Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.</li>
<li>Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.</li>
<li>China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.</li>
</ul>


The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.
Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.
China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.


China Robotics: EVOLUTION OF THE HUMANOID RACE

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-class-h" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> raised US$300m from its Hong Kong IPO in July 2025 via a primary offering at HKD 16.80/share in its IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Geekplus Technology (2590 HK) raised US$300m from its Hong Kong IPO in July 2025 via a primary offering at HKD 16.80/share in its IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Beijing Geek+ IPO Lockup - US$1.2bn Release, Shares Below IPO but Above Most Prior Rounds

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

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

Shenton Research

Shenton 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.

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

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)

China Robotics: EVOLUTION OF THE HUMANOID RACE

Global robotics is experiencing rapid growth as the combination of AI & manufacturing efficiency grow robotic product demand. Rapid industry growth...

David Mudd

Aequitas: Beijing Geek+ IPO Lockup - US$1.2bn Release, Shares Below IPO but Above Most Prior Rounds

Beijing Geekplus raised US$300m from its Hong Kong IPO in July 2025 via a primary offering at HKD 16.80/share in its IPO. In this note, we will...

Nicholas Tan

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

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

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52-week Range

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China Robotics: EVOLUTION OF THE HUMANOID RACE

Global robotics is experiencing rapid growth as the combination of AI & manufacturing efficiency grow robotic product demand. Rapid industry growth...

David Mudd

Aequitas: Beijing Geek+ IPO Lockup - US$1.2bn Release, Shares Below IPO but Above Most Prior Rounds

Beijing Geekplus raised US$300m from its Hong Kong IPO in July 2025 via a primary offering at HKD 16.80/share in its IPO. In this note, we will...

Nicholas Tan

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

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

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