Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.</li>
<li>The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.</li>
<li>The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.</li>
</ul>


CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.
The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.
The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.


CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK)</a> is looking to raise about US$200m 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 updates from its recent filing.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$200m 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 updates from its recent filing.


CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

<ul>
<li>CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.</li>
<li>The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.</li>
<li>The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.</li>
</ul>


CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.
The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.
The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.


CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.


Klook Pre-IPO - The Negatives - Disclosures Lagging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

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)

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment,...

Akshat Shah

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

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CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

CiDi Pre-IPO - PHIP Updates - 1H25 Highlighting The Need for Fresh Capital

CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment,...

Akshat Shah

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

​CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...