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.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a>, a provider of autonomous driving products and services, seeks to raise up to US$119 million through a Nasdaq IPO and US$321 million through a concurrent private placement.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/weride-wrd-us-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:154629" rel="noopener">WeRide (WRD US) IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on a volatile revenue profile, high customer concentration risk, widening losses that raise doubts on the path to profitability, elongated cash collection cycles and cash burn.</li>
</ul>



WeRide (WRD US), a provider of autonomous driving products and services, seeks to raise up to US$119 million through a Nasdaq IPO and US$321 million through a concurrent private placement.
In WeRide (WRD US) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on a volatile revenue profile, high customer concentration risk, widening losses that raise doubts on the path to profitability, elongated cash collection cycles and cash burn.


<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>, a provider of autonomous driving products and services, seeks to raise between US$200 to US$300 million through a Nasdaq IPO.    </li>
<li>WeRide is the most commercially successful L4 autonomous driving company globally, measured by commercialization revenue in 2021, 2022 and 2023.</li>
<li>The bull case rests on a large TAM, strong product capabilities, near-term mass commercialization, articulation of a path to profitability, improving earnings quality and presence of blue-chip investors. </li>
</ul>



WeRide (WRD US), a provider of autonomous driving products and services, seeks to raise between US$200 to US$300 million through a Nasdaq IPO.    
WeRide is the most commercially successful L4 autonomous driving company globally, measured by commercialization revenue in 2021, 2022 and 2023.
The bull case rests on a large TAM, strong product capabilities, near-term mass commercialization, articulation of a path to profitability, improving earnings quality and presence of blue-chip investors. 


APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Black Sesame International / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Black Sesame IPO Trading - Lackluster Demand, Combined with Bad Timing

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<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide Corp (WER CH)</a> is looking to raise around US$300m in its upcoming 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 an earlier note. In this note, we will undertake a peer comparison.</li>
</ul>



WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming 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 an earlier note. In this note, we will undertake a peer comparison.


WeRide Pre-IPO - Peer Comparison - Boasting Partnerships, but Peers Aren't Too Far Behind

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>In our earlier notes, we looked at the past performance of the deal. In this note, we discuss peers and share our thoughts on valuation.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) is looking to raise US$143m in its Hong Kong IPO.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In our earlier notes, we looked at the past performance of the deal. In this note, we discuss peers and share our thoughts on valuation.


Black Sesame IPO - Paying Up-Front for Its Monetization Potential

China

iMotion Automotive Technology (Suzhou) Co., Ltd. specializes in the research, development, production, and sales of autonomous driving products and solutions. The company offers advanced driver assistance systems (ADAS), including AD domain controllers, intelligent front cameras, and integrated software and algorithms. It also provides services such as sensor implementation and vehicle systems integration. The company was founded in 2016 and is headquartered in Suzhou, China.

iMotion Automotive Technology (Suzhou) (1274 HK)

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iMotion Automotive Technology (Suzhou) (1274 HK)

WeRide (WRD US) IPO: The Bear Case

The bear case rests on a volatile revenue profile, high customer concentration risk, widening losses that raise doubts on the path to...

Arun George

WeRide (WRD US) IPO: The Bull Case

The bull case rests on a large TAM, strong capabilities, near-term mass commercialization, articulation of a path to profitability, improving...

Arun George

Black Sesame IPO Trading - Lackluster Demand, Combined with Bad Timing

Black Sesame Technologies (BLACKSES HK) raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.

Clarence Chu

WeRide Pre-IPO - Peer Comparison - Boasting Partnerships, but Peers Aren't Too Far Behind

WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO. We had looked at the firm’s past performance in an earlier note. In...

Clarence Chu

Black Sesame IPO - Paying Up-Front for Its Monetization Potential

Black Sesame Technologies (BLACKSES HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss peers and share our thoughts on...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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