In today’s briefing:
- CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
- Pony AI HK Dual Primary Listing: The Investment Case
- SoftBank Soared. And This Hidden AI Power Play Could Be Next
- Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
- Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC’s Prices Spur Samsung Interest
- Nota IPO Bookbuilding Analysis
- TXN 3Q25: Peak Revenue Growth (Recovery) Is Behind Us, Consensus Too High, Stock a Bit Expensive.
- Correction: CCC Intelligent Solutions (CCCS)
- Horizon Robotics IPO Lockup – Last of the Lockups, Large Pre-IPO Investors Still Holding On
- Singular Health Group Ltd – Reinventing medical imaging connectivity
CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
- Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
- It is a provider of critical infrastructure components for the development of AI.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Pony AI HK Dual Primary Listing: The Investment Case
- Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.
- It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
- The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full.
SoftBank Soared. And This Hidden AI Power Play Could Be Next
- AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
- A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
- So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.
Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
- Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
- From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
- Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.
Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC’s Prices Spur Samsung Interest
- MediaTek Joins Forces with NVIDIA on the GB10 Superchip — Locally-Run AI Models Are Coming to Your Desktop
- TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
- Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little
Nota IPO Bookbuilding Analysis
- Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
- Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won).
- Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.
TXN 3Q25: Peak Revenue Growth (Recovery) Is Behind Us, Consensus Too High, Stock a Bit Expensive.
- The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q.
- 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
- Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.
Correction: CCC Intelligent Solutions (CCCS)
- We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
- Those sales exist, but in much smaller number than we reported.
- We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.
Horizon Robotics IPO Lockup – Last of the Lockups, Large Pre-IPO Investors Still Holding On
- Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
- Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
- In this note, we will talk about the lockup dynamics and possible placement.
Singular Health Group Ltd – Reinventing medical imaging connectivity
- Singular Health Group Limited (ASX:SHG) is an Australian medtech company focused on improving medical data interoperability.
- Its flagship software, 3DICOMTM, enables the seamless sharing of medical images across incompatible systems – reducing inefficiencies and unnecessary costs.
- The platform is FDA-cleared in the US and SHG recently secured its first major US commercial deal with Provider Network Solutions (PNS), a Managed Service Organisation (MSO) that works with health plans (health insurers), primary care providers and specialists.
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