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/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
In this note, we will talk about the lockup dynamics and possible placement.


Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.</li>
<li>The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.</li>
<li>The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.</li>
</ul>


CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.
The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.
The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.


CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>On March 5 Chinese freight platform Full Truck Alliance posted another great set of results</li>
<li>Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins</li>
<li>We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target</li>
</ul>


On March 5 Chinese freight platform Full Truck Alliance posted another great set of results
Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins
We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target


Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the updates from its recent filing.


CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

<ul>
<li>CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.</li>
<li>The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.</li>
<li>The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.</li>
</ul>


CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.
The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.
The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.


CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

China

Pony AI Inc. operates as an autonomous vehicle technology company. The Company provides autonomous driving technology solutions to deliver safe, sustainable, and accessible mobility to people and businesses around the world. Pony AI serves customers globally.

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Pony AI (PONY US)

Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Full Truck Alliance reported impressive Q4 results on Wednesday in the US, featuring stronger-than-expected revenue growth & expert cost control....

Tracking Traffic

CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment,...

Akshat Shah

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Full Truck Alliance reported impressive Q4 results on Wednesday in the US, featuring stronger-than-expected revenue growth & expert cost control....

Tracking Traffic

CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment,...

Akshat Shah

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

​CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...