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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> is the largest AI software company in Asia as measured by revenue in 2020. It is set to launch an HKEx IPO to raise US$770 million.  </li>
<li>The fundamentals are mixed as high growth is accompanied by high customer concentration, an uncertain path to profitability, cash burn and moral concerns around “ethnic profiling software”. </li>
<li>Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. </li>
</ul>



SenseTime Group (1475539D HK) is the largest AI software company in Asia as measured by revenue in 2020. It is set to launch an HKEx IPO to raise US$770 million.  
The fundamentals are mixed as high growth is accompanied by high customer concentration, an uncertain path to profitability, cash burn and moral concerns around “ethnic profiling software”. 
Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. 


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/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a>  is looking to raise about US$2bn in its upcoming Hong Kong IPO. </li>
<li>STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.</li>
<li>We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.</li>
</ul>



SenseTime Group (1475539D HK)  is looking to raise about US$2bn in its upcoming Hong Kong IPO. 
STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.
We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.


SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> is looking to raise about US$2bn in its upcoming Hong Kong IPO. SenseTime Group (STG) is a leading AI software company. Its software is used by customers from a wide range of industries. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).In this note, we look at STG’s business model, financials, and share our initial thoughts on the IPO.

SenseTime Group (1475539D HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. SenseTime Group (STG) is a leading AI software company. Its software is used by customers from a wide range of industries. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).In this note, we look at STG’s business model, financials, and share our initial thoughts on the IPO.

SenseTime Group (商汤集团) Pre-IPO - Fast-Growing but Still Finding Its Footing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) POTUS Executive Order: Updated List of Chinese Stocks to Be Deleted by Major Indices2) Kanzhun IPO3) Angelalign IPO 4) China: Allows Families to Have Three Children5) HYBE Rights Offering6) China Infrastructure REITs7) Aihuishou IPO8) Full Truck Alliance IPO9) Enjin IPO10) Xpeng: Positive Momentum Back11) Tesla China Losing Market Share12) CStone Pharma (2616.HK) - Time for a Revaluation13) JD Health Lock-Up Expiration14) Passive Money Tracking KOSPI15) SK IE Tech KOSPI 200 Fast-Entry16) DL Holdings with Recent Tender’s Increased Shares: Index Treatment 17) WH Group (288 HK)

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK/China, and the Korean stock markets. The top topics are below:1) POTUS Executive Order: Updated List of Chinese Stocks to Be Deleted by Major Indices2) Kanzhun IPO3) Angelalign IPO 4) China: Allows Families to Have Three Children5) HYBE Rights Offering6) China Infrastructure REITs7) Aihuishou IPO8) Full Truck Alliance IPO9) Enjin IPO10) Xpeng: Positive Momentum Back11) Tesla China Losing Market Share12) CStone Pharma (2616.HK) - Time for a Revaluation13) JD Health Lock-Up Expiration14) Passive Money Tracking KOSPI15) SK IE Tech KOSPI 200 Fast-Entry16) DL Holdings with Recent Tender’s Increased Shares: Index Treatment 17) WH Group (288 HK)

Smartkarma North Asia Weekly: POTUS Order, Kanzhun, Angelalign, & 3 Children Policy in China

Private Capital Markets

In this insight, we provide the top 100 unicorns in Asia (including summaries), broken down by the major countries in Asia. China, India, and Korea lead the Asian countries in having the most number of Asian unicorns. We used the standard definition of a unicorn which refers to a privately held startup company valued at over $1 billion.
Clearly, one of the key differences in the global markets now as compared to a decade or two decades ago is the fact that the world's biggest venture capital and private equity firms are willing to invest a greater amount of capital in attractive Unicorns and "Pre-Unicorns" which has resulted in many of these private companies delaying their potential exit to IPO at later stages of their businesses. 
There has been so much money made from the first generation tech giants such as Google, Facebook, Amazon, Netflix, Alibaba, and Tencent. Many of these companies were not profitable in their early stages of growth but later gained tremendous economies of scale. Therefore, many investors in the Asian unicorns that have seen the progress of the first-generation tech giants are willing to invest in promising, young companies without profitability now to see their business development take place which could potentially reward them with outstanding returns later on.

In this insight, we provide the top 100 unicorns in Asia (including summaries), broken down by the major countries in Asia. China, India, and Korea lead the Asian countries in having the most number of Asian unicorns. We used the standard definition of a unicorn which refers to a privately held startup company valued at over $1 billion.
Clearly, one of the key differences in the global markets now as compared to a decade or two decades ago is the fact that the world's biggest venture capital and private equity firms are willing to invest a greater amount of capital in attractive Unicorns and "Pre-Unicorns" which has resulted in many of these private companies delaying their potential exit to IPO at later stages of their businesses. 
There has been so much money made from the first generation tech giants such as Google, Facebook, Amazon, Netflix, Alibaba, and Tencent. Many of these companies were not profitable in their early stages of growth but later gained tremendous economies of scale. Therefore, many investors in the Asian unicorns that have seen the progress of the first-generation tech giants are willing to invest in promising, young companies without profitability now to see their business development take place which could potentially reward them with outstanding returns later on. 

China

Beijing Megvii Co Ltd ("Face++") develops and distributes software products. The Company produces dynamic face recognition softwares, in vivo detection softwares, portrait library retrieval softwares and other products. Beijing Megvii also operates investment management, asset management, and other businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Megvii Technology (1119636D CH)

SenseTime IPO Initiation: Big Brother

SenseTime is set to launch an HKEx IPO to raise US$770 million. Overall, we believe the negatives outweigh the positives and we would give the IPO...

Arun George

SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

SenseTime Group (1475539D HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. We estimate that the company has been losing market...

Sumeet Singh

SenseTime Group (商汤集团) Pre-IPO - Fast-Growing but Still Finding Its Footing

SenseTime Group (1475539D HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. SenseTime Group (STG) is a leading AI software company.

Sumeet Singh

Smartkarma North Asia Weekly: POTUS Order, Kanzhun, Angelalign, & 3 Children Policy in China

In this edition of the Smartkarma North Asia Weekly, it summarizes some of the top insights on Smartkarma in the past week covering Japan, HK...

Douglas Kim

Top 100 Asian Unicorns

A unicorn is a term in business world to indicate a privately held startup company valued at over $1 billion.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)