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 KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.</li>
<li>We tabulate league tables 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 SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.
We tabulate league tables 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 SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.


KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.</li>
<li>The lending balance of the Korean stock market surged from 47.3 trillion won on 2 January 2025 to 90.4 trillion won as of 20 June 2025.</li>
<li>The rising lending balance in the Korean stock market could be construed as a bearish sign. </li>
</ul>


In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.
The lending balance of the Korean stock market surged from 47.3 trillion won on 2 January 2025 to 90.4 trillion won as of 20 June 2025.
The rising lending balance in the Korean stock market could be construed as a bearish sign. 


A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 13th. The aggregated short interest was USD7.6bn.</li>
<li>We tabulate league tables 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 Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon, Posco Chemical.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 13th. The aggregated short interest was USD7.6bn.
We tabulate league tables 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 Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon, Posco Chemical.


KRX Short Interest Weekly (Jun 13th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits</li>
<li>Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. </li>
<li>Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.</li>
</ul>


Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.


US – China: Restrictions on Semiconductors Are Getting Worse

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.</li>
<li>We tabulate league tables 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 Hanwha Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.
We tabulate league tables 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 Hanwha Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.


KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

South Korea

Hanmi Semiconductor Co., Ltd. manufactures and develops semiconductor equipment. The Company's products include auto molding system, sawing & placement system, campress trim/form/singulation system, and pick & place system.

Price Gauge
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Hanmi Semiconductor (042700 KS)

KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix (000660 KS), Skc (011790 KS), Hanwha...

Ke Yan, CFA, FRM

A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.

Douglas Kim

KRX Short Interest Weekly (Jun 13th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Celltrion, Ecoprobm, Hanmi...

Ke Yan, CFA, FRM

US – China: Restrictions on Semiconductors Are Getting Worse

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems (272210 KS), Samsungf&Mins (000810...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix (000660 KS), Skc (011790 KS), Hanwha...

Ke Yan, CFA, FRM

A Sharp Increase in the Lending Balance of Korean Stock Market Suggests A Pull-Back

In our view, the sharp increase in the lending balance is one of the signs of many investors preparing for a pull-back in the Korean stock market.

Douglas Kim

KRX Short Interest Weekly (Jun 13th): Lg Energy Solution, Celltrion, Ecoprobm, Hanmi Semicon

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Energy Solution, Celltrion, Ecoprobm, Hanmi...

Ke Yan, CFA, FRM

US – China: Restrictions on Semiconductors Are Getting Worse

​Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems (272210 KS), Samsungf&Mins (000810...

Ke Yan, CFA, FRM

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...