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

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, including over-allocation, in its Hong Kong IPO. </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>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading updates.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m, including over-allocation, in its Hong Kong IPO. 
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.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading updates.


Horizon Robotics IPO Trading - More than 55% of the Deal Taken up by Existing Shareholders

<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>  an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. </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 talk about the positive aspects of the deal.</li>
</ul>



Pony AI (PONY US)  an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. 
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 talk about the positive aspects of the deal.


Pony AI Pre-IPO - The Positives - Scaling up Robotaxi & Robotrucks

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong markets continue to outperform globally this year with short selling declining and mainland buying increasing.  These trends should accelerate going into next year.</li>
<li>
<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>resumed trading after announcing that the company is entertaining one or more potential acquisition plans for the company.  The company also announced strong 1H25 earnings.
</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK) </a>announce a buyback plan for 10% of A and H shares outstanding.  The company also announced the acquisition of the China Fanuc robotics business.
</li>
</ul>


Hong Kong markets continue to outperform globally this year with short selling declining and mainland buying increasing.  These trends should accelerate going into next year.

Sun Art Retail (6808 HK)resumed trading after announcing that the company is entertaining one or more potential acquisition plans for the company.  The company also announced strong 1H25 earnings.


Shanghai Electric Group Company (2727 HK) announce a buyback plan for 10% of A and H shares outstanding.  The company also announced the acquisition of the China Fanuc robotics business.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 22)

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.

<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>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:162681" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/horizon-robotics-9660-hk-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:162910" rel="noopener">Horizon Robotics (9660 HK) IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.
We previously discussed the IPO in Horizon Robotics (9660 HK) IPO: The Bull Case and Horizon Robotics (9660 HK) IPO: The Bear Case. 
Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.


Horizon Robotics (9660 HK) IPO: Valuation Insights

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx, Kuaishou Technology, CICC, Citic Securities.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx, Kuaishou Technology, CICC, Citic Securities.


Hong Kong Connect Flows (Oct 18th): Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx

China

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

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Robosense Technology (2498 HK)

Horizon Robotics IPO Trading - More than 55% of the Deal Taken up by Existing Shareholders

Horizon Robotics (9660 HK) raised around US$800m, including over-allocation, in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Pony AI Pre-IPO - The Positives - Scaling up Robotaxi & Robotrucks

Pony AI (PONY US) an autonomous mobility solutions provider, is looking to raise up to US$300m in its US IPO. In this note, we talk about the...

Sumeet Singh

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (October 22)

HK out-perform global peers with short selling abating and mainland buying increasing. Sun Art resumed trading as it entertains potential buyout...

David Mudd

Horizon Robotics (9660 HK) IPO: Valuation Insights

Our valuation analysis suggests that Horizon is unattractively valued at the IPO price range. Therefore, we would pass on the IPO.

Arun George

Hong Kong Connect Flows (Oct 18th): Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)