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

Thematic (Sector/Industry)

<ul>
<li>Abnormally high growth during CNY of the express delivery parcel data showed social gift giving likely bumped up 20ppt YoY growth this CNY;</li>
<li>BYD plans to extend ADS to its low priced cars. 2025 will be a year L3 ADS extending to mainstream EV's now this prediction is even conservative;</li>
<li>Chinese EV makers are launching free price wars. But zero financing may be prompted by the banks, not by EV makers, mitigating margin impact.</li>
</ul>


Abnormally high growth during CNY of the express delivery parcel data showed social gift giving likely bumped up 20ppt YoY growth this CNY;
BYD plans to extend ADS to its low priced cars. 2025 will be a year L3 ADS extending to mainstream EV's now this prediction is even conservative;
Chinese EV makers are launching free price wars. But zero financing may be prompted by the banks, not by EV makers, mitigating margin impact.


[Blue Lotus China New Consumer Weekly, 6/52] Express Delivery Showed Social Gift Took off During CNY

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Minieye Technology / Equity Capital Markets

<ul>
<li>Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.</li>
<li>The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.</li>
<li>IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&amp;D capabilities.</li>
</ul>


Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.
The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.
IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&amp;D capabilities.


Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<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> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

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/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$195m 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>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>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m 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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> is looking to raise US$119m in its US IPO.</li>
<li>WeRide provides autonomous driving products and services from L2 to L4 of driving automation.</li>
<li>We had looked at the firm’s past performance in our earlier notes. In this note, we discuss our thoughts on valuation.</li>
</ul>



WeRide (WRD US) is looking to raise US$119m in its US IPO.
WeRide provides autonomous driving products and services from L2 to L4 of driving automation.
We had looked at the firm’s past performance in our earlier notes. In this note, we discuss our thoughts on valuation.


WeRide IPO - Stiff Competition and Bleak Sentiment.  Premium Valuation Doesn’t Help

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)

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a rapidly growing provider of intelligent driving and cabin solutions in China, is expected to IPO this week. I examine a...

Andrei Zakharov

Robosense Technology, Driving in the Fast Lane While No One Is Looking

On 12/11 the company announced that it plans to raise $277.5mm via a share placement of 10mm shares to at least 6 independent and corporate...

David Mudd

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

WeRide IPO - Stiff Competition and Bleak Sentiment. Premium Valuation Doesn’t Help

WeRide has since relaunched its US$119m US IPO, having pulled it two months ago. Bosch cornered US$100m of the deal, leaving

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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[Blue Lotus China New Consumer Weekly, 6/52] Express Delivery Showed Social Gift Took off During CNY

​CNY gift giving boosts express delivery growth, BYD to add ADS to low priced cars, Chinese EV makers engage in price wars with potential financing...

Blue Lotus Research Institute

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology, a rapidly growing provider of intelligent driving and cabin solutions in China, is expected to IPO this week. I examine a...

Andrei Zakharov

Robosense Technology, Driving in the Fast Lane While No One Is Looking

On 12/11 the company announced that it plans to raise $277.5mm via a share placement of 10mm shares to at least 6 independent and corporate...

David Mudd

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

WeRide IPO - Stiff Competition and Bleak Sentiment. Premium Valuation Doesn’t Help

WeRide has since relaunched its US$119m US IPO, having pulled it two months ago. Bosch cornered US$100m of the deal, leaving

Clarence Chu

CNY gift giving boosts express delivery growth, BYD to add ADS to low priced cars, Chinese EV makers engage in price wars with potential financing...