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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Wistron and Quanta drove most of the chain's August revenue growth, about 80% of the sequential increase, while notebook-heavy Inventec and Compal fell below their own seasonal pattern.</li>
<li>Memory revenue held July's level rather than extending it: the six names grew 2.7% MoM after +32% in July, and Nanya was flat against +26% last August.</li>
<li>Chip designers ran well ahead of seasonal: MediaTek's revenue grew 32% MoM against 3% last August, unexplained in its filing, and Alchip's custom AI chip revenue grew again.</li>
</ul>


Wistron and Quanta drove most of the chain's August revenue growth, about 80% of the sequential increase, while notebook-heavy Inventec and Compal fell below their own seasonal pattern.
Memory revenue held July's level rather than extending it: the six names grew 2.7% MoM after +32% in July, and Nanya was flat against +26% last August.
Chip designers ran well ahead of seasonal: MediaTek's revenue grew 32% MoM against 3% last August, unexplained in its filing, and Alchip's custom AI chip revenue grew again.


Taiwan Supply Chain Signals: Wistron & Quanta Drive AI Server Revenue Jump; Memory Sales Level Off

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxnet-corp" target="_blank" data-smartkarma-citation="entities:3293:1" rel="noopener">Luxnet Corp (4979 TT)</a> is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Luxnet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.
On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.</li>
<li>There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.</li>
<li>We correctly predicted all of these changes except for one.</li>
</ul>


The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.
There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.
We correctly predicted all of these changes except for one.


Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT, APMT)</a> is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



AP Memory Technology (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.
On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

Taiwan

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

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Alchip Technologies (3661 TT)

Taiwan Supply Chain Signals: Wistron & Quanta Drive AI Server Revenue Jump; Memory Sales Level Off

Wistron and Quanta drove most of the chain's August revenue growth, about 80% of the sequential increase, while notebook-heavy Inventec and Compal...

Vincent Fernando, CFA

Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. In this note, we run the deal through our ECM framework...

Akshat Shah

Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

LuxNet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering. As per the firm, proceeds will...

Akshat Shah

Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

We expected King Yuan Electronics Co, Ltd. (2449 TT) to get deleted from T50. However, the next-in-line potential DEL Alchip Technologies (3661 TT)...

Janaghan Jeyakumar, CFA

Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

AP Memory Technology Corporation (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

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