Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

<ul>
<li>GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.</li>
<li>In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.</li>
<li>The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.</li>
</ul>


GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.
In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.
The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.


2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

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., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.</li>
<li>The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.</li>
<li>The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.</li>
</ul>


CiDi Inc., a Changsha-based developer of autonomous driving systems for commercial vehicles, is expected to IPO next week. CICC, China Securities and Ping An Securities are leading the offering.
The company’s technology powers driverless mining trucks in open-pit mines and other mining processes, segments seen as more commercially ready than urban passenger robotaxis.
The fixed IPO offer price of HK$263.00 implies a market cap of ~HK$11.5B or ~US$1.5B. Cornerstone investors collectively agreed to acquire ~HK$550m worth of CiDi shares in this IPO.


CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Beijing Geekplus Technology Co., Ltd. manufactures and distributes intelligent robotic products. The Company produces picking systems, moving systems, sorting systems, storage retrieval systems, and other robotic systems for intelligent logistics automation solutions. Beijing Geekplus Technology markets its products worldwide.

<ul>
<li>In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.</li>
<li>A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. </li>
<li>The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.</li>
</ul>


In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. 
The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.


Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

52TOYS Development / Equity Capital Markets

<ul>
<li>52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.</li>
<li>In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.</li>
<li>52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. </li>
</ul>


52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. 


52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

TOP TOY International Group / Equity Capital Markets

<ul>
<li>TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.</li>
<li>In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.</li>
<li>TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.</li>
</ul>


TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.
In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.
TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.


TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?

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

2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

GitLab Inc., the leading DevSecOps platform provider that delivers software faster and efficiently, is my 2026 high conviction idea in the U.S....

Andrei Zakharov

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...

Andrei Zakharov

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?

TOP TOY, a fast-growing pop-culture collectibles brand company, is preparing for HK IPO. I have positive view of upcoming IPO and believe the...

Andrei Zakharov

2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

GitLab Inc., the leading DevSecOps platform provider that delivers software faster and efficiently, is my 2026 high conviction idea in the U.S....

Andrei Zakharov

CiDi Inc. IPO (3881.HK): Global Offering, A Pure-Play Bet On Industrial Autonomous Mining

Changsha-based CiDi Inc. is expected to IPO next week. The IPO valuation looks reasonable relative to WeRide and Pony AI. The CiDi Inc. stock is...

Andrei Zakharov

Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

​I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...

Andrei Zakharov

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

​Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?

TOP TOY, a fast-growing pop-culture collectibles brand company, is preparing for HK IPO. I have positive view of upcoming IPO and believe the...

Andrei Zakharov

I revised my 2025/2026 revenue estimates for Geek+ and see a compelling entry point for long-term investors as cornerstone lockup expiry...

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...