Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Maxnerva Technology Services / Event-Driven

<ul>
<li>On the 27th July 2026, IT integrator <strong><a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a></strong> announced its two top shareholders - FSK and FDG - had entered into SPA's with Foxconn at HK$0.6374/share.</li>
<li>Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn's stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share. </li>
<li>Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It's a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition. </li>
</ul>


On the 27th July 2026, IT integrator Maxnerva Technology Services (1037 HK) announced its two top shareholders - FSK and FDG - had entered into SPA's with Foxconn at HK$0.6374/share.
Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn's stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share. 
Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It's a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition. 


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. </li>
<li>Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.</li>
<li>Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). </li>
</ul>


Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. 
Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). 


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.</li>
<li>Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.</li>
<li>On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.</li>
</ul>



Unitree Robotics (688836 CH) will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.
Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.
On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.


Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).


HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a> intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.</li>
<li>The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".</li>
<li>We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. </li>
</ul>



Unitree Robotics (UNITREE CH) intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.
The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".
We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. 


Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

China

UBTECH Robotics is a leading company specializing in the research, development, design, production, and commercialization of humanoid and smart service robots. Their product offerings include AI education solutions, smart logistics robots, and various sector-tailored service robots. The company was founded in March 2012 and is headquartered in Shenzhen, China.

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UBTECH Robotics (9880 HK)

Maxnerva Tech (1037 HK): Foxconn's MGO

If illiquid arbs are your thing, get involved here, either for the MGO (current 6.2% spread); or for the back-end re-rate.

David Blennerhassett

Unitree Robotics IPO Preview

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Maxnerva Tech (1037 HK): Foxconn's MGO

If illiquid arbs are your thing, get involved here, either for the MGO (current 6.2% spread); or for the back-end re-rate.

David Blennerhassett

Unitree Robotics IPO Preview

​Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

​Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

​Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...

Osbert Tang, CFA

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...