may be, but is not expected to be, lower than the lower end of the range.
I believe that at the high end of the range, the company’s valuation is full, and I would await a share pull-back before becoming more positive on the stock.


Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

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)

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[Blue Lotus Daily-TMT Update]:BABA US/PDD US/JD US/VIPS US/4385JP/4689JP/NTES US/MSFT US/BIDU/700HK

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)

Horizon Robotics (9660 HK) IPO: Valuation Insights

Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.

Arun George

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Andrei Zakharov

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/JD US/VIPS US/4385JP/4689JP/NTES US/MSFT US/BIDU/700HK

Alibaba's Tmall reports growth, expands delivery services, and launches AI-based store management tool.NetEase's Mobile Game Announces Shutdown

Blue Lotus Research Institute

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Horizon Robotics (9660 HK) IPO: Valuation Insights

Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.

Arun George

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

​Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Andrei Zakharov

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/JD US/VIPS US/4385JP/4689JP/NTES US/MSFT US/BIDU/700HK

​Alibaba's Tmall reports growth, expands delivery services, and launches AI-based store management tool.NetEase's Mobile Game Announces Shutdown

Blue Lotus Research Institute

Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Alibaba's Tmall reports growth, expands delivery services, and launches AI-based store management tool.NetEase's Mobile Game Announces Shutdown