🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

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Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.</li>
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Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.
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Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.
</li>
</ul>



Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.

Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.


Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.



Mi Material | Pre-IPO (Management Comments): Capitalising on the Advanced Packaging Wave

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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.

Equity Capital Markets

Mi Material Holding Ltd / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/mi-material-holding-ltd" target="_blank" data-smartkarma-citation="entities:58823:1" rel="noopener">Mi Material Holding Ltd (MIMH SP)</a>, aims to raise up to US$110m in its SGX listing.</li>
<li>It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from <a href="https://www.smartkarma.com/entities/mi-technovation-berhad" target="_blank" data-smartkarma-citation="entities:27304:1" rel="noopener">Mi Technovation Berhad (MI MK)</a>.</li>
<li>In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.</li>
</ul>



Mi Material Holding Ltd (MIMH SP), aims to raise up to US$110m in its SGX listing.
It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from Mi Technovation Berhad (MI MK).
In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.


Aequitas: Mi Materials IPO - Discount to Parent Co but In-Line with Larger/Liquid Peers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

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<li>
<a href="https://finance.yahoo.com/news/kkr-said-weigh-takeover-bid-065550154.html" target="_blank" rel="noopener">Bloomberg reported</a> that KKR has made a non-binding, preliminary approach to taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. ASMPT has been the subject of takeover rumours in the past.</li>
<li>The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. </li>
<li>A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.</li>
</ul>



Bloomberg reported that KKR has made a non-binding, preliminary approach to taking ASM Pacific Technology (522 HK) private. ASMPT has been the subject of takeover rumours in the past.
The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. 
A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.


ASMPT (522 HK): Don’t Bet on a KKR Privatisation

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<a href="https://www.bloomberg.com/news/articles/2023-03-10/chip-equipment-maker-asmpt-is-said-to-draw-takeover-interest" target="_blank" rel="noopener">Bloomberg reported</a> that PAG and other parties have expressed interest in taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. PAG also sounded out several lenders.</li>
<li>ASMPT has three substantial shareholders (<a href="https://www.smartkarma.com/entities/asm-international-nv" target="_blank" data-smartkarma-citation="entities:21096:1" rel="noopener">Asm International Nv (ASM NA)</a>, FIL Limited and <a href="https://www.smartkarma.com/entities/schroders-plc" target="_blank" data-smartkarma-citation="entities:22134:1" rel="noopener">Schroders PLC (SDR LN)</a>) which suggests a requirement for a reasonable takeover premium.</li>
<li>ASMPT previously denied a privatisation rumour in 2020. Nevertheless, peers and historical multiples imply a fair price range of HK$82-97 per share, 11-31% premium to the last close.  </li>
</ul>



Bloomberg reported that PAG and other parties have expressed interest in taking ASM Pacific Technology (522 HK) private. PAG also sounded out several lenders.
ASMPT has three substantial shareholders (Asm International Nv (ASM NA), FIL Limited and Schroders PLC (SDR LN)) which suggests a requirement for a reasonable takeover premium.
ASMPT previously denied a privatisation rumour in 2020. Nevertheless, peers and historical multiples imply a fair price range of HK$82-97 per share, 11-31% premium to the last close.  


ASMPT (522 HK): PAG Potential Privatisation?

Malaysia

Mi Equipment Holdings Berhad operates as a holding company. The Company, through its subsidiaries, manufactures factory automation equipment. Mi Equipment Holdings offers wafer to reel final test handlers, art die sorting machines, and other equipment. Mi Equipment Holdings serves customers in Asia and the United States.

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Mi Technovation Berhad (MI MK)

Mi Material | Pre-IPO (Management Comments): Capitalising on the Advanced Packaging Wave

Top-Tier Market Positioning: Mi Material operates as a leading global provider of precision solder spheres and specialty alloys, commanding a...

pvtIQ

Aequitas: Mi Materials IPO - Discount to Parent Co but In-Line with Larger/Liquid Peers

Mi Materials, aims to raise up to US$110m in its SGX listing. In this note, we look at its past performance, valuation, and other deal dynamics...

Nicholas Tan

ASMPT (522 HK): Don’t Bet on a KKR Privatisation

ASMPT's offer period for the potential privatisation ends. Reuters reports that KKR backed out due to regulatory and geopolitical risks, such as...

Arun George

ASMPT (522 HK): PAG Potential Privatisation?

Bloomberg reported that PAG and other parties have expressed interest in taking ASMPT private. Peers and historical multiples imply a fair price...

Arun George

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