Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

MegaRobo Technologies / Equity Capital Markets

<ul>
<li>MegaRobo Technologies files for Hong Kong IPO and seeks fresh funding to expand production capacity, accelerate R&amp;D efforts and improve working capital.</li>
<li>The rapidly growing autonomous agent provider in robotics applications in China did not disclose the proposed size and price range for the share sale in filings. </li>
<li>MegaRobo Technologies is enjoying healthy ~40% growth. I estimate the company’s TAM is ~$4.7B in 2024 and is expected to grow to ~$19B by 2030 only in China.</li>
</ul>


MegaRobo Technologies files for Hong Kong IPO and seeks fresh funding to expand production capacity, accelerate R&amp;D efforts and improve working capital.
The rapidly growing autonomous agent provider in robotics applications in China did not disclose the proposed size and price range for the share sale in filings. 
MegaRobo Technologies is enjoying healthy ~40% growth. I estimate the company’s TAM is ~$4.7B in 2024 and is expected to grow to ~$19B by 2030 only in China.


MegaRobo Technologies IPO Valuation Analysis: Headed For $1B+ Public Market Debut In Hong Kong

<ul>
<li>MegaRobo Technologies, AI &amp; robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.</li>
<li>Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.</li>
<li>The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.</li>
</ul>


MegaRobo Technologies, AI &amp; robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.


MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

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.

Kioxia Holdings  / Equity Capital Markets

<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, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> launched its IPO, while <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> has been pre-marketing.</li>
<li>On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.</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, Foshan Haitian Flavouring &amp; Food (603288 CH) launched its IPO, while Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) has been pre-marketing.
On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.


ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 13th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent, Xiaomi, Alibaba, Kuaishou, Xpeng.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent, Xiaomi, Alibaba, Kuaishou, Xpeng.


HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia Technology (1070 HK)</a> are the prime beneficiaries of Trump's tariff exemption.</li>
<li>On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.</li>
<li>There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. </li>
</ul>



Lenovo (992 HK), AAC Technologies Holdings (2018 HK), BYD Electronics (285 HK), and Tcl Multimedia Technology (1070 HK) are the prime beneficiaries of Trump's tariff exemption.
On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.
There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. 


China & HK Strategy: Tariff Exemption Beneficiaries

Hong Kong

XtalPi Holdings Limited develops quantum physics-based, artificial intelligence (AI)-powered, and robotics-driven integrated technology platform. The Company offers quantum physics-based first-principles calculation, cloud computing, and scalable standardized robotic automation for pharmaceutical material, and other fields. XtalPi Holdings serves customers worldwide.

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XtalPi Holdings (2228 HK)

MegaRobo Technologies IPO Valuation Analysis: Headed For $1B+ Public Market Debut In Hong Kong

MegaRobo Technologies is expected to IPO in third quarter of 2025. In my insight, I discuss IPO valuation, DCF analysis, and key investments risks.

Andrei Zakharov

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

MegaRobo Technologies, AI & robotics unicorn, files for IPO in Hong Kong with strong backing but faces challenges with negative cash flows and...

Andrei Zakharov

ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

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

HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent,...

Ke Yan, CFA, FRM

China & HK Strategy: Tariff Exemption Beneficiaries

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MegaRobo Technologies IPO Valuation Analysis: Headed For $1B+ Public Market Debut In Hong Kong

​MegaRobo Technologies is expected to IPO in third quarter of 2025. In my insight, I discuss IPO valuation, DCF analysis, and key investments risks.

Andrei Zakharov

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

​MegaRobo Technologies, AI & robotics unicorn, files for IPO in Hong Kong with strong backing but faces challenges with negative cash flows and...

Andrei Zakharov

ECM Weekly (16 June 2025) - Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

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

HK Connect Flows Weekly (Jun 13th): BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for BYD, Meituan, CCB, Innovent Biologics, Petrochina, Tencent,...

Ke Yan, CFA, FRM

China & HK Strategy: Tariff Exemption Beneficiaries

​Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

MegaRobo Technologies is expected to IPO in third quarter of 2025. In my insight, I discuss IPO valuation, DCF analysis, and key investments risks.

MegaRobo Technologies, AI & robotics unicorn, files for IPO in Hong Kong with strong backing but faces challenges with negative cash flows and...

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...