Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.</li>
<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> lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.</li>
<li>
Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense</a> and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai</a>
</li>
</ul>



LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.

Robosense Technology (2498 HK) lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.

Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both Robosense and Hesai



RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the December 2025 index capping flows.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the December 2025 index capping flows.
We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.


Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Zijin Gold International / Index Rebalance

<ul>
<li>In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in Q3.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.</li>
<li>There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.</li>
</ul>


In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the HKEX (388 HK) in Q3.

Zijin Gold (2259 HK) will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.
There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.


HSCI Index Rebalance Preview: Potential Inclusions in December

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. </li>
<li>China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. </li>
<li>We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.</li>
</ul>


US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.


[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Pateo Connect Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pateo-connect-technology" target="_blank" data-smartkarma-citation="entities:43712:1" rel="noopener">Pateo Connect Technology (PTC HK)</a> raised around US$140m in its HK IPO.</li>
<li>It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Pateo Connect Technology (PTC HK) raised around US$140m in its HK IPO.
It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.
In this note, we will talk about the demand and trading dynamics.


Pateo Connect IPO Trading: Weak Institutional Subscription

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 Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

The March 2026 expected ADDs have been outperforming the expected DELs over the last few weeks and this could continue over the next few weeks.

Janaghan Jeyakumar, CFA

HSCI Index Rebalance Preview: Potential Inclusions in December

Zijin Gold will be added to the HSCI on 16 Oct and should be added to StockConnect on 27 Oct. There could be 4 (maybe 5) adds to the HSCI in Dec. 3...

Brian Freitas

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Pateo Connect IPO Trading: Weak Institutional Subscription

Pateo Connect (PTC) raised around US$140m in its HK IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

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RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

​LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

The March 2026 expected ADDs have been outperforming the expected DELs over the last few weeks and this could continue over the next few weeks.

Janaghan Jeyakumar, CFA

HSCI Index Rebalance Preview: Potential Inclusions in December

Zijin Gold will be added to the HSCI on 16 Oct and should be added to StockConnect on 27 Oct. There could be 4 (maybe 5) adds to the HSCI in Dec. 3...

Brian Freitas

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

​AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Pateo Connect IPO Trading: Weak Institutional Subscription

Pateo Connect (PTC) raised around US$140m in its HK IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.