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.

Equity Capital Markets

Robosense Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.</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>We looked at its past performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.
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.
We looked at its past performance in our earlier notes. In this note, we talk about its PHIP updates.


Robosense Technology Pre-IPO - PHIP Updates - ADAS Sales Strong but Profitability Remains Distant

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. </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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. 
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.
In this note, we talk about the positive aspects of the deal.


Robosense Technology Pre-IPO - The Positives - A Whole Lot of Potential

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (ROBO HK)</a> (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. </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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Robosense Technology (ROBO HK) (RT) is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. 
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.
In this note, we talk about the not-so-positive aspects of the deal.


Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.</li>
<li>The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.</li>
<li>The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.</li>
</ul>


Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.
The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.
The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.


Hesai Group: Time To Cover Shorts As The Stock Found A Bottom and Delisting Risk Is Real

<ul>
<li>Hesai Group shares significantly underperformed in 2024 with shares down ~47% over the year versus a ~23% gain on the Nasdaq Composite.</li>
<li>Moreover, a San Francisco-based Ouster, one of the key competitors among LiDAR makers, outperformed Hesai Group and the NASDAQ on a year-to-date basis.</li>
<li>I believe Hesai Group should initiate a share buyback program as RoboSense has recently announced on-market share repurchase plan to create value for its shareholders.  </li>
</ul>


Hesai Group shares significantly underperformed in 2024 with shares down ~47% over the year versus a ~23% gain on the Nasdaq Composite.
Moreover, a San Francisco-based Ouster, one of the key competitors among LiDAR makers, outperformed Hesai Group and the NASDAQ on a year-to-date basis.
I believe Hesai Group should initiate a share buyback program as RoboSense has recently announced on-market share repurchase plan to create value for its shareholders.  


Will Hesai Group Announce Its First-Ever Buyback To Restore Confidence in the Stock?

China

Beijing Bewinner Communications Co., Ltd. provides telecommunications services to mobile communication users.

Beijing Bewinner Communications Co., (002148 CH)

263 Network Communications Co Ltd provides internet services and modern communication technology.  The Company's products include anti spam e-mail service, telephone conference system, and business messenger software.

Hangzhou Huaxing Chuangye Communication Technology Co., Ltd researches, produces and sells test optimization system.  The Company also provides census, assessments and, optimization services of mobile communication network.

Dr. Peng Telecom & Media Group Co., Ltd. provides value-added telecommunications services. The company offers Internet access, e-government, Internet data center, and private network and operations services, as well as network security monitoring, city surveillance, toll-shunt, and other value-added network services.

Hello Group Inc. operates as a mobile-based social networking platform. The Company enables users to establish and expand social relationships based on location and interests. Hello Group operates out of the Peoples Republic of China.

Zhejiang Huace Film & TV Co., Ltd. specializes in entertainment media production. The Company's products include Mandarin films, TV programs and advertisements.

Zhejiang Huace Film & Televisi (300133 CH)

China Communications Services Corporation Limited provides specialized telecommunications support services to telecommunications operators.  The Company offers telecommunications infrastructure services, including design, construction and project supervision and management, business process outsourcing services , and applications, content and other services.

China Communications Services Corp Ltd. (552 HK)

Tongdao Liepin Group operates as a online talent service platform. The Company offers online personal career files, online job search, online recruitment, talent solutions, and other related services. Tongdao Liepin Group also provides talent community network and other services.

China United Network Communications Limited provides a variety of telecommunication services, including GSM and CDMA wireless telecommunication services, international and domestic long distance communication services, data communication and Internet services, as well as paging services.

Crazy Sports Group Limited operates as a digital sports entertainment community operator. The Company provides provide online sports information, sports knowledge payment, event quiz, sports mobile games, online sports lottery tickets purchasing, and other services. Crazy Sports Group offers services in China.

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel.  The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

SmarTone Telecommunications Holdings Limited, through its subsidiaries, provides mobile telecommunication and related services and sells mobile telephones and accessories.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

Orange Belgium offers mobile telephone services in Belgium through a GSM network, as well as fixed-line services for international calls. The Company offers services such as pre-paid calling cards, text messaging, mobile office access for business customers, and games.

Cellcom Israel Ltd. engages in the provision of cellular communications services. It operates through two segments: Cellcom and Netvision. The Cellcom segment includes Cellcom Israel Ltd. and its subsidiaries. The Netvision segment includes Netvision Ltd. and its subsidiaries. The company offers cellular and landline telephony; roaming, internet, and fax services; text and multimedia messaging services; cellular content and data services; technical support; account information; and direct-to-the-door parcel delivery. It also operates service and sale centers; dedicated centers for hearing impaired; and retail stores. Cellcom Israel was founded in 1994 and is headquartered in Netanya, Israel.

OKINAWA CELLULAR TELEPHONE COMPANY provides cellular and car phone services in Okinawa Prefecture.  The Company also sells cellular phones and accessories.

GTL Infrastructure Limited is a shared user infrastructure company. The Company provides passive telecom infrastructure and related network infrastructure for multiple service providers.

Hutchison Telecommunications (Australia) Limited is a telecommunications company which offers and provides mobile telephone services and also provides wireless paging, messaging and information services, long distance and Internet services.  The Company operates a CDMA mobile network in the Sydney and Melbourne metropolitan areas and brands its services under the "Orange" name.

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

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Robosense Technology (2498 HK)

Robosense Technology Pre-IPO - PHIP Updates - ADAS Sales Strong but Profitability Remains Distant

Robosense Technology (ROBO HK) (RT) is now looking to raise up to US$150m in its upcoming Hong Kong IPO, down from US$300-400m earlier.

Sumeet Singh

Robosense Technology Pre-IPO - The Positives - A Whole Lot of Potential

Robosense filed its PHIP for an HK listing over the weekend. We looked at the company's past performance in our earlier notes.

Sumeet Singh

Robosense Technology Pre-IPO - The Negatives - Not a Whole Lot of Earnings

Robosense Technology is looking to raise around US$400m (estimated) in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Hesai Group: Time To Cover Shorts As The Stock Found A Bottom and Delisting Risk Is Real

Hesai Group priced its IPO at $19/ADS in February 2023 and shares have materially underperformed Nasdaq and S&P 500, with shares down ~77% vs. IPO...

Andrei Zakharov

Will Hesai Group Announce Its First-Ever Buyback To Restore Confidence in the Stock?

Hesai Group, a leading LiDAR technology company, is suffering from depressed valuation and I believe an initiation of share buyback program may...

Andrei Zakharov

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