Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

Unisound AI Technology / Equity Bottom-Up

<ul>
<li>Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.</li>
<li>The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.</li>
<li>The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.</li>
</ul>


Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.


Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

<ul>
<li>Unisound AI Technology, a founder-led AI solution provider with focus on conversational AI products and speech recognition technologies, completed its IPO in Hong Kong in June.</li>
<li>Beijing based AI company priced an initial public offering at HK$205.00/share, raising ~HK$251M of net proceeds. The stock is up ~248% from its IPO price at Monday’s close.  </li>
<li>Unisound AI’s market cap today is on a par with market cap of SenseTime and 2x bigger than Beijing Fourth Paradigm. All these companies have the similar growth profiles.</li>
</ul>


Unisound AI Technology, a founder-led AI solution provider with focus on conversational AI products and speech recognition technologies, completed its IPO in Hong Kong in June.
Beijing based AI company priced an initial public offering at HK$205.00/share, raising ~HK$251M of net proceeds. The stock is up ~248% from its IPO price at Monday’s close.  
Unisound AI’s market cap today is on a par with market cap of SenseTime and 2x bigger than Beijing Fourth Paradigm. All these companies have the similar growth profiles.


Unisound AI (9678.HK): ~US$6.5B Market Cap, ADTV ~US$6M, Is Secondary Share Sale On The Deck?

Equity Capital Markets

Unisound AI Technology / Equity Capital Markets

<ul>
<li>Unisound AI Technology, Chinese AI startup with focus on intelligent voice and speech processing technologies, priced its IPO at HK$205.00 per share, top of a range.</li>
<li>Beijing based AI company raised ~HK$320M in this offering, of which cornerstone investors acquired ~HK$95M worth of shares or ~30% of the total offer H shares.</li>
<li>The claw-back was triggered due to strong retail demand. The HK offering was ~92 times oversubscribed, and the allocation was increased to 624,400 H shares.</li>
</ul>


Unisound AI Technology, Chinese AI startup with focus on intelligent voice and speech processing technologies, priced its IPO at HK$205.00 per share, top of a range.
Beijing based AI company raised ~HK$320M in this offering, of which cornerstone investors acquired ~HK$95M worth of shares or ~30% of the total offer H shares.
The claw-back was triggered due to strong retail demand. The HK offering was ~92 times oversubscribed, and the allocation was increased to 624,400 H shares.


Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unisound-ai-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36800:1" rel="noopener">Unisound AI Technology (9678 HK)</a> is set to debut on the HKEX on 30 June 2025, at a market cap of ~$1.9bn, raising just ~$40m.</li>
<li>Current shareholders and cornerstone investors are locked for twelve months keeping the free float below the minimum threshold of Global Indices until 30 June 2026.</li>
<li>The security is forecasted to be added to Global indices at the August and September 2026 reviews following the 12-month lock-up expiry.</li>
</ul>



Unisound AI Technology (9678 HK) is set to debut on the HKEX on 30 June 2025, at a market cap of ~$1.9bn, raising just ~$40m.
Current shareholders and cornerstone investors are locked for twelve months keeping the free float below the minimum threshold of Global Indices until 30 June 2026.
The security is forecasted to be added to Global indices at the August and September 2026 reviews following the 12-month lock-up expiry.


Unisound AI Technology (9678 HK): Unambitious IPO & Global Index Inclusion

<ul>
<li>Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.</li>
<li>The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  </li>
<li>Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.</li>
</ul>


Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.
The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  
Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.


Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn

China

Unisound AI Technology Co., Ltd. develops speech recognition and language processing software. The Company provides voice input method, language control robots for smart home, smart car, smart medical, smart education, and other fileds. Unisound AI Technology markets its products throughout China.

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Unisound AI Technology (9678 HK)

Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

Beijing-based Unisound AI Technology completed an initial public offering at HK$205/share, raising HK$251M of net proceeds. The company's early...

Andrei Zakharov

Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation

Unisound AI priced its IPO in Hong Kong at HK$205.00/share, top of a range. I remain cautious about buying shares post-IPO and see downside...

Andrei Zakharov