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 Aug 29th. The aggregated holding was USD1,166.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD427mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.
We estimate that foreign flows to be inflows of USD427mln. 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, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 29th. The aggregated short interest was USD25.7bn.</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 Jentech Precision Industrial, Unimicron Technology, Pou Chen, Ruentex Development, Taishin Financial, Jentech Precision Industrial, Unimicron Technology, Pou Chen, Ruentex Development, Taishin Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 29th. The aggregated short interest was USD25.7bn.
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 Jentech Precision Industrial, Unimicron Technology, Pou Chen, Ruentex Development, Taishin Financial, Jentech Precision Industrial, Unimicron Technology, Pou Chen, Ruentex Development, Taishin Financial.


TWSE Short Interest Weekly (Aug 29th): Jentech Precision Industrial, Unimicron Technology, Pou Chen

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: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread</li>
<li>UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level</li>
<li>ASE: +0.4% Premium; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
ASE: +0.4% Premium; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.</li>
<li>No evidence of significant market share loss; instead, delayed demand.  </li>
<li>Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.</li>
</ul>


3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.
No evidence of significant market share loss; instead, delayed demand.  
Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.


Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

<ul>
<li>TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread</li>
<li>UMC: +2.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity</li>
</ul>


TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity


Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Microelectronics Corp (2303 TT)

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 29th): Jentech Precision Industrial, Unimicron Technology, Pou Chen

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT),...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

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

Vincent Fernando, CFA

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 29th): Jentech Precision Industrial, Unimicron Technology, Pou Chen

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT),...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

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

Vincent Fernando, CFA

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

​Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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

Vincent Fernando, CFA

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...