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 analyzed the changes in foreign holdings of TWSE Stocks as of Dec 5th. The aggregated holding was USD1,364.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD819mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 5th. The aggregated holding was USD1,364.0bn.
We estimate that foreign flows to be inflows of USD819mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components, Mediatek, Quanta Computer, Unimicron Technology, UMC, Asia Vital Components.


TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.


TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

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>TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread</li>
<li>UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity</li>
<li>ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels</li>
</ul>


TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels


Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The global foundry industry has shifted decisively from a cyclical, inventory-driven model to a structural, AI-powered super cycle.</li><li>AI demand now serves as the dominant growth engine, against a backdrop of supportive inventory normalization.</li><li>We forecast the pure play foundry market to reach ~US$171bn in 2025, a 25.6% increase YoY, with sustained growth driven by: 1) continued AI infrastructure investment, 2) recovery in broader electronics demand, 3) technology node advancement, and 4) strategic regional capacity expansion. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The global foundry industry has shifted decisively from a cyclical, inventory-driven model to a structural, AI-powered super cycle.AI demand now serves as the dominant growth engine, against a backdrop of supportive inventory normalization.We forecast the pure play foundry market to reach ~US$171bn in 2025, a 25.6% increase YoY, with sustained growth driven by: 1) continued AI infrastructure investment, 2) recovery in broader electronics demand, 3) technology node advancement, and 4) strategic regional capacity expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Foundry – AI-driven super cycle reshapes market dynamics

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 28th. The aggregated holding was USD1,346.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,288mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, WT Microelectronics, Hon Hai Precision, Fubon Financial, MediaTek, Wt Microelectronics, Mediatek, TSMC, Hon Hai Precision, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 28th. The aggregated holding was USD1,346.9bn.
We estimate that foreign flows to be outflows of USD1,288mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, WT Microelectronics, Hon Hai Precision, Fubon Financial, MediaTek, Wt Microelectronics, Mediatek, TSMC, Hon Hai Precision, Fubon Financial.


TWSE Foreign Holding Weekly (Nov 28th): TSMC, WT Microelectronics, Hon Hai Precision

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

TWSE Foreign Holding Weekly (Dec 5th): MediaTek, Quanta Computer, Unimicron Technology, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads at Historically Rare Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Semiconductors - Foundry – AI-driven super cycle reshapes market dynamics

The global foundry industry has shifted decisively from a cyclical, inventory-driven model to a structural, AI-powered super cycle.

CMB International

TWSE Foreign Holding Weekly (Nov 28th): TSMC, WT Microelectronics, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), WT Microelectronics (3036 TT),...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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