HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn. </li>
<li>Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.</li>
<li>While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.  </li>
</ul>



CXMT Corporation (688825 CH) beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn. 
Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.
While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.  


CXMT Corporation (688825 CH): Blown Through the Roof

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Gigabyte Technology / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Gigabyte Technology (2376 TT) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.
On 14th Aug 2026, Gigabyte announced of receipt of board’s approval to sell around 40-50m common shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m common shares via a GDR offering. </li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Globalwafers (6488 TT) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, GWC announced that it had received its board’s approval to sell around 40-50m common shares via a GDR offering. 
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Wistron Corp (3231 TT) (Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.
On 4th Aug 2026, Wistron announced that it had received its board’s approval to sell ~200-250m shares via a GDR offering, with proceeds to be used to purchase overseas materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>The oversupply of 8"/12" mature technology and price war especially within China for the next 5 years is inevitable, especially negative for SMIC and Hua Hong Semi.</li>
<li>Production moving out of China semi demand might increase to 65-70% in next five years to benefit Globalfoundries, UMC, Vanguard, Powerchip mitigating impacts from rising domestic replacement in China.  </li>
<li>By building up in-house fabs, Huawei and HiSilicon supply chain vendors will be benefited the most like semiconductor equipment, material, fab construction, CoWoS interposer, and CoWoS packaging vendors.</li>
</ul>


The oversupply of 8"/12" mature technology and price war especially within China for the next 5 years is inevitable, especially negative for SMIC and Hua Hong Semi.
Production moving out of China semi demand might increase to 65-70% in next five years to benefit Globalfoundries, UMC, Vanguard, Powerchip mitigating impacts from rising domestic replacement in China.  
By building up in-house fabs, Huawei and HiSilicon supply chain vendors will be benefited the most like semiconductor equipment, material, fab construction, CoWoS interposer, and CoWoS packaging vendors.


No Sign of Selling Advanced Scanners by ASML to China Customers, Implications

Taiwan

Powerchip Semiconductor Manufacturing Corporation develops, manufactures, and distirbutes advanced memory components. The Company produces power integrated circuits, discrete components, image sensors, integrated memory chips and other products. Powerchip Semiconductor Manufacturing conducts businesses across worldwide.

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Powerchip Semiconductor Manufa (6770 TT)

CXMT Corporation (688825 CH): Blown Through the Roof

CXMT's 1H26 results beat its prospectus forecast significantly, with stronger revenue growth and margin expansion. Its 3-year PEG is below sector...

Osbert Tang, CFA

Aequitas: Gigabyte GDR Early Look - US$500m+ GDR Offering, Well Flagged After a Year

Gigabyte Technology (2376 TT, Gigabyte) is looking to raise up to US$550m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: GlobalWafers GDR Early Look - US$1.5bn GDR Offering, With Overseas Expansion Ahead

GlobalWafers Co Ltd (6488 TT, GWC) is looking to raise up to US$1.5bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Wistron GDR Early Look - Repeat GDR, With Strong Fundamentals

Wistron Corporation (3231 TT, Wistron) is looking to raise up to US$1.4bn in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

No Sign of Selling Advanced Scanners by ASML to China Customers, Implications

No Sign of Selling Advanced Scanners by ASML to China Customers, Implications; Huawei and HiSilicon supply chain vendors will be benefited the most

Andrew Lu

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