HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

TecDo Technology / Equity Capital Markets

<ul>
<li>The core of TecDo's business model is to utilize AI technology to provide customers with result-centric marketing solutions.This is not traditional "traffic reselling”, but a value-sharing based on technological empowerment.</li>
<li>As a rare AI-native global marketing platform, TecDo would enjoy a certain valuation premium. Our view is valuation of TecDo would be higher than <a href="https://www.smartkarma.com/entities/mobvista" target="_blank" data-smartkarma-citation="entities:27574:1" rel="noopener">Mobvista</a>, but lower than AppLovin.</li>
<li>TecDo's media resources are highly concentrated on a few global platforms.If TecDo cannot continuously demonstrate its independence or irreplaceability of the traffic/channels, the logic behind high valuation would be challenged.</li>
</ul>


The core of TecDo's business model is to utilize AI technology to provide customers with result-centric marketing solutions.This is not traditional "traffic reselling”, but a value-sharing based on technological empowerment.
As a rare AI-native global marketing platform, TecDo would enjoy a certain valuation premium. Our view is valuation of TecDo would be higher than Mobvista, but lower than AppLovin.
TecDo's media resources are highly concentrated on a few global platforms.If TecDo cannot continuously demonstrate its independence or irreplaceability of the traffic/channels, the logic behind high valuation would be challenged.


Pre-IPO TecDo Technology - The Investment Logic, the Concerns and the Outlook

APAC IPOs & Placements, Aequitas Research

Sharan Shankarnarayan

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tecdo-technology-co-limited" target="_blank" data-smartkarma-citation="entities:47571:1" rel="noopener">TecDo Technology (1994647D CH)</a> (TECDOT) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, JPM and GF Sec.</li>
<li>TECDOT is an AI mar-tech company delivering marketing solutions for global business growth. Powered by Tec-Chi multi-modal large language models, enterprises leverage its marketing solutions to drive customer acquisition worldwide.</li>
<li>TECDOT launched Navos in 2025, described by F&amp;S as one of the world’s first marketing multi-agent applications, an AI platform that manages campaigns and converts natural-language prompts into marketing content.</li>
</ul>



TecDo Technology (1994647D CH) (TECDOT) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, JPM and GF Sec.
TECDOT is an AI mar-tech company delivering marketing solutions for global business growth. Powered by Tec-Chi multi-modal large language models, enterprises leverage its marketing solutions to drive customer acquisition worldwide.
TECDOT launched Navos in 2025, described by F&amp;S as one of the world’s first marketing multi-agent applications, an AI platform that manages campaigns and converts natural-language prompts into marketing content.


Aequitas: TecDo Technology Co Limited Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals are set to list in the coming week.</li>
<li>On the placement front, Nintendo's placement appears to be shaping up fine.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals are set to list in the coming week.
On the placement front, Nintendo's placement appears to be shaping up fine.


Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

China

Tec-Do, headquartered in Guangzhou, is dedicated to empowering businesses with AI technology for global commercial success. Building on our "Martech Multi-Agent" and " Tec-Chi" technology architecture, we provide an end-to-end AI solution encompassing global market insight, creative generation, and intelligent advertising delivery.

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Pre-IPO TecDo Technology - The Investment Logic, the Concerns and the Outlook

​TecDo's AI-driven model offers value-sharing through technology, leading to higher valuation than Mobvista but lower than AppLovin. But...

Xinyao (Criss) Wang

Aequitas: TecDo Technology Co Limited Pre-IPO Tearsheet

TecDo Technology (1994647D CH) (TECDOT) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, JPM and GF Sec.

Sharan Shankarnarayan

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

TecDo's AI-driven model offers value-sharing through technology, leading to higher valuation than Mobvista but lower than AppLovin. But...