ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB
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.
796 Views
Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On
Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...
1.5k Views
WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum
WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.
890 Views
China Resources Beverage IPO Lockup - US$1bn+ PE Release
China Resources Beverage (2460 HK) (CRB) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its PE investor is set to expire...
602 Views
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...
1k Views