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/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>  an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. </li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Pony AI (PONY US)  an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. 
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
In this note, we talk about the positive aspects of the deal.


Pony AI Pre-IPO - The Positives - Scaling up Robotaxi & Robotrucks

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.

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:162681" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:162910" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.
We previously discussed the IPO in Horizon Robotics (9660 HK) IPO: The Bull Case and Horizon Robotics (9660 HK) IPO: The Bear Case. 
Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.


Horizon Robotics (9660 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.</li>
<li>In <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:162681" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on high related parties' revenue, customer concentration risk, pricing pressure, uncertain path to profitability, high cash conversion cycle and FCF burn.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.
In Horizon Robotics (9660 HK) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on high related parties' revenue, customer concentration risk, pricing pressure, uncertain path to profitability, high cash conversion cycle and FCF burn.


Horizon Robotics (9660 HK) IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.    </li>
<li>Horizon ranked fourth among all global ADAS and AD solution providers in China by solution installation volume in 2023 and 1H24, with a market share of 9.3% and 15.4%, respectively.</li>
<li>The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong balance sheet.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.    
Horizon ranked fourth among all global ADAS and AD solution providers in China by solution installation volume in 2023 and 1H24, with a market share of 9.3% and 15.4%, respectively.
The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong balance sheet.


Horizon Robotics (9660 HK) IPO: The Bull Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

United States

Hesai Group provides three-dimensional light detection and ranging (LiDAR) solutions. The Company develops LiDAR products which enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems, as well as autonomous vehicle fleets providing passenger and freight mobility services. Hesai Group serves customers worldwide.

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Hesai Group (2525 HK)

Pony AI Pre-IPO - The Positives - Scaling up Robotaxi & Robotrucks

Pony AI (PONY US) an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. In this note, we talk about the...

Sumeet Singh

Horizon Robotics (9660 HK) IPO: Valuation Insights

Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.

Arun George

Horizon Robotics (9660 HK) IPO: The Bear Case

The bear case rests on high related parties' revenue, customer concentration risk, pricing pressure, uncertain path to profitability, high cash...

Arun George

Horizon Robotics (9660 HK) IPO: The Bull Case

The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong...

Arun George

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

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