Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Shares of RoboSense Technology, a mass producer of LiDAR products and perception solutions, rose ~86% since IPO and outperformed Hesai Group and Hang Seng Index on a YTD basis.</li>
<li>Founder-Led LiDAR company priced its IPO at HK$43/share and raised ~HK$1B gross proceeds in January. RoboSense shares fell on first day of public trading on the Hong Kong stock exchange.</li>
<li>Today, RoboSense Technology became the most valuable LiDAR company in the world and is now valued at roughly $4.6B. </li>
</ul>


Shares of RoboSense Technology, a mass producer of LiDAR products and perception solutions, rose ~86% since IPO and outperformed Hesai Group and Hang Seng Index on a YTD basis.
Founder-Led LiDAR company priced its IPO at HK$43/share and raised ~HK$1B gross proceeds in January. RoboSense shares fell on first day of public trading on the Hong Kong stock exchange.
Today, RoboSense Technology became the most valuable LiDAR company in the world and is now valued at roughly $4.6B. 


RoboSense Technology: Pre-IPO Investors and Shareholders May Sell Shares As IPO Lock-Up Ends in July

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were only 12 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in the first quarter of the year. More than half the listings were in March.</li>
<li>Of those stocks, we only see <a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> having a chance of being added to the HSCI in June and then into Southbound Stock Connect.</li>
<li>There is a big lock-up expiry for <a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> in July and that should keep the stock under pressure.</li>
</ul>


There were only 12 new listings on the Main Board of the HKEX (388 HK) in the first quarter of the year. More than half the listings were in March.
Of those stocks, we only see Robosense Technology (2498 HK) having a chance of being added to the HSCI in June and then into Southbound Stock Connect.
There is a big lock-up expiry for Robosense Technology (2498 HK) in July and that should keep the stock under pressure.


HSCI Index Rebalance Preview: Robosense (2498 HK) Could Be Added in June

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</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</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 not-so-positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
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 not-so-positive aspects of the deal.


Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.</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 positive aspects of the deal.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities.
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 positive aspects of the deal.


Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/sino-synergy-hydrogen-energy-technology" target="_blank" data-smartkarma-citation="entities:40364:1" rel="noopener">Sino-Synergy Hydrogen Energy Technology (9663 HK)</a> and <a href="https://www.smartkarma.com/entities/dekon-food-and-agriculture-group" target="_blank" data-smartkarma-citation="entities:36756:1" rel="noopener">Dekon Food</a> didn't do much even as other are lining up to try their luck.</li>
<li>On the placements front, Japan and India flows continue like there is no tomorrow.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Sino-Synergy Hydrogen Energy Technology (9663 HK) and Dekon Food didn't do much even as other are lining up to try their luck.
On the placements front, Japan and India flows continue like there is no tomorrow.


ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

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)

RoboSense Technology: Pre-IPO Investors and Shareholders May Sell Shares As IPO Lock-Up Ends in July

I maintain a bearish view on the high-growth name due to high valuation relative to peers and expect the stock will underperform in July and August

Andrei Zakharov

HSCI Index Rebalance Preview: Robosense (2498 HK) Could Be Added in June

Robosense (2498 HK) could be added to the HSCI at the close on 7 June and to Stock Connect from the open 11 June. There is a big lock-up expiry on...

Brian Freitas

Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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RoboSense Technology: Pre-IPO Investors and Shareholders May Sell Shares As IPO Lock-Up Ends in July

​I maintain a bearish view on the high-growth name due to high valuation relative to peers and expect the stock will underperform in July and August

Andrei Zakharov

HSCI Index Rebalance Preview: Robosense (2498 HK) Could Be Added in June

Robosense (2498 HK) could be added to the HSCI at the close on 7 June and to Stock Connect from the open 11 June. There is a big lock-up expiry on...

Brian Freitas

Horizon Robotics Pre-IPO - The Negatives - Large Part of the Growth Stems from Its JV

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Horizon Robotics Pre-IPO - The Positives - Rapid Revenue Growth

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

I maintain a bearish view on the high-growth name due to high valuation relative to peers and expect the stock will underperform in July and August