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

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. </li>
<li>Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. </li>
<li>New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.</li>
</ul>


2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. 
Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. 
New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.


Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

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)

<ul>
<li>According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million</li>
<li>According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units</li>
<li>Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026</li>
</ul>


According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million
According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units
Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026


Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.</li>
<li>ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.</li>
<li>$136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.</li>
</ul>


SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.
ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.
$136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.


[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Dispute / Late beverage tycoon’s secret children go to war with official heir over billions</li><li>Nvidia /: Nvidia will soon be allowed to resume sales of AI chips to China, CEO says</li><li>AMCs /: China tightens rules for local AMCs to curb risks in bad-debt market</li></ul>

Dispute / Late beverage tycoon’s secret children go to war with official heir over billionsNvidia /: Nvidia will soon be allowed to resume sales of AI chips to China, CEO saysAMCs /: China tightens rules for local AMCs to curb risks in bad-debt market

CX Daily: Late Beverage Tycoon’s Secret Children Go to War With Official Heir Over Billions 

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...

Nicolas Baratte

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

AMD, Nvidia, and Broadcom lead the gains, but falling flows, cautious options bets, and structural shifts in chipmaking leave the rally on...

Mint Finance

CX Daily: Late Beverage Tycoon’s Secret Children Go to War With Official Heir Over Billions

TOP STORIES Dispute / Late beverage tycoon’s secret children go to war with official heir over billions More than a year after his death in...

Caixin Global

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GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

​Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...

Nicolas Baratte

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

AMD, Nvidia, and Broadcom lead the gains, but falling flows, cautious options bets, and structural shifts in chipmaking leave the rally on...

Mint Finance

CX Daily: Late Beverage Tycoon’s Secret Children Go to War With Official Heir Over Billions

TOP STORIES Dispute / Late beverage tycoon’s secret children go to war with official heir over billions More than a year after his death in...

Caixin Global

Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...