Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Apple suppliers shifting focus to India and China for iPhone production growth, adapting supply chains to changing markets.</li><li>Jensen Huang boosting AI chip production by visiting SPIL's new Taiwan factory; Huawei's Mate X6 smartphone making global comeback in EMEA markets.</li><li>TSMC forecasting 5% revenue decrease in 1Q25, setting record capex for 2025; India-US tech ties in jeopardy due to export controls on AI chips.</li></ul>

Apple suppliers shifting focus to India and China for iPhone production growth, adapting supply chains to changing markets.Jensen Huang boosting AI chip production by visiting SPIL's new Taiwan factory; Huawei's Mate X6 smartphone making global comeback in EMEA markets.TSMC forecasting 5% revenue decrease in 1Q25, setting record capex for 2025; India-US tech ties in jeopardy due to export controls on AI chips.

Tech Supply Chain Tracker (17-Jan-2025): Apple's supply chain shifts to India and China.

<ul><li>Infineon expands presence in Southeast Asia with new fab in Thailand for backend operations, strengthening its manufacturing capabilities in the region.</li><li>Biden's AI rules emphasize closed models, sparking discussion about the importance of open-source technology development in the industry.</li><li>EU urges Trump to lift AI export ban affecting 17 member states, imposed by Biden, to facilitate international cooperation in the field of artificial intelligence.</li></ul>

Infineon expands presence in Southeast Asia with new fab in Thailand for backend operations, strengthening its manufacturing capabilities in the region.Biden's AI rules emphasize closed models, sparking discussion about the importance of open-source technology development in the industry.EU urges Trump to lift AI export ban affecting 17 member states, imposed by Biden, to facilitate international cooperation in the field of artificial intelligence.

Tech Supply Chain Tracker (16-Jan-2025): Infineon builds new fab in Thailand

<ul><li>TSMC ends partnership with PowerAIR in Singapore over Huawei worries, impacting supply chain in tech industry. </li><li>China retaliates against US with customs actions; CXMT starts manufacturing DDR5 chips, meeting demand for next-gen technology.</li><li>India plans display fabrication facility, offering growth potential but encountering challenges. Luxshare's purchase of Wingtech ODM to enhance design capabilities, reduce reliance on Apple, and boost tech industry prowess.</li></ul>

TSMC ends partnership with PowerAIR in Singapore over Huawei worries, impacting supply chain in tech industry. China retaliates against US with customs actions; CXMT starts manufacturing DDR5 chips, meeting demand for next-gen technology.India plans display fabrication facility, offering growth potential but encountering challenges. Luxshare's purchase of Wingtech ODM to enhance design capabilities, reduce reliance on Apple, and boost tech industry prowess.

Tech Supply Chain Tracker (14-Jan-2025): TSMC ends PowerAIR Huawei partnership.

<ul><li>Potential Huawei sanctions under a reelected Trump administration could spell trouble for Chinese tech companies.</li><li>Luxshare's acquisition of nine Wingtech ODM subsidiaries indicates a consolidation trend in the tech manufacturing industry.</li><li>The 2025 semiconductor boom is expected to be fueled by AI technology, but could face volatility due to Trump-era policies.</li></ul>

Potential Huawei sanctions under a reelected Trump administration could spell trouble for Chinese tech companies.Luxshare's acquisition of nine Wingtech ODM subsidiaries indicates a consolidation trend in the tech manufacturing industry.The 2025 semiconductor boom is expected to be fueled by AI technology, but could face volatility due to Trump-era policies.

Tech Supply Chain Tracker (01-Jan-2025): Trump could bring back Huawei sanctions 2.0

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 analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Tech Supply Chain Tracker (17-Jan-2025): Apple's supply chain shifts to India and China.

Apple, Huawei, TSMC, and Acer make moves in the tech industry while US-India tech ties face challenges and Trump's response to economic crisis...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (16-Jan-2025): Infineon builds new fab in Thailand

Infineon expands in Thailand, Biden's AI rules spark discussion, EU urges Trump to lift export ban, Indichip & Yitoa to build SiC fab in India, CES...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (14-Jan-2025): TSMC ends PowerAIR Huawei partnership.

TSMC severs relationship with PowerAIR over Huawei worries, China responds to US with customs actions, CXMT starts DDR5 production; India plans...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (01-Jan-2025): Trump could bring back Huawei sanctions 2.0

Potential Huawei sanctions if Trump remains in office, Luxshare acquisition of Wingtech ODM subsidiaries, 2025 semiconductor growth driven by AI,...

Tech Supply Chain Tracker

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

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