Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

Unisound AI Technology / Equity Bottom-Up

Unisound AI Technology Co., Ltd. develops speech recognition and language processing software. The Company provides voice input method, language control robots for smart home, smart car, smart medical, smart education, and other fileds. Unisound AI Technology markets its products throughout China.

<ul>
<li>Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.</li>
<li>The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.</li>
<li>The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.</li>
</ul>


Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.


Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

Equity Capital Markets

CiDi is a leading provider of autonomous driving technology for commercial vehicles in China with a focus on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

<ul>
<li>CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.</li>
<li>The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.</li>
<li>The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.</li>
</ul>


CiDi Inc., China's leading provider of AD technology for commercial vehicles, plans to go public in Hong Kong in December or January at the latest.
The AD company may seek to raise up to $US200M for development of its CiDiTruck, R&amp;D, improvement of commercialization capabilities, and enhancing the international footprint, among others.
The IPO looks promising after Pony AI and WeRide jointly raised ~US$1.2B in their public share offerings in Hong Kong this year.


CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

<ul>
<li>Klarna Group had a successful IPO in September, but shares were volatile in October and November along with Affirm Holdings and other BNPL market players.</li>
<li>A Swedish first mover in the BNPL space went public at $40.00 per share, raising ~$169M of net proceeds. Selling shareholders offloaded ~$1.2B worth of Klarna Group shares.  </li>
<li>Klarna Group reported record results in 3Q as a public company, surpassing analyst expectations. However, net loss widened to $95M and provisions for credit losses jumped.</li>
</ul>


Klarna Group had a successful IPO in September, but shares were volatile in October and November along with Affirm Holdings and other BNPL market players.
A Swedish first mover in the BNPL space went public at $40.00 per share, raising ~$169M of net proceeds. Selling shareholders offloaded ~$1.2B worth of Klarna Group shares.  
Klarna Group reported record results in 3Q as a public company, surpassing analyst expectations. However, net loss widened to $95M and provisions for credit losses jumped.


Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

<ul>
<li>Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.</li>
<li>In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.</li>
<li>Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  </li>
</ul>


Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  


Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

Klook Technology Limited operates as a holding company. The Company, through its subsidiaries, provides an online platform which connects travelers with merchants offering an array of activities, tours, attractions, and other travel services. Klook Technology serves customers worldwide.

<ul>
<li>Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.</li>
<li>The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.</li>
</ul>


Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.


Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Andrei Zakharov
Covering IPOs, Healthcare and Technology Stocks

Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

Beijing-based Unisound AI Technology completed an initial public offering at HK$205/share, raising HK$251M of net proceeds. The company's early...

Andrei Zakharov

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...

Andrei Zakharov

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

Busy Ming Group is expected to IPO in Hong Kong soon. In my insight, I discuss in-depth analysis of business and operating metrics, IPO valuation...

Andrei Zakharov

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

​Beijing-based Unisound AI Technology completed an initial public offering at HK$205/share, raising HK$251M of net proceeds. The company's early...

Andrei Zakharov

CiDi Inc. IPO: PHIP Updates and Thoughts on Upcoming Offering In Hong Kong

​CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Andrei Zakharov

Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

​Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...

Andrei Zakharov

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

Busy Ming Group is expected to IPO in Hong Kong soon. In my insight, I discuss in-depth analysis of business and operating metrics, IPO valuation...

Andrei Zakharov

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

​Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Beijing-based Unisound AI Technology completed an initial public offering at HK$205/share, raising HK$251M of net proceeds. The company's early...

CiDi Inc. aims to raise up to US$200M in upcoming Hong Kong IPO. In my insight, I discuss IPO valuation, the most recent PHIP highlights and dive...

Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...