Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Momenta Global launched Hongkong IPO aiming to raise up to HK$5.9B (~ US$ 752M). Momenta develop and commercialize driving automation technologies to improve safety and efficiency in mobility and logistics.  </li>
<li>Momenta Global intends to use the IPO proceeds to enhance R&amp;D capabilities, accelerate commercialization, product innovation, strengthen OEM partnerships and working capital etc.</li>
<li>Continued R&amp;D efforts alongside more deployment in vehicles augur well for future growth plans. Valuation might seem stretched but immense room for scalable growth very much still left.  </li>
</ul>


Momenta Global launched Hongkong IPO aiming to raise up to HK$5.9B (~ US$ 752M). Momenta develop and commercialize driving automation technologies to improve safety and efficiency in mobility and logistics.  
Momenta Global intends to use the IPO proceeds to enhance R&amp;D capabilities, accelerate commercialization, product innovation, strengthen OEM partnerships and working capital etc.
Continued R&amp;D efforts alongside more deployment in vehicles augur well for future growth plans. Valuation might seem stretched but immense room for scalable growth very much still left.  


Momenta Global IPO: Growth On Auto Pilot Mode

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

UISEE Technologies (Beijing) / Equity Capital Markets

<ul>
<li>UISEE's competitive strategy is "achieving excellence in specific market segments" . It does not aim for full-scale coverage across all open-road scenarios, but instead builds deep moat in closed scenarios.</li>
<li>The advantage of UISEE's strategy lies in a clear commercialization path and lower regulatory risks.The disadvantage is that market size has a limited ceiling and UISEE faces challenges from giants.</li>
<li>The RMB7.3bn Pre-IPO valuation is due to optimistic expectations on UISEE. However, the secondary market focuses more on profit model rather than just technical story.Future valuation could be under pressure.</li>
</ul>


UISEE's competitive strategy is "achieving excellence in specific market segments" . It does not aim for full-scale coverage across all open-road scenarios, but instead builds deep moat in closed scenarios.
The advantage of UISEE's strategy lies in a clear commercialization path and lower regulatory risks.The disadvantage is that market size has a limited ceiling and UISEE faces challenges from giants.
The RMB7.3bn Pre-IPO valuation is due to optimistic expectations on UISEE. However, the secondary market focuses more on profit model rather than just technical story.Future valuation could be under pressure.


Pre-IPO UISEE Technologies (PHIP Updates) - The Business, the Concerns and the Outlook

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.

AVATR Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avatr-technology" target="_blank" data-smartkarma-citation="entities:46089:1" rel="noopener">AVATR Technology</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: AVATR Global Pre-IPO - The Negatives - More of a Subsidiary

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avatr-technology" target="_blank" data-smartkarma-citation="entities:46089:1" rel="noopener">AVATR Technology</a>  is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



AVATR Technology  is looking to raise about US$1bn in its upcoming Hong Kong IPO.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
In this note, we talk about the positive aspects of the deal.


Aequitas: AVATR Global Pre-IPO - The Positives - Rapid Sales Ramp Up,

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 53 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 532.</li>
<li>We expect 44 of the 53 HSCI inclusions to be Stock Connect adds from the open on 9 March. 25 of the 28 deletions could be removed from Stock Connect.</li>
<li>On average, stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect.</li>
</ul>


There are 53 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 532.
We expect 44 of the 53 HSCI inclusions to be Stock Connect adds from the open on 9 March. 25 of the 28 deletions could be removed from Stock Connect.
On average, stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect.


HSCI Index Rebalance: 53 Adds, 28 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

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)

Momenta Global IPO: Growth On Auto Pilot Mode

Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

Tina Banerjee

Pre-IPO UISEE Technologies (PHIP Updates) - The Business, the Concerns and the Outlook

UISEE's competitive strategy focuses on excellence in closed scenarios, with advantage in a clear commercialization path, but face challenges from...

Xinyao (Criss) Wang

Aequitas: AVATR Global Pre-IPO - The Negatives - More of a Subsidiary

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas: AVATR Global Pre-IPO - The Positives - Rapid Sales Ramp Up,

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

HSCI Index Rebalance: 53 Adds, 28 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 53 adds and 28 deletes for the HSCI in March. For Stock Connect, we expect 44 adds and 25 deletes. The forecast Connect adds have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Momenta Global IPO: Growth On Auto Pilot Mode

​Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

Tina Banerjee

Pre-IPO UISEE Technologies (PHIP Updates) - The Business, the Concerns and the Outlook

​UISEE's competitive strategy focuses on excellence in closed scenarios, with advantage in a clear commercialization path, but face challenges from...

Xinyao (Criss) Wang

Aequitas: AVATR Global Pre-IPO - The Negatives - More of a Subsidiary

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Aequitas: AVATR Global Pre-IPO - The Positives - Rapid Sales Ramp Up,

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

HSCI Index Rebalance: 53 Adds, 28 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 53 adds and 28 deletes for the HSCI in March. For Stock Connect, we expect 44 adds and 25 deletes. The forecast Connect adds have...

Brian Freitas

Momenta launches Hong Kong IPO to raise up to HK$5.9B aiming to enhance R&D, accelerate commercialization. Will slowly scale up and has enough...

UISEE's competitive strategy focuses on excellence in closed scenarios, with advantage in a clear commercialization path, but face challenges from...