Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.</li>
<li>There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.</li>
<li>All of these are exactly in line with our final expectations.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.
There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.
All of these are exactly in line with our final expectations.


Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the <em>next</em> 100 largest names (51-150 ranks).</li>
<li>Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.


Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom</li>
<li>Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift </li>
<li>Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good </li>
</ul>


MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift 
Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good 


Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.</li>
<li>Currently, we see no changes for T50 and two changes for T100 in September.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
Currently, we see no changes for T50 and two changes for T100 in September.


Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 2nd which has an aggregated short interest worth USD21.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Winbond Electronics, China Motor, Ap Memory Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 2nd which has an aggregated short interest worth USD21.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Winbond Electronics, China Motor, Ap Memory Technology.


TWSE Short Interest Weekly (May 2nd): Winbond Electronics, China Motor, Ap Memory Technology

Taiwan

Faraday Technology Corp. designs and manufactures application specific integrated circuits (ASICs) and wafers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Faraday Technology (3035 TT)

Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (May 2nd): Winbond Electronics, China Motor, Ap Memory Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Winbond Electronics, China Motor, Ap Memory...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

We expect US$866mn one-way flows for the TDIV index. There are few high-impact names with more than 3x ADV to trade. Some of the high-impact names...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

T100 and TDIV index member Tung Ho Steel Enterprise (2006 TT) is unlikely to be deleted from T100 or TDIV in September 2025.

Janaghan Jeyakumar, CFA

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

​MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (May 2nd): Winbond Electronics, China Motor, Ap Memory Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Winbond Electronics, China Motor, Ap Memory...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before