Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

OneRobotics (Shenzhen) Co / Equity Capital Markets

OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onerobotics-shenzhen-co" target="_blank" data-smartkarma-citation="entities:46167:1" rel="noopener">OneRobotics (Shenzhen) Co (ONE HK)</a> is looking to raise US$231m in its upcoming Hong Kong IPO.</li>
<li>OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.</li>
<li>In this note, we look at the company’s past performance and valuations.</li>
</ul>



OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
In this note, we look at the company’s past performance and valuations.


OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

InSilico Medicine Cayman TopCo / Equity Capital Markets

<ul>
<li>The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.</li>
<li>Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.</li>
<li>The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.</li>
</ul>


The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.


Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI Shinsei Bank / Equity Capital Markets

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.</li>
<li>InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.</li>
<li>The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.</li>
</ul>


InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.
InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.
The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.


Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.</li>
<li>In our previous note, we looked at the company's core products, management track records.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.
In our previous note, we looked at the company's core products, management track records.
In this note, we provide an update for the IPO before trading debut.


B&K (华芢生物科技) IPO: Trading Updates

Asia ECM
Coverage of Asian IPOs & Placements

OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role

OneRobotics (Shenzhen) Co is set to raise $231m in Hong Kong IPO, specializing in AI robotic systems for smart homes. Analysis of past performance...

Hong Jie Seow

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role

​OneRobotics (Shenzhen) Co is set to raise $231m in Hong Kong IPO, specializing in AI robotic systems for smart homes. Analysis of past performance...

Hong Jie Seow

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

​InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

​B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

OneRobotics (Shenzhen) Co is set to raise $231m in Hong Kong IPO, specializing in AI robotic systems for smart homes. Analysis of past performance...

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...