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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.</li>
<li>There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.</li>
<li>Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.
Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.


[Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.</li>
<li>There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. </li>
<li>The funding flows and FAF re-weight flows are bigger than the ADD/DEL flows but there should be ~US$850mm to trade.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. 
The funding flows and FAF re-weight flows are bigger than the ADD/DEL flows but there should be ~US$850mm to trade.


[Quiddity Index] Sep25 HS Internet & IT Index Review; Funding Flows Dominate in $850mm Trade

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

<ul>
<li>There will be 3 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the September rebalance. </li>
<li>Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.</li>
<li>There is a huge FAF increase for <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> and that will bring passive buying from the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> trackers too. The stock is being added to a global index on Tuesday.</li>
</ul>


There will be 3 changes for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) at the September rebalance. 
Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.
There is a huge FAF increase for Horizon Robotics and that will bring passive buying from the HSTECH trackers too. The stock is being added to a global index on Tuesday.


Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics

China

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

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Horizon Robotics (9660 HK)

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

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

[Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher

A day after the Hang Seng announced the results of the Sep 2025 review of the HS Internet and Info Tech Index, they changed the methodology. Flows...

Travis Lundy

[Quiddity Index] Sep25 HS Internet & IT Index Review; Funding Flows Dominate in $850mm Trade

The Hang Seng Internet & InfoTech Index review was announced Friday 22 August. Final weights set on 2 Sep, rebal on 5 Sep. 3 ADDs 3 DELs, mostly...

Travis Lundy

Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics

There are 3 changes for the HSIII in Sep. Big FAF increase for Horizon Robotics - a lot to trade in the stock over the next 2 weeks. Estimated 1...

Brian Freitas

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