In today’s briefing:
- Pony.AI Hong Kong Public Offering Valuation Analysis
- PonyAI and WeRide Secondary HK Trading – Weakish Demand, WeRide Did Better but Trading Lower
- Microsoft’s OpenAI Conundrum
- Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.
- CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec
- Info -Tech Systems Limited Initiating Coverage
- Zebra Technologies: How Its RFID Empire Is Taking Over Multiple Industries!
- AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch
- Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!
- Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO
Pony.AI Hong Kong Public Offering Valuation Analysis
- Pony.ai has finalized the Hong Kong public offering price at HK$139 per share and it expects to raise HK$6.71 billion (US$860 million) from its planned secondary listing in Hong Kong.
- Our base case valuation of Pony.Ai is HK$178.2 per share over the next 6-12 months, which represents 28% higher than the Hong Kong public offering price.
- Given the solid upside, we have a Positive View of Pony.ai. Despite our Positive view, there have been increasing concerns about the overstretched valuations of major AI/tech related companies globally.
PonyAI and WeRide Secondary HK Trading – Weakish Demand, WeRide Did Better but Trading Lower
- Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the trading dynamics for the two deals.
Microsoft’s OpenAI Conundrum
- In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
- The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide.
- Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently
Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.
- Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
- It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
- At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.
CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec
- All Winner Technology (300458 CH) could replace StarPower Semiconductor (603290 CH) in the CES China Semiconductor Chips Index at the close of trading on 12 December.
- Cambricon Technologies Lt (688256 CH)‘s index weight is currently higher than 10% and the stock will be capped to limit its index weight.
- The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.
Info -Tech Systems Limited Initiating Coverage
- Info -Tech is led by Mr. Ricky Lim, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co -founder and Chief Executive Officer.
- The business remains founder -led, with senior management comprising long -serving functional heads across product, technology, and sales.
- Ownership is concentrated among the founder and key management, aligning incentives with long – term growth and profitability.
Zebra Technologies: How Its RFID Empire Is Taking Over Multiple Industries!
- Zebra Technologies reported its third-quarter 2025 results, surpassing its initial outlook.
- The company posted $1.3 billion in sales, representing a year-on-year increase of 5%.
- Adjusted EBITDA margin improved slightly by 20 basis points to 21.6%, and non-GAAP diluted EPS rose by 11% to $3.88.
AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch
- Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
- More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
- Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.
Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!
- Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.
- This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.
- The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.
Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO
- Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.
- Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
- I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
