HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen LDRobot / Equity Capital Markets

<ul>
<li>The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.</li>
<li>The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively</li>
<li>Such valuation range based on IPO pricing is also close to peer <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense </a>and <a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus</a>. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.</li>
</ul>


The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.
The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively
Such valuation range based on IPO pricing is also close to peer Robosense and Geekplus. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.


Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

<ul>
<li>The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".</li>
<li>Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.</li>
<li>Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market</li>
</ul>


The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".
Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.
Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market


Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Unitree Robotics / Equity Capital Markets

<ul>
<li>Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.</li>
<li>The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.</li>
<li>Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.</li>
</ul>


Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.
The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.
Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.


Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at potential index changes and capping flows for HSIII index rebal event in March 2026.</li>
<li>Based on the latest data, we see four index changes for March 2026 with one-way flow of around US$230mn.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at potential index changes and capping flows for HSIII index rebal event in March 2026.
Based on the latest data, we see four index changes for March 2026 with one-way flow of around US$230mn.


Quiddity Leaderboard HSIII Mar26: Final Ranks; 4 Changes Expected

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Event-Driven

<ul>
<li>We identify stocks likely to be added to the Hang Seng Composite Index in the upcoming review and, in turn, become eligible for Hong Kong Stock Connect.</li>
<li>Using market cap, free float and liquidity screens, we compile a preliminary list of potential inclusion candidates ahead of the review cut-off.</li>
<li>A follow-up note will focus on which inclusion candidates are most likely to translate eligibility into actionable trading opportunities.</li>
</ul>


We identify stocks likely to be added to the Hang Seng Composite Index in the upcoming review and, in turn, become eligible for Hong Kong Stock Connect.
Using market cap, free float and liquidity screens, we compile a preliminary list of potential inclusion candidates ahead of the review cut-off.
A follow-up note will focus on which inclusion candidates are most likely to translate eligibility into actionable trading opportunities.


HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

China

Geekplus Technology is a global leader in autonomous mobile robot (AMR) technology, providing artificial intelligence and robotics solutions for logistics, specializing in warehouse fulfillment and industrial material transport. The company offers picking, moving, and sorting systems, robotic arms, and a comprehensive software suite for unmanned warehouse operations. It was founded in 2015 and is headquartered in Beijing, China.

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Geekplus Technology (2590 HK)

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

In my insight, I examine in-depth competitive landscape, valuation comps and discuss IPO valuation for Unitree Robotics. The offering is worth...

Andrei Zakharov

Quiddity Leaderboard HSIII Mar26: Final Ranks; 4 Changes Expected

The top two expected inflow names and the top two expected outflow names have more than 1x ADV to trade. The flow expectations can change until the...

Janaghan Jeyakumar, CFA

HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

We assess stocks potentially eligible for inclusion in the upcoming HSCI review and outline the resulting Hong Kong Stock Connect eligibility...

Ke Yan, CFA, FRM

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Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

​Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

​Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

In my insight, I examine in-depth competitive landscape, valuation comps and discuss IPO valuation for Unitree Robotics. The offering is worth...

Andrei Zakharov

Quiddity Leaderboard HSIII Mar26: Final Ranks; 4 Changes Expected

The top two expected inflow names and the top two expected outflow names have more than 1x ADV to trade. The flow expectations can change until the...

Janaghan Jeyakumar, CFA

HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

We assess stocks potentially eligible for inclusion in the upcoming HSCI review and outline the resulting Hong Kong Stock Connect eligibility...

Ke Yan, CFA, FRM

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...