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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD259mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics (005930 KS) .</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.
We estimate that foreign flows to be outflows of USD259mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics (005930 KS) .


KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Shenzhen Dobot, a CICC-backed robotics unicorn, aims to raise up to HK$830M (~$107M) in the initial public offering in Hong Kong.</li>
<li>The offering is expected to be between HK$18.80 and HK$20.80, implying a market cap of ~HK$8B or ~$1B at the midpoint of the price range.  </li>
<li>Given Shenzhen Dobot’s long-term growth opportunities and high TAM, they are likely to get a premium valuation, and the company could trade like UBTech Robotics and Doosan Robotics.</li>
</ul>


Shenzhen Dobot, a CICC-backed robotics unicorn, aims to raise up to HK$830M (~$107M) in the initial public offering in Hong Kong.
The offering is expected to be between HK$18.80 and HK$20.80, implying a market cap of ~HK$8B or ~$1B at the midpoint of the price range.  
Given Shenzhen Dobot’s long-term growth opportunities and high TAM, they are likely to get a premium valuation, and the company could trade like UBTech Robotics and Doosan Robotics.


Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics

<ul>
<li>Shenzhen Yuejiang Technology, more commonly known as just Dobot, updated its PHIP and plans to raise fresh capital for technology development for intelligent cobots.</li>
<li>The company did not disclose the proposed size and price range for the offering. Guotai Junan international and ABC International are leading the IPO.</li>
<li>I believe cobot industry can grow faster than third-party forecasts while the integration of AI into cobots will drive the development of smart cobots.</li>
</ul>


Shenzhen Yuejiang Technology, more commonly known as just Dobot, updated its PHIP and plans to raise fresh capital for technology development for intelligent cobots.
The company did not disclose the proposed size and price range for the offering. Guotai Junan international and ABC International are leading the IPO.
I believe cobot industry can grow faster than third-party forecasts while the integration of AI into cobots will drive the development of smart cobots.


Shenzhen Yuejiang Technology IPO: PHIP and Valuation Updates, High Valuations and A Higher TAM

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.


KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

<ul>
<li>Shenzhen Yuejiang Technology (Dobot), a Shenzhen-based cobot company with a diversified customer base globally, filed publicly for Hong Kong IPO.</li>
<li>The terms of the IPO were not disclosed. The robotics company plans to increase production capacity due to high demand in the coming years.</li>
<li>Dobot may be trading above the last round valuation of ~RMB3.5b, but I believe investors should focus on the company’s long-term growth prospects and rapidly growing TAM.</li>
</ul>


Shenzhen Yuejiang Technology (Dobot), a Shenzhen-based cobot company with a diversified customer base globally, filed publicly for Hong Kong IPO.
The terms of the IPO were not disclosed. The robotics company plans to increase production capacity due to high demand in the coming years.
Dobot may be trading above the last round valuation of ~RMB3.5b, but I believe investors should focus on the company’s long-term growth prospects and rapidly growing TAM.


Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects

South Korea

Rainbow Robotics operates robots manufacturing businesses. The Company develops and produces industrial robots and other robots. Rainbow Robotics conducts businesses in South Korea.

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Rainbow Robotics (277810 KS)

KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics (005930 KS).

Ke Yan, CFA, FRM

Shenzhen Dobot IPO (2432.HK): Global Offering, The Rising Star of Collaborative Robotics

Shenzhen Dobot, a #1 cobot company in China, plans to raise up to $100M in Hong Kong. In my insight, I focus on Global Offering, valuation analysis...

Andrei Zakharov

Shenzhen Yuejiang Technology IPO: PHIP and Valuation Updates, High Valuations and A Higher TAM

In my insight, I set a target valuation for Dobot, discuss a last updated PHIP, valuation comps and outline long-term revenue growth scenario under...

Andrei Zakharov

KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

Shenzhen Yuejiang Technology IPO: What’s The IPO Valuation? Long-Term Growth Prospects

China’s Shenzhen Yuejiang Technology (Dobot) is set to raise fresh capital in an IPO in Hong Kong, and I expect the cobot company will price its...

Andrei Zakharov

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