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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.</li>
<li>The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.</li>
<li>The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.</li>
</ul>


Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.
The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.
The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.


Hesai Group: Time To Cover Shorts As The Stock Found A Bottom and Delisting Risk Is Real

Equity Capital Markets

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>
New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.</li>
<li>The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.</li>
<li>Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.</li>
</ul>



New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.
The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.
Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.


Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.</li><li>Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.</li><li>Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead of Bloomberg consensus.Non-GAAP NP came in at RMB47.7mn, ahead of both our forecast and Bloomberg consensus (RMB38mn/RMB13mn), supported by more optimized-than-expected operating expense control.Management expects strategic growth initiatives (SGI), which include new AI algorithm integrated spatial intelligence device Kosmo and robotic actuation, to generate RMB100mn revenue in 2026E, contribute RMB500mn revenue in 2027E, and grow to a scale that is comparable to core LiDAR business within 5 years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hesai Group (HSAI US) - 1Q Results Beat; Expecting SGI Revenue to Ramp up at a Rapid Pace

China

Hesai develops, manufactures, and sells three-dimensional LiDAR solutions for advanced driver assistance systems, autonomous vehicles, and robotics. The company's products are used in passenger and commercial vehicles, as well as various industrial and service robots. Hesai was founded in October 2014 and is headquartered in Shanghai, China.

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Hesai (2525 HK)

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Hesai Group: Time To Cover Shorts As The Stock Found A Bottom and Delisting Risk Is Real

Hesai Group priced its IPO at $19/ADS in February 2023 and shares have materially underperformed Nasdaq and S&P 500, with shares down ~77% vs. IPO...

Andrei Zakharov

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...

Raj S, CA, CFA

Hesai Group (HSAI US) - 1Q Results Beat; Expecting SGI Revenue to Ramp up at a Rapid Pace

Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead...

CMB International

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Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Hesai Group: Time To Cover Shorts As The Stock Found A Bottom and Delisting Risk Is Real

Hesai Group priced its IPO at $19/ADS in February 2023 and shares have materially underperformed Nasdaq and S&P 500, with shares down ~77% vs. IPO...

Andrei Zakharov

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

​Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...

Raj S, CA, CFA

Hesai Group (HSAI US) - 1Q Results Beat; Expecting SGI Revenue to Ramp up at a Rapid Pace

Hesai Group (Hesai) released (19 May) 1Q26 financial results: total revenue reached RMB680.6mn, up 30% YoY, inline with our forecast but 2% ahead...

CMB International

Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...