HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Robotphoenix Intelligent Technology / Equity Capital Markets

Robotphoenix Intelligent Technology (6871 HK)

<ul>
<li>To raise HK$679.2m of net proceeds, <a href="https://www.smartkarma.com/entities/robotphoenix-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48807:1" rel="noopener">Robotphoenix Intelligent Technology (6871 HK)</a>'s IPO is small. But this dedicated industrial robotics company is worth a bet.</li>
<li>Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.</li>
<li>We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. </li>
</ul>


To raise HK$679.2m of net proceeds, Robotphoenix Intelligent Technology (6871 HK)'s IPO is small. But this dedicated industrial robotics company is worth a bet.
Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.
We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. 


APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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.

Shenzhen LDRobot / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-ldrobot" target="_blank" data-smartkarma-citation="entities:48856:1" rel="noopener">Shenzhen LDRobot (1236DES HK)</a> raised around US$112m in its Hong Kong IPO.</li>
<li>Shenzhen LDRobot (LDR) is a robotics company focused on intelligent robot visual perception technology as well as the development of complete intelligent robots.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Shenzhen LDRobot (1236DES HK) raised around US$112m in its Hong Kong IPO.
Shenzhen LDRobot (LDR) is a robotics company focused on intelligent robot visual perception technology as well as the development of complete intelligent robots.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Shenzhen LDRobot IPO Trading - Strong Retail Appetite, Decent Insti Demand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.</li>
<li>The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively</li>
<li>Such valuation range based on IPO pricing is also close to peer <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/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus</a>. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.</li>
</ul>


The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.
The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively
Such valuation range based on IPO pricing is also close to peer Robosense and Geekplus. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.


Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-ldrobot" target="_blank" data-smartkarma-citation="entities:48856:1" rel="noopener">Shenzhen LDRobot (1236DES HK)</a> is looking to raise around US$127m in its upcoming Hong Kong IPO.</li>
<li>Shenzhen LDRobot (LDR) is a robotics company focused on intelligent robot visual perception technology as well as the development of complete intelligent robots.</li>
<li>In this note, we talk about the company's past performance and valuations.</li>
</ul>



Shenzhen LDRobot (1236DES HK) is looking to raise around US$127m in its upcoming Hong Kong IPO.
Shenzhen LDRobot (LDR) is a robotics company focused on intelligent robot visual perception technology as well as the development of complete intelligent robots.
In this note, we talk about the company's past performance and valuations.


Aequitas: Shenzhen LDRobot IPO - Strong Topline Momentum, Still Not Profitable

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

China

Shenzhen Ldrobot Co., Ltd develops and manufactures intelligent robotics. The Company produces robotic vacuum cleaners, robot lawn mowers, room service robots, restaurant service robots, inspection robots, and logistics robots. Shenzhen Ldrobot conducts businesses in Mainland China and Kong Kong.

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Shenzhen LDRobot (1236 HK)

Robotphoenix (6871) IPO: Worth a Bet

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Aequitas: Shenzhen LDRobot IPO Trading - Strong Retail Appetite, Decent Insti Demand

Shenzhen LDRobot raised $112m in HK IPO, focusing on intelligent robot visual perception technology and complete intelligent robots. Trading...

Hong Jie Seow

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Aequitas: Shenzhen LDRobot IPO - Strong Topline Momentum, Still Not Profitable

Shenzhen LDRobot plans to raise $127m in Hong Kong IPO, specializing in intelligent robot visual perception technology and complete robot...

Hong Jie Seow

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Robotphoenix (6871) IPO: Worth a Bet

​Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Aequitas: Shenzhen LDRobot IPO Trading - Strong Retail Appetite, Decent Insti Demand

​Shenzhen LDRobot raised $112m in HK IPO, focusing on intelligent robot visual perception technology and complete intelligent robots. Trading...

Hong Jie Seow

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

​Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Aequitas: Shenzhen LDRobot IPO - Strong Topline Momentum, Still Not Profitable

​Shenzhen LDRobot plans to raise $127m in Hong Kong IPO, specializing in intelligent robot visual perception technology and complete robot...

Hong Jie Seow

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Shenzhen LDRobot raised $112m in HK IPO, focusing on intelligent robot visual perception technology and complete intelligent robots. Trading...

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Shenzhen LDRobot plans to raise $127m in Hong Kong IPO, specializing in intelligent robot visual perception technology and complete robot...