APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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

Direct Drive Tech / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/direct-drive-tech-limited" target="_blank" data-smartkarma-citation="entities:55496:1" rel="noopener">Direct Drive Tech (DDT HK)</a> raised US$138m in its Hong Kong IPO.</li>
<li>Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Direct Drive Tech (DDT HK) raised US$138m in its Hong Kong IPO.
Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Direct Drive IPO Trading - Lowest Insti Demand For The Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/direct-drive-tech-limited" target="_blank" data-smartkarma-citation="entities:55496:1" rel="noopener">Direct Drive Tech (DDT HK)</a> is looking to raise around US$138m in its upcoming Hong Kong IPO.</li>
<li>Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.</li>
<li>In this note, we talk about the company's past performance and valuations.</li>
</ul>



Direct Drive Tech (DDT HK) is looking to raise around US$138m in its upcoming Hong Kong IPO.
Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.
In this note, we talk about the company's past performance and valuations.


Aequitas: Direct Drive Tech IPO - Expensive Robotics Play, Priced To Perfection

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Direct Drive Tech happened to catch the purchasing wave for large-scale adoption of direct-drive technology in consumer robot categories.But the entire embodied intelligence industry is in a critical transition period.</li>
<li>Consumer-Grade direct-drive actuator modules is highly competitive in specific vertical segments, and faces constraints such as fluctuations in downstream customer demands and limited growth boundaries of a single market segment.</li>
<li>Post-Money valuation is 3.185bn yuan. Based on 2025 revenue, P/S is 11.3x.If based on the logic of consumer electronics components, P/S is usually 5x-10x. So, 11.3x is already not cheap.  </li>
</ul>


Direct Drive Tech happened to catch the purchasing wave for large-scale adoption of direct-drive technology in consumer robot categories.But the entire embodied intelligence industry is in a critical transition period.
Consumer-Grade direct-drive actuator modules is highly competitive in specific vertical segments, and faces constraints such as fluctuations in downstream customer demands and limited growth boundaries of a single market segment.
Post-Money valuation is 3.185bn yuan. Based on 2025 revenue, P/S is 11.3x.If based on the logic of consumer electronics components, P/S is usually 5x-10x. So, 11.3x is already not cheap.  


Pre-IPO Direct Drive Tech (PHIP Updates) - The Valuation Is Already Expensive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, last week's Hong kong listings were a mixed bag.</li>
<li>On the placement front, given the holiday shorterened week there were only a few placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, last week's Hong kong listings were a mixed bag.
On the placement front, given the holiday shorterened week there were only a few placements across the region.


Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

China

Direct Drive Technology Limited (founded in 2020) is a robotics and precision motor company specializing in high-performance, reducer-free direct-drive power modules and wheeled-legged robotic platforms. Headquartered with roots in Hong Kong and operations in Dongguan, China, it builds advanced joint actuators that replace traditional reduction gearboxes.

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Direct Drive Tech (DDT HK)

Aequitas: Direct Drive IPO Trading - Lowest Insti Demand For The Year

Direct Drive Tech (DDT HK) raised US$138m in its Hong Kong IPO. We have looked at the company’s background and pricing in our earlier note, in this...

Hong Jie Seow

Aequitas: Direct Drive Tech IPO - Expensive Robotics Play, Priced To Perfection

Direct Drive Tech (DDT HK) is looking to raise around US$138m in its upcoming Hong Kong IPO. In this note, we talk about the company's past...

Hong Jie Seow

Pre-IPO Direct Drive Tech (PHIP Updates) - The Valuation Is Already Expensive

The entire embodied intelligence industry is in a critical transition period. The market space is limited and gross margin is lower than peers.Post...

Xinyao (Criss) Wang

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

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P/E

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