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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to raise around US$5.3bn via selling 3% additional shares.</li>
<li>The shares have done exceedingly well this year and are now trading at their all time highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares.
The shares have done exceedingly well this year and are now trading at their all time highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>NVIDIA GTC 2025 Last Week -- Delta Electronics Expands Role in Nvidia Ecosystem Showcasing AI-Centric Power Solutions</li>
<li>Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come </li>
<li>Semiconductors. Key Indicator Updates, 2024 In Review, and 2025 Forecasts </li>
</ul>


NVIDIA GTC 2025 Last Week -- Delta Electronics Expands Role in Nvidia Ecosystem Showcasing AI-Centric Power Solutions
Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come 
Semiconductors. Key Indicator Updates, 2024 In Review, and 2025 Forecasts 


Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.</li>
<li>Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.</li>
<li>As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.</li>
</ul>


The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.
Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.
As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.


TSMC Takeover of Intel: An Official Denial

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>Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM</li>
<li>TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.</li>
<li>2025 Semi forecast? Think 2024 without the memory boom and way more volatility</li>
</ul>


Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility


Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

<ul>
<li>Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip</li>
<li>Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand</li>
<li>Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices</li>
</ul>


Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip
Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand
Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices


Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

Vincent Fernando, CFA

TSMC Takeover of Intel: An Official Denial

TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Nicolas Baratte

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

​NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

Vincent Fernando, CFA

TSMC Takeover of Intel: An Official Denial

​TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Nicolas Baratte

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

​Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

NVIDIA GTC 2025: Delta Electronics showcases AI-centric power solutions, Foxconn's EV bet pays off with Mitsubishi win, and semiconductor updates...

TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...