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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba is selling Sun Art, a listed supermarket subsidiary, as Sun Art’s revenue is shrinking.</li>
<li>Alibaba gained 6 million new retailers on its Taobao Tmall platform year to date.</li>
<li>In September Tesla’s sales volume increased by 66% YoY and all major Chinese NEV grew strongly.</li>
</ul>


Alibaba is selling Sun Art, a listed supermarket subsidiary, as Sun Art’s revenue is shrinking.
Alibaba gained 6 million new retailers on its Taobao Tmall platform year to date.
In September Tesla’s sales volume increased by 66% YoY and all major Chinese NEV grew strongly.


China Consumption Weekly (21 Oct 2024): Sun Art, Alibaba, Tesla, JD.com

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition</li>
<li>Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip</li>
<li>TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators</li>
</ul>


Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition
Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip
TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators


Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the recent updates from its filings.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the recent updates from its filings.


Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?  

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tesla (TSLA US)

China Consumption Weekly (21 Oct 2024): Sun Art, Alibaba, Tesla, JD.com

Alibaba is selling Sun Art, a listed supermarket subsidiary. Alibaba gained 6 million new retailers on its Taobao Tmall platform year to date. In...

Ming Lu

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Autonomous Driving- The Tesla Delusion

In the wake of Elon Musk's launch (relaunch?) of Tesla's RoboTaxi yesterday (which tanked the company's share price), you might be interested to...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (21 Oct 2024): Sun Art, Alibaba, Tesla, JD.com

Alibaba is selling Sun Art, a listed supermarket subsidiary. Alibaba gained 6 million new retailers on its Taobao Tmall platform year to date. In...

Ming Lu

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

​Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Autonomous Driving- The Tesla Delusion

In the wake of Elon Musk's launch (relaunch?) of Tesla's RoboTaxi yesterday (which tanked the company's share price), you might be interested to...

William Keating

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...