Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.</li><li>The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.</li><li>Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.</li></ul>

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly 

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.</li>
<li>~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.</li>
<li>There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.</li>
</ul>


PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.


PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.</li>
</ul>



Klarna Group (KLAR US) is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.

Klarna Group (KLAR US) can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.

Klarna Group (KLAR US) is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.


Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

​PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...