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

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> raised around US$800m in its Oct'24 IPO and another US$600m via a placement in June'25. It’s back again to raise another US$834m via a top-up placement.</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>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Oct'24 IPO and another US$600m via a placement in June'25. It’s back again to raise another US$834m via a top-up placement.
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.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Horizon Robotics Placement - Another Opportunistic Raising

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

MicroPort Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.</li>
<li>High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  </li>
<li>The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.</li>
</ul>


Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.


Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

Nicholas Tan

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> is looking to raise around US$140m in its upcoming HK IPO.</li>
<li>PTC is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Pateo Connect Technology (PTC HK) is looking to raise around US$140m in its upcoming HK IPO.
PTC is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Pateo Connect IPO: Weak Margins and Expensive Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

Horizon Robotics Placement - Another Opportunistic Raising

Horizon Robotics raised around US$800m in its Hong Kong IPO in Oct 2024 and another US$600m via a placement in June 2025. It’s back again to raise...

Akshat Shah

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Pateo Connect IPO: Weak Margins and Expensive Valuation

Pateo Connect is looking to raise around US$140m in its upcoming HK IPO. In this note, we talk about peers and valuations.

Nicholas Tan

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Horizon Robotics Placement - Another Opportunistic Raising

Horizon Robotics raised around US$800m in its Hong Kong IPO in Oct 2024 and another US$600m via a placement in June 2025. It’s back again to raise...

Akshat Shah

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

​Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Pateo Connect IPO: Weak Margins and Expensive Valuation

Pateo Connect is looking to raise around US$140m in its upcoming HK IPO. In this note, we talk about peers and valuations.

Nicholas Tan

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...