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

DZT Research

DZT 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.

Index Rebalance

<ul>
<li>We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.</li>
<li>Both of the ADD candidates are well within the ADD zone.</li>
<li>One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.</li>
</ul>


We screen the HS TECH eligible universe ahead of the index's May 2026 quarterly review.
Both of the ADD candidates are well within the ADD zone.
One delete is now in the forced delete zone at rank 37, the second remains in the buffer zone.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.</li>
<li>While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.</li>
<li>Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.</li>
</ul>


My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.
While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.
Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.


Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

<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, three mid-cap companies are set to list later today in Hong Kong.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</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, three mid-cap companies are set to list later today in Hong Kong.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

<ul>
<li>Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.</li>
<li>The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.</li>
<li>Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.</li>
</ul>


Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.
The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.
Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.


Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

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)

HS TECH Index May 2026 Review Forecast

HS TECH May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

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

Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

In my insight, I examine in-depth competitive landscape, valuation comps and discuss IPO valuation for Unitree Robotics. The offering is worth...

Andrei Zakharov

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