Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.</li>
<li>A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. </li>
<li>The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.</li>
</ul>


In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. 
The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.


Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.</li>
<li>The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).</li>
<li>By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.</li>
</ul>


In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).
By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.


[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

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.

<ul><li>On the back of gross margin expansion, good expense control and FX gains, Geekplus core net loss significantly narrowed by 65% YoY to RMB39mn in 1H25, which is in-line with our expectations.</li><li>With solid order intake in 1H25 (+30% YoY) and little impact from the US tariffs, we expect the company’s revenue growth this year to remain highly visible.</li><li>Meanwhile, management has revealed further details about embodied robotic arms during the post-results call, with potential 5-10% revenue contribution over the coming years. </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.

On the back of gross margin expansion, good expense control and FX gains, Geekplus core net loss significantly narrowed by 65% YoY to RMB39mn in 1H25, which is in-line with our expectations.With solid order intake in 1H25 (+30% YoY) and little impact from the US tariffs, we expect the company’s revenue growth this year to remain highly visible.Meanwhile, management has revealed further details about embodied robotic arms during the post-results call, with potential 5-10% revenue contribution over the coming years. 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.

Geekplus (2590 HK) - 1H25 Results In-Line; Embodied Robots the New Driver

<ul><li>On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.</li><li>Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.</li><li>We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. </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.

On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. 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.

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Geekplus Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a>  is looking to raise up to $300m in its upcoming Hong Kong IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Geekplus Technology (2590 HK)  is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

China

Beijing Geekplus Technology Co., Ltd. manufactures and distributes intelligent robotic products. The Company produces picking systems, moving systems, sorting systems, storage retrieval systems, and other robotic systems for intelligent logistics automation solutions. Beijing Geekplus Technology markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Geekplus Technology (2590 HK)

Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...

Andrei Zakharov

[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

The Hang Seng Index family announced its December rebalance changes on Friday after the close. Here we show the changes and flows across 6 major...

Travis Lundy

Geekplus (2590 HK) - 1H25 Results In-Line; Embodied Robots the New Driver

We see this as an important driver for both earnings and valuation. Reiterate BUY with unchanged TP of HK$26.7 (based on 7.7x 2026E P/S)

CMB International

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E.

CMB International

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

​I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...

Andrei Zakharov

[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

The Hang Seng Index family announced its December rebalance changes on Friday after the close. Here we show the changes and flows across 6 major...

Travis Lundy

Geekplus (2590 HK) - 1H25 Results In-Line; Embodied Robots the New Driver

We see this as an important driver for both earnings and valuation. Reiterate BUY with unchanged TP of HK$26.7 (based on 7.7x 2026E P/S)

CMB International

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E.

CMB International

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...