China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Despite wide-spread social media expectations of China's electronics industry benefiting from Middle East supply chain disruptions following explosive incidents, September trade data suggested otherwise;</li>
<li>Middle East exports declined 2.1% yoy, underperforming other regions, while electronics were worse, declining 7.0% yoy. Communication device exports to Iran, Palestine and Lebanon were among the worst performing categories;</li>
<li>This suggests terrorist related trade was a negligible portion. As customs data are two-way verifiable, we believe we can safely conclude China doesn't benefit from the war in Mid East.</li>
</ul>


Despite wide-spread social media expectations of China's electronics industry benefiting from Middle East supply chain disruptions following explosive incidents, September trade data suggested otherwise;
Middle East exports declined 2.1% yoy, underperforming other regions, while electronics were worse, declining 7.0% yoy. Communication device exports to Iran, Palestine and Lebanon were among the worst performing categories;
This suggests terrorist related trade was a negligible portion. As customs data are two-way verifiable, we believe we can safely conclude China doesn't benefit from the war in Mid East.


Did China Exports Really Benefit from the Israel/Lebanon Pager Attack?

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

Equity Bottom-Up

<ul>
<li>GlobalFoundries reported second quarter 2026 revenues of $1.786 billion, up 6% YoY, up 9.8% QoQ and perfectly in line with the top end of the guided range</li>
<li>Gross margin came in at 29.9% (non- IFRS), handily beating guidance of 27.4% at the midpoint. GFS forecasted current quarter revenues of $1.885 billion, +5.5% QoQ and +11% YoY.</li>
<li>CID accounted for ~16% of Q2 revenue. At $277 million, it was +20% QoQ and +62% YoY, the seventh consecutive quarter of double-digit YoY growth. Wow! </li>
</ul>


GlobalFoundries reported second quarter 2026 revenues of $1.786 billion, up 6% YoY, up 9.8% QoQ and perfectly in line with the top end of the guided range
Gross margin came in at 29.9% (non- IFRS), handily beating guidance of 27.4% at the midpoint. GFS forecasted current quarter revenues of $1.885 billion, +5.5% QoQ and +11% YoY.
CID accounted for ~16% of Q2 revenue. At $277 million, it was +20% QoQ and +62% YoY, the seventh consecutive quarter of double-digit YoY growth. Wow! 


GlobalFoundries Q2 2026 Earnings Review & Full Transcript

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)</li>
<li>1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)</li>
<li>2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)</li>
</ul>


1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)
1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)
2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)


[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 28th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.


HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 4th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, Hua Hong Semi, CCB, Alibaba, ICBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 4th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, Hua Hong Semi, CCB, Alibaba, ICBC.


HK Connect Flows Weekly (Sep 4th): Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, CCB

China

Hua Hong Semiconductor is a global pure-play semiconductor foundry specializing in embedded/standalone non-volatile memory, power discrete, analog & power management, and logic & RF technologies. The company provides diversified wafer fabrication and supporting services for various specialty process platforms. It is headquartered in Shanghai, China, and was founded in 2005.

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Hua Hong Semiconductor (1347 HK)

GlobalFoundries Q2 2026 Earnings Review & Full Transcript

CID accounted for ~16% of Q2 revenue. At $277 million, it was +20% QoQ and +62% YoY, the seventh consecutive quarter of double-digit YoY growth. Wow!

William Keating

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

We analyzed the latest HK SFC report for aggregate short position as of Aug 28th and highlight short interest changes in Alibaba (9988 HK), Wuxi...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 4th): Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas,...

Ke Yan, CFA, FRM

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Did China Exports Really Benefit from the Israel/Lebanon Pager Attack?

Despite expectations, China's Middle East exports have yet to see benefit from the pager attacks. On the contrary, electronics and communication...

Blue Lotus Research Institute

GlobalFoundries Q2 2026 Earnings Review & Full Transcript

CID accounted for ~16% of Q2 revenue. At $277 million, it was +20% QoQ and +62% YoY, the seventh consecutive quarter of double-digit YoY growth. Wow!

William Keating

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

​Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

We analyzed the latest HK SFC report for aggregate short position as of Aug 28th and highlight short interest changes in Alibaba (9988 HK), Wuxi...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 4th): Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas,...

Ke Yan, CFA, FRM

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.