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/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m 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>



Globalwafers (6488 TT) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m 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: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

<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> (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.</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>



Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
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: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.</li>
<li>GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. </li>
<li>Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.</li>
</ul>


More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.
GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. 
Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.


Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

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>COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.</li>
<li>The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.</li>
<li>Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.</li>
</ul>


COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.
The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.
Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.


Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

<ul>
<li>
Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.</li>
<li>
AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.</li>
<li>
Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).</li>
</ul>



Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.

AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.

Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).


Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Taiwan

AP Memory Technology Corporation operates as an integrated circuit design and marketing company. The Company engages in the operation of memory integrated circuit research, development, manufacture, and sale. AP Memory Technology serves customers worldwide.

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AP Memory Technology (6531 TT)

Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

GlobalWafers Co Ltd (6488 TT, GWC) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Wistron Corporation (3231 TT, Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

GlobalWafers Co Ltd (6488 TT, GWC) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Wistron Corporation (3231 TT, Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

​COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

​Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.