External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>SenseTime reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.</li><li>The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).</li><li>The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime reported 1H26 results: total revenue was up by 23% YoY to RMB2.91bn, largely in line with Visible Alpha (VA) consensus estimates; adjusted net loss narrowed by 67% YoY to RMB386mn, better than consensus estimate of RMB523mn loss, mainly thanks to the enhanced efficiency and RMB521mn gains on disposal of subsidiaries.The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).The strong RR growth reflects the successful transformation of SenseTime’s business model – from one-off project delivery to ongoing and sustainable revenue streams. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - Strong revenue growth and margin expansion fuelled by robust AI demand

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC <a href="http://www.csrc.gov.cn/csrc/c100028/c7474875/content.shtml" target="_blank" rel="noopener">announced</a> Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.</li>
<li>They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.</li>
<li>RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.</li>
</ul>


A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.


RMB Dual Counter Trading Is Coming - This Changes AH Relationships

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/sensetime-group-inc-class-b">SenseTime</a> is a leading Chinese AI software company, strategically pivoting from traditional computer vision to a full-stack Generative AI powerhouse with its SenseNova platform. This shift is driving a significant portion of its revenue growth, though the company remains unprofitable.</li>
 <li>The company faces a dual-edged sword of geopolitical risk and opportunity. U.S. sanctions restrict access to certain technologies and capital markets, creating operational headwinds. However, this has also solidified its position within China's push for technological self-sufficiency, aligning it with national strategic goals.</li>
 <li>Financial performance is characterized by strong revenue growth, particularly from its Generative AI segment, but is overshadowed by substantial net losses and significant cash burn. The path to profitability remains a key concern for investors, contingent on scaling its high-margin AI-as-a-Service (MaaS) offerings and controlling R&amp;D expenditures.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
SenseTime is a leading Chinese AI software company, strategically pivoting from traditional computer vision to a full-stack Generative AI powerhouse with its SenseNova platform. This shift is driving a significant portion of its revenue growth, though the company remains unprofitable.
  The company faces a dual-edged sword of geopolitical risk and opportunity. U.S. sanctions restrict access to certain technologies and capital markets, creating operational headwinds. However, this has also solidified its position within China's push for technological self-sufficiency, aligning it with national strategic goals.
  Financial performance is characterized by strong revenue growth, particularly from its Generative AI segment, but is overshadowed by substantial net losses and significant cash burn. The path to profitability remains a key concern for investors, contingent on scaling its high-margin AI-as-a-Service (MaaS) offerings and controlling R&amp;D expenditures.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<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> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

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>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

China

SenseTime is a leading artificial intelligence software company that researches, develops, and sells AI software platforms. It provides AI technologies across generative AI, traditional AI, and smart auto, enabling digital transformation for enterprises, smart city management, and applications in IoT, Metaverse, smart health, and automotive. The company was founded in 2014 and is headquartered in Hong Kong.

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SenseTime (20 HK)

SenseTime (20 HK) - Strong revenue growth and margin expansion fuelled by robust AI demand

The company introduced and disclosed Recurring Revenue (RR) of RMB1.14bn in 1H26, up by 124% YoY and representing 39% of total revenue (1H25: 22%).

CMB International

RMB Dual Counter Trading Is Coming - This Changes AH Relationships

1 year+ after the CSRC said it was working towards expanding HKD RMB dual counter trading in HK, making RMB counters eligible, last month through...

Travis Lundy

Primer: SenseTime (20 HK) - Aug 2026

SenseTime is a leading Chinese AI software company, strategically pivoting from traditional computer vision to a full-stack Generative AI...

αSK Primers

Robosense Technology, Driving in the Fast Lane While No One Is Looking

In June Robosense became the first company in the world to achieve the production of its 1,000,000th solid state LiDAR unit. The company announces...

David Mudd

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

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