Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Q225 saw solid growth &amp; improving margins, driven by strength in China business</li>
<li>Lawsuit settlement hit net result in Q225, but investors shrugged off the news</li>
<li>We still think Didi could pursue a new listing later in 2025, probably in HK</li>
</ul>


Q225 saw solid growth &amp; improving margins, driven by strength in China business
Lawsuit settlement hit net result in Q225, but investors shrugged off the news
We still think Didi could pursue a new listing later in 2025, probably in HK


Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Chinese ride-hailing platform CaoCao plans to issue 44.2m shares at the HKEx IPO at an indicative price of HK$41.9/share, and raise net proceeds of US$219m at a valuation of HK$28.9bn.</li>
<li>CaoCao’s earnings have seen strong growth during the last 2-3 years, however, much of this growth is driven through debt financing which has resulted in a highly geared balance sheet.</li>
<li>Our valuation analysis suggests that <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> 's IPO is overvalued at the indicative IPO price and we would recommend staying on the sidelines.</li>
</ul>


Chinese ride-hailing platform CaoCao plans to issue 44.2m shares at the HKEx IPO at an indicative price of HK$41.9/share, and raise net proceeds of US$219m at a valuation of HK$28.9bn.
CaoCao’s earnings have seen strong growth during the last 2-3 years, however, much of this growth is driven through debt financing which has resulted in a highly geared balance sheet.
Our valuation analysis suggests that CaoCao (2643 HK) 's IPO is overvalued at the indicative IPO price and we would recommend staying on the sidelines.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> has launched its IPO to raise US$236 million at HK$41.94 per share. The shares will be listed on 25 June.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/caocao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:189909" rel="noopener">CaoCao IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/caocao-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:190152" rel="noopener">CaoCao IPO: The Bear Case</a>. </li>
<li>In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price. Therefore, avoid the IPO.</li>
</ul>



CaoCao (2643 HK) has launched its IPO to raise US$236 million at HK$41.94 per share. The shares will be listed on 25 June.
I previously discussed the IPO in CaoCao IPO: The Bull Case and CaoCao IPO: The Bear Case. 
In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price. Therefore, avoid the IPO.


China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Didi Global reported solid Q225 results last week, driven by improving growth and margins in the core Chinese ridehailing business. We still expect...

Tracking Traffic

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

CaoCao IPO: Forecasts and Valuation

CaoCao will debut on he HKEx today offering 44.2m shares at a final IPO price of HK$41.9 per share. The HK offering is oversubscribed by 21.1x...

Shifara Samsudeen, FCMA, CGMA

CaoCao IPO (2643 HK): Valuation Insights

In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Didi Global reported solid Q225 results last week, driven by improving growth and margins in the core Chinese ridehailing business. We still expect...

Tracking Traffic

Curator's Cut: CC Vs DD, Singapore’s IPO Momentum & Pair Trade Ideas Galore

​This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...

Pranav Rao

CaoCao IPO: Forecasts and Valuation

CaoCao will debut on he HKEx today offering 44.2m shares at a final IPO price of HK$41.9 per share. The HK offering is oversubscribed by 21.1x...

Shifara Samsudeen, FCMA, CGMA

CaoCao IPO (2643 HK): Valuation Insights

In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price....

Arun George

This Curator’s Cut issue highlights Chinese ride hailing players, Singapore's recent REIT IPO issuance, and the flurry of pair trade ideas on...