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

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.</li>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.</li>
<li>
Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense</a> and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai</a>
</li>
</ul>



LiDAR adoption accelerating. The TAM remains larger than consensus implies for further years, driven by rising ADAS penetration and expanding Robotics use cases across China and Globally.

Robosense Technology (2498 HK) lagged in 1H25 but recovering now. 1H25 execution issues reverse in 2H25 as EMX ramps and anchor customers penetration rises, bringing shipments back to consensus levels.

Long-Term optionality intact. Robotics growth, overseas programs, and new fusion products position RoboSense for structural upside as global LiDAR adoption broadens through 2026–2030. Within LiDAR, We like both Robosense and Hesai



RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.</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, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.
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, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.


HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Pateo Connect Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pateo-connect-technology" target="_blank" data-smartkarma-citation="entities:43712:1" rel="noopener">Pateo Connect Technology (PTC HK)</a> raised around US$140m in its HK IPO.</li>
<li>It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Pateo Connect Technology (PTC HK) raised around US$140m in its HK IPO.
It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.
In this note, we will talk about the demand and trading dynamics.


Pateo Connect IPO Trading: Weak Institutional Subscription

Akshat Shah

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

China

RoboSense is an AI-driven robotics technology company that provides industry-leading LiDAR sensors and perception solutions. The company's products are used in advanced driver assistance systems, autonomous driving, and various robotics applications. Founded in 2014, RoboSense is headquartered in Shenzhen, China.

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RoboSense (2498 HK)

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

RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

Pateo Connect IPO Trading: Weak Institutional Subscription

Pateo Connect (PTC) raised around US$140m in its HK IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

​LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.

Raj S, CA, CFA

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

Pateo Connect IPO Trading: Weak Institutional Subscription

Pateo Connect (PTC) raised around US$140m in its HK IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

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

LiDAR adoption accelerating with Robosense Technology poised for recovery and long-term growth potential in expanding global market through 2030.