APAC IPOs & Placements, Aequitas Research

Akshat Shah

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/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

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

Equity Bottom-Up

<ul>
<li>We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;</li>
<li>BIDU's problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services. </li>
<li>Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.</li>
</ul>


We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;
BIDU's problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services. 
Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.


[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>NEV retail volume increased by 51% YoY in November and 41% YoY for first eleven months.</li>
<li>Jiyue Auto, as a car maker subsidiary of Baidu, is dismissing employees.</li>
<li>Hisense, a home appliance producer, lays off 30,000 employees of its total 110,000.</li>
</ul>


NEV retail volume increased by 51% YoY in November and 41% YoY for first eleven months.
Jiyue Auto, as a car maker subsidiary of Baidu, is dismissing employees.
Hisense, a home appliance producer, lays off 30,000 employees of its total 110,000.


China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.</li>
<li>Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.</li>
<li>Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.</li>
</ul>


Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.
Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.
Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.


CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

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)

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse

BIDU faces challenges with loss of Apple contract and first mover advantage in AI and autonomous driving, leading to intensifying competition and...

Blue Lotus Research Institute

China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

NEV retail volume increased by 51% YoY in November. Jiyue Auto, as a subsidiary of Baidu, is dismissing employees. Hisense, a home appliance...

Ming Lu

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse

​BIDU faces challenges with loss of Apple contract and first mover advantage in AI and autonomous driving, leading to intensifying competition and...

Blue Lotus Research Institute

China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

NEV retail volume increased by 51% YoY in November. Jiyue Auto, as a subsidiary of Baidu, is dismissing employees. Hisense, a home appliance...

Ming Lu

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

BIDU faces challenges with loss of Apple contract and first mover advantage in AI and autonomous driving, leading to intensifying competition and...