HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

Anker Innovations (668 HK) IPO: A Safe Play

SG Micro Corp (3661 HK) IPO: A High-Growth Play

Crealights Technology (1191 HK) IPO: Lighting Up

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a>'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. </li>
<li>We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.</li>
<li>At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.</li>
</ul>



Momenta Global (6880 HK)'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. 
We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.
At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.


Momenta Global (6880 HK) IPO: Priced for Perfection