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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> plans to raise around US$1bn in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> raised around US$530m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the ADS movement and trading dynamics.</li>
</ul>



Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the ADS movement and trading dynamics.


Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Israel

Mobileye Global Inc. provides software and hardware technologies for automobiles. The Company specializes in development and deployment of driver assistance systems ("ADAS") and autonomous driving technologies and solutions. Mobileye Global serves customers worldwide.

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Mobileye Global (MBLY US)

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

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

Hesai Secondary Trading - Decent Demand, Despite Lack of Correction

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

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