APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

Black Sesame International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> is looking to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In this note, we will talk about the not so positive aspects of the deal.


Black Sesame Pre-IPO - The Negatives - Losses Remain Wide and Suffers from a Concentration Risk

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> is looking to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In this note, we will talk about the positive aspects of the deal.


Black Sesame Pre-IPO - The Positives - Catering to a Growing Demand for Automotive Automation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Robosense Technology / Equity Capital Markets

<ul>
<li>RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.</li>
<li>RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  </li>
<li>I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.</li>
</ul>


RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.
RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  
I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.


RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is looking to raise around US$300m (estimated) in its upcoming Hong Kong IPO. The deal will be run by JPM and China Renaissance.</li>
<li>As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.</li>
<li>As of Mar 23, it had served the largest number of automotive OEMs and Tier 1 suppliers, according to CIC.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is looking to raise around US$300m (estimated) in its upcoming Hong Kong IPO. The deal will be run by JPM and China Renaissance.
As of Mar 23, it had earned design wins for mass production of LiDAR for 52 vehicles with 21OEMs and Tier 1 suppliers, ranking No. 1 globally, according to CIC.
As of Mar 23, it had served the largest number of automotive OEMs and Tier 1 suppliers, according to CIC.


<ul>
<li>Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.</li>
<li>BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider. </li>
<li>In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost &amp; Sullivan.</li>
</ul>


Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.
BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider. 
In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost &amp; Sullivan.


United States

Hesai Group provides 3D light detection and ranging solutions. The Company's LiDAR products enables a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems, as well as autonomous vehicle fleets providing passenger and freight mobility services.

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Hesai Group (HSAI US)

Black Sesame Pre-IPO - The Negatives - Losses Remain Wide and Suffers from a Concentration Risk

Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not...

Clarence Chu

Black Sesame Pre-IPO - The Positives - Catering to a Growing Demand for Automotive Automation

Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the...

Clarence Chu

RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

RoboSense Technology IPO looks risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals, in...

Andrei Zakharov

Robosense Technology Pre-IPO Tearsheet

Robosense Technology (RT) is looking to raise around US$300m (estimated) in its upcoming Hong Kong IPO. The deal will be run by JPM and China...

Sumeet Singh

Black Sesame Pre-IPO Tearsheet

Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.

Sumeet Singh

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