Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.</li>
<li>ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.</li>
<li>The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.</li>
</ul>


Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.
ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.
The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.


HK IPO WATCH: Beijing ESWIN Computing Technology -  RISC-V Business !!

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Discussion of infrastructure capex as a percentage of US GDP by era, highlighting the current rate of 1.2%</li><li>Comparison of current bubble dynamics to past bubbles, noting that the current bubble is not as excessive as previous ones</li><li>Debate over whether the current investment cycle is a bubble or a strong investment cycle, with concerns about speculative investments and emotional factors leading to potential overvaluation in the future</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion of infrastructure capex as a percentage of US GDP by era, highlighting the current rate of 1.2%Comparison of current bubble dynamics to past bubbles, noting that the current bubble is not as excessive as previous onesDebate over whether the current investment cycle is a bubble or a strong investment cycle, with concerns about speculative investments and emotional factors leading to potential overvaluation in the futureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 129: Capex to the Moon 2.0! Bubble Debate, and QCOM and Arm Earnings

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.</li>
<li>Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances


Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

<ul><li>Strong quarter with big surprise on EPS and above-expectation guidance</li><li>Positive performance in PCs and automotive sectors, with design wins and partnerships</li><li>Concerns over competitive landscape and market expectations, but overall solid performance from Qualcomm and potential for growth opportunities in the future</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Strong quarter with big surprise on EPS and above-expectation guidancePositive performance in PCs and automotive sectors, with design wins and partnershipsConcerns over competitive landscape and market expectations, but overall solid performance from Qualcomm and potential for growth opportunities in the futureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 104: Earnings Thoughts (QCOM, AMD, Arm) and Hypersaler CapEx Steady

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

EP 129: Capex to the Moon 2.0! Bubble Debate, and QCOM and Arm Earnings

The current tech bubble in the US has some similarities to past bubbles but also unique characteristics, with infrastructure investment playing a...

The Circuit

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

Blue Sky Territory; Bullish Outlook Intact; $QQQ and $SPX Breaking to All-Time Highs; Russell 2000 $IWM and Mid Caps $IJH also breaking above...

Vermilion Research

Episode 104: Earnings Thoughts (QCOM, AMD, Arm) and Hypersaler CapEx Steady

Overall, Qualcomm had a strong quarter with a big surprise on EPS, profitability, and guidance, despite a dip in after hours trading, due to...

The Circuit

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

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