Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

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.

<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">Geek+ (1678559D CH)</a> is looking to raise up to US$200m in its upcoming Hong Kong IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market, offering a series of AMR solutions to empower warehouse fulfillment and industrial material transport.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market, offering a series of AMR solutions to empower warehouse fulfillment and industrial material transport.
In this note, we look at the firm's past performance.


Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest buy due to HSIII Index inclusion and capping, while <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> is the biggest capping sell.</li>
</ul>


The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.

Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

<ul>
<li>Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI &amp; robotics company plans to raise up to $200M.</li>
<li>Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.</li>
<li>Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.</li>
</ul>


Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI &amp; robotics company plans to raise up to $200M.
Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.
Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.


Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B

<ul>
<li>Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.</li>
<li>The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.</li>
<li>Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.</li>
</ul>


Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.
The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.
Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.


Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

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+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High

Beijing Geekplus Technology (BGT) is looking to raise up to US$200m in its upcoming Hong Kong IPO. It is a leader in the global autonomous mobile...

Nicholas Tan

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

The Dec rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B

Geek+, an early mover in the AMR space with strong international presence, plans to raise fresh capital in Hong Kong IPO. In my insight, I discuss...

Andrei Zakharov

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)