Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.</li>
<li>CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  </li>
<li>The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.</li>
</ul>


Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.
CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  
The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.


CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>The indicative weights for the December 2024 index rebal event will be announced later this week on Friday 22nd November 2024.</li>
<li>In this insight, we take a look at our updated flow estimates for December 2024. Separately, we have also presented our latest March 2025 index review predictions.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
The indicative weights for the December 2024 index rebal event will be announced later this week on Friday 22nd November 2024.
In this insight, we take a look at our updated flow estimates for December 2024. Separately, we have also presented our latest March 2025 index review predictions.


Quiddity Leaderboard HSIII: ~US$160mn One-Way Flows in Dec 24; 3 ADDs/DELs in Mar 25 Likely

<ul>
<li>CiDi, a China's leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.</li>
<li>The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.</li>
<li>I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.</li>
</ul>


CiDi, a China's leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.


CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Tesla's Cybercab is expected to be under $30,000 in price, with production costs of  ~$25,000 and operating costs of 30-40 cents per mile.</li>
<li>We found Baidu's robotaxi to be faces 50% higher daily total costs and runs a fleet of 600 autonomous vehicles.</li>
<li>To compete with Tesla’s Cybercab by 2026, Baidu must significantly reduce its operating costs. Tesla's lower price and efficiency could capture a larger market share.</li>
</ul>


Tesla's Cybercab is expected to be under $30,000 in price, with production costs of  ~$25,000 and operating costs of 30-40 cents per mile.
We found Baidu's robotaxi to be faces 50% higher daily total costs and runs a fleet of 600 autonomous vehicles.
To compete with Tesla’s Cybercab by 2026, Baidu must significantly reduce its operating costs. Tesla's lower price and efficiency could capture a larger market share.


A Comparison of Tesla’s Cybercab and Baidu’s Apollo Shows the Latter Must Improve

China

Black Sesame International Holding Limited manufactures and distributes system on a chip (SoC) products. The Company produces high computing SoC, cross domain SoC, and other products. Black Sesame International Holding provides its services throughout Hong Kong.

Black Sesame International Holding (2533 HK)

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Black Sesame International Holding (2533 HK)

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

In my insight, I focus on CiDi IPO valuation analysis, outline risks and explain why CiDi IPO may be much more attractive for investors than IPOs...

Andrei Zakharov

Quiddity Leaderboard HSIII: ~US$160mn One-Way Flows in Dec 24; 3 ADDs/DELs in Mar 25 Likely

Easou Technology Holdings (2550 HK) has dropped 80%+ in the last few trading days and is on the verge of missing out on HSIII addition in March 2025.

Janaghan Jeyakumar, CFA

CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

CiDi, a China’s provider of driverless mining trucks and V2X technologies, filed to go public in Hong Kong. The company has a strong potential for...

Andrei Zakharov

A Comparison of Tesla’s Cybercab and Baidu’s Apollo Shows the Latter Must Improve

Baidu's robotaxi Apollo faces higher costs to build and operate than Tesla's Cybercab and Baidu must reduce operating costs to compete effectively...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile

In my insight, I focus on CiDi IPO valuation analysis, outline risks and explain why CiDi IPO may be much more attractive for investors than IPOs...

Andrei Zakharov

Quiddity Leaderboard HSIII: ~US$160mn One-Way Flows in Dec 24; 3 ADDs/DELs in Mar 25 Likely

Easou Technology Holdings (2550 HK) has dropped 80%+ in the last few trading days and is on the verge of missing out on HSIII addition in March 2025.

Janaghan Jeyakumar, CFA

CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

CiDi, a China’s provider of driverless mining trucks and V2X technologies, filed to go public in Hong Kong. The company has a strong potential for...

Andrei Zakharov

A Comparison of Tesla’s Cybercab and Baidu’s Apollo Shows the Latter Must Improve

​Baidu's robotaxi Apollo faces higher costs to build and operate than Tesla's Cybercab and Baidu must reduce operating costs to compete effectively...

Blue Lotus Research Institute

Baidu's robotaxi Apollo faces higher costs to build and operate than Tesla's Cybercab and Baidu must reduce operating costs to compete effectively...