Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<ul>
<li>UBTech Robotics, a leader in AI-powered robotics in China, filed for a Hong Kong IPO with Guotai Junan Capital leading the offering. The company plans to sell H-shares to investors. </li>
<li>UBTech Robotics mulled IPO in 2019, but the company postponed domestic listing in China. In May 2018, UBTech Robotics closed an $820M Series C round at a $5B post-money valuation. </li>
<li>Despite challenges, we remain bullish on China’s AI industry and consumer robotics market. However, UBTech’s fundamentals deteriorated, capital dried up, and IPO looks risky today. </li>
</ul>


UBTech Robotics, a leader in AI-powered robotics in China, filed for a Hong Kong IPO with Guotai Junan Capital leading the offering. The company plans to sell H-shares to investors. 
UBTech Robotics mulled IPO in 2019, but the company postponed domestic listing in China. In May 2018, UBTech Robotics closed an $820M Series C round at a $5B post-money valuation. 
Despite challenges, we remain bullish on China’s AI industry and consumer robotics market. However, UBTech’s fundamentals deteriorated, capital dried up, and IPO looks risky today. 


UBTech Robotics Hong Kong IPO: Capital Dried Up as Fundamentals Deteriorated

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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 Bottom-Up

<ul>
<li>Large-Scale Chinese Internet companies’ revenue decreased by 1.1% in 2022.</li>
<li>Cyberspace Admin continued to actively censor online content in 2022.</li>
<li>Douyin plans to deliver cooked food in three cities on March 1st.</li>
</ul>


Large-Scale Chinese Internet companies’ revenue decreased by 1.1% in 2022.
Cyberspace Admin continued to actively censor online content in 2022.
Douyin plans to deliver cooked food in three cities on March 1st.


China Internet Weekly (13Feb2023): Ministry of Industry, Cyberspace Admin, Tencent, Douyin, Meituan

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Bidu, Manulife, Mengniu Dairy, CDF, Tencent, Baba, Anta Sports, Wuxi Bio.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Bidu, Manulife, Mengniu Dairy, CDF, Tencent, Baba, Anta Sports, Wuxi Bio.


HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> provided the first Asia linked listing for the year.</li>
<li>Things were quiet on the placement front owing to the annual earnings reporting season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Hesai Group (HSAI US) provided the first Asia linked listing for the year.
Things were quiet on the placement front owing to the annual earnings reporting season.


ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Esr (1821 HK), Sunshine Paper (2002 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Esr (1821 HK), Sunshine Paper (2002 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).


Hong Kong Buybacks Weekly (Feb 10th): Aia, Esr, Sunshine Paper

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

UBTech Robotics Hong Kong IPO: Capital Dried Up as Fundamentals Deteriorated

UBTech Robotics IPO is considered a riskier investment, in our view, given the robotics unicorn’s operating losses, high cash burn rate, low...

Andrei Zakharov

China Internet Weekly (13Feb2023): Ministry of Industry, Cyberspace Admin, Tencent, Douyin, Meituan

Large-scale Chinese Internet companies’ revenue decreased for first time. Cyberspace Admin continued to actively censor online content. Douyin...

Ming Lu

HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics

We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd and highlight short interest changes in Bidu, Manulife, Mengniu...

Ke Yan, CFA, FRM

ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hong Kong Buybacks Weekly (Feb 10th): Aia, Esr, Sunshine Paper

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Esr...

Ke Yan, CFA, FRM

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