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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$325m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.


WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a>, a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.    </li>
<li>It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.</li>
<li>The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.</li>
</ul>



WeRide (WRD US), a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing.    
It was listed on the Nasdaq on 25 October 2024, raising US$120 million at US$15.50 per ADS. Since listing, the shares are down 31%.
The investment case centres around accelerating revenue growth, progress towards mass commercialisation and valuation in line with historical averages. However, the path to profitability remains uncertain.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
In this note, we will talk about the lockup dynamics and possible placement.


Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

China

WeRide Inc. operates as a holding company. The Company, through its subsidiaries, provides autonomous driving technology solutions designs to cater to a broad spectrum of scenarios from urban environments to highways. WeRide serves customers worldwide.

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WeRide (WRD US)

WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong. In this note we talk about the deal structure and pricing.

Sumeet Singh

WeRide HK Listing: The Investment Case

WeRide, a provider of autonomous driving products and services, is seeking to raise between US$350 million through an HKEx listing. In this note, I...

Arun George

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.

Sumeet Singh

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Pony AI IPO Lockup - US$4.3bn Lockup Release with Stock at 69x EV/Sales

Pony AI (PONY US) raised around US$260m in its upsized US ADR listing in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

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