Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>CES 2025: Donut Lab announces their revolutionary, in wheel, electric motor, with performance claims blowing the competition out of the water</li>
<li>CES 2026: Donut Lab announces their revolutionary solid state battery, also with with performance claims blowing the competition out of the water</li>
<li>Mid 2025: ASILAB, same co-founder as Donut Lab, announces the Asinoid "superintelligence", built on the architecture of the human brain, designed to think, learn, evolve autonomously like a living organism.</li>
</ul>


CES 2025: Donut Lab announces their revolutionary, in wheel, electric motor, with performance claims blowing the competition out of the water
CES 2026: Donut Lab announces their revolutionary solid state battery, also with with performance claims blowing the competition out of the water
Mid 2025: ASILAB, same co-founder as Donut Lab, announces the Asinoid "superintelligence", built on the architecture of the human brain, designed to think, learn, evolve autonomously like a living organism.


CES 2026. The Finnish Brothers Taking The Technology World By Storm

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

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

Shenton Research

Shenton 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.

Equity Capital Markets

Shanghai Putailai New Energy T / Equity Capital Markets

Shanghai Putailai New Energy T (603659 CH)

<ul>
<li>Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: battery key materials and battery automation equipment.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: battery key materials and battery automation equipment.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

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

Cross Asset Strategy

<ul><li>In Depth: Chinese Contractors Undergird Middle East Building Boom</li><li>Six IPOs in One Day Cap Hong Kong’s Return to the Top</li><li>Former ICBC Regional Chief Ousted in China’s Graft Probe</li><li>Tianan Life Misses Bond Payment, Testing Implicit Guarantees</li></ul>

In Depth: Chinese Contractors Undergird Middle East Building BoomSix IPOs in One Day Cap Hong Kong’s Return to the TopFormer ICBC Regional Chief Ousted in China’s Graft ProbeTianan Life Misses Bond Payment, Testing Implicit Guarantees

CX Daily: Chinese Contractors Undergird Middle East Building Boom 

<ul><li>In Depth: China Unveils More Nuanced Economic Plan for 2026</li><li>At the conclusion of the Central Economic Work Conference in December, China’s ruling Communist Party unveiled a blueprint for 2026 that signals deep-seated structural problems, from industrial overcapacity to persistent deflationary pressures.</li><li>By adding “promoting quality and efficiency” to its long-standing mantra of “seeking progress while maintaining stability,” Beijing is reinforcing a move away from its old playbook of debt-fueled investment to a more nuanced approach as it prepares to kick off its 15th Five-Year Plan.</li></ul>

In Depth: China Unveils More Nuanced Economic Plan for 2026At the conclusion of the Central Economic Work Conference in December, China’s ruling Communist Party unveiled a blueprint for 2026 that signals deep-seated structural problems, from industrial overcapacity to persistent deflationary pressures.By adding “promoting quality and efficiency” to its long-standing mantra of “seeking progress while maintaining stability,” Beijing is reinforcing a move away from its old playbook of debt-fueled investment to a more nuanced approach as it prepares to kick off its 15th Five-Year Plan.

CX Daily: China Unveils More Nuanced Economic Plan for 2026 

China

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company specializing in lithium-ion batteries for electric vehicles and energy storage systems. It is the world's largest producer of EV and energy storage batteries, also offering battery materials and recycling services. The company was founded in 2011 and is headquartered in Ningde, Fujian province, China.

Contemporary Amperex Technology (3750 HK)

Price Gauge
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Contemporary Amperex Technology (3750 HK)

CES 2026. The Finnish Brothers Taking The Technology World By Storm

WIth their revolutionary, in-wheel electric motor, astonishing solid state battery and Asinoid "superintelligence", these Finnish brothers are...

William Keating

Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

Putailai 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

CX Daily: Chinese Contractors Undergird Middle East Building Boom

TOP STORIES In Depth: Chinese Contractors Undergird Middle East Building Boom Flying into the Saudi Arabian capital on a mid-October evening, a...

Caixin Global

CX Daily: China Unveils More Nuanced Economic Plan for 2026

In Depth: China Unveils More Nuanced Economic Plan for 2026 At the conclusion of the Central Economic Work Conference in...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CES 2026. The Finnish Brothers Taking The Technology World By Storm

WIth their revolutionary, in-wheel electric motor, astonishing solid state battery and Asinoid "superintelligence", these Finnish brothers are...

William Keating

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

Putailai 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

CX Daily: Chinese Contractors Undergird Middle East Building Boom

TOP STORIES In Depth: Chinese Contractors Undergird Middle East Building Boom Flying into the Saudi Arabian capital on a mid-October evening, a...

Caixin Global

CX Daily: China Unveils More Nuanced Economic Plan for 2026

In Depth: China Unveils More Nuanced Economic Plan for 2026 At the conclusion of the Central Economic Work Conference in...

Caixin Global

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...