School of Business and Management Department of Finance 207 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: THIYAGARAJAN Harini / QFIN Course: UROP 1100, Spring This research report aims to analyse the details of RoboSense Technology’s IPO valuation, the first company to list on the Hong Kong Stock Exchange in 2024. Robosense’s main product speciality is in producing laser radar solutions (LiDAR) for autonomous vehicles. Despite pre-IPO losses, the company achieved a significant valuation, sparking interest in understanding the drivers behind this valuation. This report will mainly investigate the factors contributing to the company’s successful IPO listing, which managed to raise around HK$985 million in proceeds for the company. Some of the assessed factors include RoboSense’s competitive advantages in LiDAR technology and the challenges posed by the widening losses of the company. I will also attempt to analyse some of the key characteristics that impacted the company’s post IPO volatility, in particular: the impact of the stocks inclusion in the Hang Seng Index fund, expiration of the pre-IPO lock-up period and changing investor sentiment in Hong Kong. By evaluating the company’s financials and external factors, this study aims to provide insights into the broader dynamics that shape tech listings in Hong Kong. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: YAN Aaron Pui Ho / ECOF Course: UROP 1100, Spring SF Holding is a delivery company founded in China in 1993. It currently has operations in more than 100 countries and regions, focusing on China and Southeast Asia markets. Given that it was listed in Shenzhen in 2017 through a backdoor listing, its secondary listing in Hong Kong in 2024 prompted the investigation into why it chose to list again at this stage of development. This case study aims to discuss the IPO performance of SF Holding in Hong Kong and delve into the question of why SF Holding had its secondary listing and chose Hong Kong as its listing destination. After analysing business plans and use of proceeds, the conclusion is that the main objective of the IPO is to raise capital for its expansion in Southeast Asia. Also, by comparing Hong Kong and other major exchanges, it can be concluded that the stock connects, freedom of currency exchange, stable exchange rates, and future business expansions are the factors incentivising SF Holding to choose Hong Kong over other options.
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