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.

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a> intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.</li>
<li>The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".</li>
<li>We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. </li>
</ul>



Unitree Robotics (UNITREE CH) intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.
The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".
We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. 


Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis