External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nvidia (NVDA, NR) disclosed that the U.S. government informed on April 9 that H20 chips will require a license for export to China and other D:5 countries, and the new requirement will be in place indefinitely.</li><li>Driven by DeepSeek’s lowcost AI models since late Jan, we see accelerated deployments of H20 servers in China, and several server ODM/component suppliers also guided strong order demand from Chinese CSPs for H20-related products.</li><li>In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k H20 AI servers (8 chips/ server). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia (NVDA, NR) disclosed that the U.S. government informed on April 9 that H20 chips will require a license for export to China and other D:5 countries, and the new requirement will be in place indefinitely.Driven by DeepSeek’s lowcost AI models since late Jan, we see accelerated deployments of H20 servers in China, and several server ODM/component suppliers also guided strong order demand from Chinese CSPs for H20-related products.In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k H20 AI servers (8 chips/ server). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Implications of Nvidia H20 export restriction for AI server/component supply chain

<ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

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

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

<ul>
<li>XREAL, an AR eyewear maker, has filed its prospectus with the HKEX. CICC and Citi are the joint sponsors.</li>
<li>We look at the company's core segments: AR eyewear and accessories.</li>
<li>We put XREAL on Watch. Market leadership and named partners are positives, but cash burn, breakeven risk and product cycles matter.</li>
</ul>


XREAL, an AR eyewear maker, has filed its prospectus with the HKEX. CICC and Citi are the joint sponsors.
We look at the company's core segments: AR eyewear and accessories.
We put XREAL on Watch. Market leadership and named partners are positives, but cash burn, breakeven risk and product cycles matter.


HK/China Equity Long-Short

Osbert Tang, CFA

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We consider <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a>'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. </li>
<li>Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. </li>
<li>The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.</li>
</ul>


We consider Luxshare Precision Industry (2475 HK)'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.


Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

China

Huaqin Technology Co., Ltd. operates as a multiple category intelligent communication terminal development company. The Company designs, develops, manufactures, and sells smart phones, tablets, notebooks, smart wearables, and other products. Huaqin Technology markets its products to India, Indonesia, Vietnam, and other countries and regions.

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Huaqin Technology (603296 CH)

Technology - Implications of Nvidia H20 export restriction for AI server/component supply chain

In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k...

CMB International

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.

CMB International

Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

We analyze Ingenic Semiconductor's USD 410m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as...

Ke Yan, CFA, FRM

XREAL Pre-IPO: Early Thoughts

XREAL has filed its prospectus with the HKEX. We look at its business, industry, financials, peer valuation and shareholders, and whether the deal...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

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52-week Range

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Technology - Implications of Nvidia H20 export restriction for AI server/component supply chain

In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k...

CMB International

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.

CMB International

Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

We analyze Ingenic Semiconductor's USD 410m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as...

Ke Yan, CFA, FRM

XREAL Pre-IPO: Early Thoughts

XREAL has filed its prospectus with the HKEX. We look at its business, industry, financials, peer valuation and shareholders, and whether the deal...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

​Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.