Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.</li>
<li>Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.</li>
<li>Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.</li>
</ul>


TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.
Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.
Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.


Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>In our previous notes, we have looked at the company’s past performance and likely A/H premium/discount. In this note, we talk about the updates from its recent filing.</li>
</ul>



Zhongji Innolight (300308 CH) one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
In our previous notes, we have looked at the company’s past performance and likely A/H premium/discount. In this note, we talk about the updates from its recent filing.


Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.</li>
<li>We have looked at the past performance and other deal dynamics in our previous notes.</li>
<li>In this note, we talk about the recent updates and trading dynamics.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$26.5bn via an ADR listing.
We have looked at the past performance and other deal dynamics in our previous notes.
In this note, we talk about the recent updates and trading dynamics.


Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing.</li>
<li>We have looked at the past performance and other deal dynamics in our previous notes.</li>
<li>In this note, we talk about the recent updates and deal dynamics.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing.
We have looked at the past performance and other deal dynamics in our previous notes.
In this note, we talk about the recent updates and deal dynamics.


Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

<ul>
<li>Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.</li>
<li>A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.</li>
<li>Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.</li>
</ul>


Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.
A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.
Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.


Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sandisk Corp (SNDK US)

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

Zhongji Innolight (300308 CH) the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing. In...

Sumeet Singh

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing. In this note, we talk about the deal...

Sumeet Singh

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

​TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

Zhongji Innolight (300308 CH) the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing. In...

Sumeet Singh

Aequitas: SK Hynix US$26.5bn ADR Trading - Where to from Here? Samsung -Ve, Micron +ve Influence

SK Hynix (000660 KS) (SKH), a leading global memory producer, raised around US$25bn via an ADR listing. In this note, we talk about the trading...

Sumeet Singh

Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing. In this note, we talk about the deal...

Sumeet Singh

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

​Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...