APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a>, a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.</li>
<li>On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.</li>
<li>The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.</li>
</ul>



Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.


Hesai Group H Share Listing: The Investment Case

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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

Equity Bottom-Up

<ul>
<li>HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. </li>
<li>ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; </li>
<li>Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.</li>
</ul>


HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. 
ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; 
Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.


[Hesai Group (HSAI US, BUY, TP US$35) Review]: Rapid Cost Down Continued Driving Penetration

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<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

United States

Hesai Group provides 3D light detection and ranging solutions. The Company's LiDAR products enables 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.

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Hesai Group (HSAI US)

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh