Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Hang Seng Index changes for March 2026 were announced on 13 February. The final capping is based on prices from today's close.</li>
<li>Quiddity predictions had a pretty decent run across the 6 major indices we cover.</li>
<li>We see US$5.2bn of flows to buy and sell on Friday at the close. </li>
</ul>


Hang Seng Index changes for March 2026 were announced on 13 February. The final capping is based on prices from today's close.
Quiddity predictions had a pretty decent run across the 6 major indices we cover.
We see US$5.2bn of flows to buy and sell on Friday at the close. 


[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

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/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.</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 will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
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 will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Suzhou Calmcar Electronics Technology / Equity Capital Markets

Suzhou Calmcar Electronics Technology (CALMCAR HK)

<ul>
<li>Calmcar’s profit model is based on a light-asset, software-centric business model. It stabilizes performance through high-margin L2 production business, and supports the scale expansion of the high-growth L4 business.</li>
<li>Calmcar’s financial data exposes problems that the market is generally concerned about: continuous losses, negative operating cash flow, and the opposite trend of gross margin when the L4 business expands.</li>
<li>As a leading company, <a href="https://www.smartkarma.com/entities/horizon-robotics-class-b" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics </a>has a better profit and cash flow situation than Calmcar, and therefore deserves a higher premium. So, Calmcar’s valuation would be lower than peer.</li>
</ul>


Calmcar’s profit model is based on a light-asset, software-centric business model. It stabilizes performance through high-margin L2 production business, and supports the scale expansion of the high-growth L4 business.
Calmcar’s financial data exposes problems that the market is generally concerned about: continuous losses, negative operating cash flow, and the opposite trend of gross margin when the L4 business expands.
As a leading company, Horizon Robotics has a better profit and cash flow situation than Calmcar, and therefore deserves a higher premium. So, Calmcar’s valuation would be lower than peer.


Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance</li><li>Beijing Exchange’s IPO Frenzy Spurs Arbitrage and Regulatory Tightening</li><li>IMF Raises China Growth Forecast, Urges ‘More Forceful’ Property-Sector Intervention</li></ul>

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private InsuranceBeijing Exchange’s IPO Frenzy Spurs Arbitrage and Regulatory TighteningIMF Raises China Growth Forecast, Urges ‘More Forceful’ Property-Sector Intervention

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push 

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

Shenton Research

Shenton 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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.


HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

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)

[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

We see US$5.2bn to trade on Friday for the 6 major indices in the Hang Seng rebalance cycle. There are, of course, hundreds of other smaller...

Travis Lundy

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...

Xinyao (Criss) Wang

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance Beijing Exchange’s IPO Frenzy Spurs Arbitrage and...

Caixin Global

HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

We analyzed HS TECH's consensus for Sep 2026 and highlighted changes of EPS in BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] Hang Seng Family Capping Set - US$5.2bn to Trade on Friday 6 March

We see US$5.2bn to trade on Friday for the 6 major indices in the Hang Seng rebalance cycle. There are, of course, hundreds of other smaller...

Travis Lundy

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

​Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...

Xinyao (Criss) Wang

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance Beijing Exchange’s IPO Frenzy Spurs Arbitrage and...

Caixin Global

HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

We analyzed HS TECH's consensus for Sep 2026 and highlighted changes of EPS in BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO,...

Ke Yan, CFA, FRM

Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...