Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Clobot (466100 KS) is getting ready to complete a rights offering capital raise.  The planned number of shares to be issued is 5.49 million common shares (22% of outstanding shares).</li>
<li>Expected rights offering price is 36,400 won (29.3% discount to the closing price of 51,500 won as of 3 April).</li>
<li>Valuations on the company is very stretched. In the near term, the company's share price could decline close to the expected rights offering price (36,400 won).</li>
</ul>


Clobot (466100 KS) is getting ready to complete a rights offering capital raise.  The planned number of shares to be issued is 5.49 million common shares (22% of outstanding shares).
Expected rights offering price is 36,400 won (29.3% discount to the closing price of 51,500 won as of 3 April).
Valuations on the company is very stretched. In the near term, the company's share price could decline close to the expected rights offering price (36,400 won).


Clobot: Rights Offering Capital Raise of 200 Billion Won

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Unitree Robotics / Equity Capital Markets

<ul>
<li>My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.</li>
<li>While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.</li>
<li>Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.</li>
</ul>


My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.
While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.
Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.


Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

<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, three mid-cap companies are set to list later today in Hong Kong.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</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, three mid-cap companies are set to list later today in Hong Kong.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Aequitas: Guangdong Huayan Robotics IPO - Some Doubts but Relative Pricing Isn’t Expensive

South Korea

Doosan Robotics Inc. develops and manufactures industrial equipment. The Company manufactures robots, linear actuation devices, automated production equipment, and other products. Doosan Robotics conducts businesses in South Korea.

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Doosan Robotics (454910 KS)

Clobot: Rights Offering Capital Raise of 200 Billion Won

Clobot (466100 KS) is getting ready to complete a rights offering capital raise. The planned number of shares to be issued is 5.49 million common...

Douglas Kim

Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

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

Aequitas: Guangdong Huayan Robotics IPO - Some Doubts but Relative Pricing Isn’t Expensive

Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

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