IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a>, a leading analog IC company in China, has launched an H Share listing to raise US$587 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



SG Micro (3661 HK), a leading analog IC company in China, has launched an H Share listing to raise US$587 million.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case. 
The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


SG Micro H Share Listing (3661 HK): Valuation Insights

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 8.65% resulting in a round-trip trade of US$12.5bn. There are 4 stocks with over a yard and a half to trade.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>, <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC - ADR (TSM US)</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
Estimated one-way turnover is 8.65% resulting in a round-trip trade of US$12.5bn. There are 4 stocks with over a yard and a half to trade.
The largest flows will be in NVIDIA Corp (NVDA US), Intel Corp (INTC US), Micron Technology (MU US), Advanced Micro Devices (AMD US) and TSMC - ADR (TSM US). 


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$12.5bn Trade

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap..

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap..

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp" target="_blank" data-smartkarma-citation="entities:29768:1" rel="noopener">SG Micro (300661 CH)</a>, a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million.   </li>
<li>SG Micro ranked first among domestic companies and eighth among global companies in the China analog IC market as measured by revenue in 2025.</li>
<li>The investment case is bullish due to the strong growth, stable margins, cash generation and a net cash position. However, the A-share valuation is punchy relative to peers.</li>
</ul>



SG Micro (300661 CH), a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million.   
SG Micro ranked first among domestic companies and eighth among global companies in the China analog IC market as measured by revenue in 2025.
The investment case is bullish due to the strong growth, stable margins, cash generation and a net cash position. However, the A-share valuation is punchy relative to peers.


SG Micro H Share Listing: The Investment Case

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.</li>
<li>We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors.
We look at the company's core segments: power management integrated circuits and signal chain integrated circuits.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$12.5bn Trade

There are no constituent changes for the index in June but there are float and capping changes. Estimated one-way turnover is 8.65% resulting in a...

Brian Freitas

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive...

Vermilion Research

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

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SG Micro H Share Listing (3661 HK): Valuation Insights

SG Micro, a leading analog IC company in China, has launched an H Share listing to raise US$587 million. In this note, I discuss the H Share...

Arun George

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$12.5bn Trade

There are no constituent changes for the index in June but there are float and capping changes. Estimated one-way turnover is 8.65% resulting in a...

Brian Freitas

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive...

Vermilion Research

SG Micro H Share Listing: The Investment Case

SG Micro, a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million. In this note, I discuss the...

Arun George

SG Micro (圣邦微电子) A+H Pre-IPO: Early Thoughts

SG Micro is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM