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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.</li>
<li>We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.
We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Longsys (江波龙) A+H Pre-IPO: Early Thoughts

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>NIO: NIO launches new ET9 vehicle model at RMB 800K, set for delivery in 2025 (-)</li>
<li>MU/ SMIC: Micron and Fujian Jinhua reach legal settlement (+)</li>
<li>1810 HK/ 981 HK: Huawei launches four new Nova devices with two new SoC (-/+)</li>
</ul>


NIO: NIO launches new ET9 vehicle model at RMB 800K, set for delivery in 2025 (-)
MU/ SMIC: Micron and Fujian Jinhua reach legal settlement (+)
1810 HK/ 981 HK: Huawei launches four new Nova devices with two new SoC (-/+)


[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

Asia and Global Semiconductor and Tech Research

Andrew Lu

<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

<ul>
<li>XPEV: XPeng G9 gaining traction in its launch in Europ (+)</li>
<li>1211.HK/3931.HK: 9 Power Battery Companies exited the market in 2023 (+)</li>
<li>JD/1810.HK/981.HK: Huawei new smartphones cases listed, prelude to new handset launch (-/+/+)</li>
</ul>


XPEV: XPeng G9 gaining traction in its launch in Europ (+)
1211.HK/3931.HK: 9 Power Battery Companies exited the market in 2023 (+)
JD/1810.HK/981.HK: Huawei new smartphones cases listed, prelude to new handset launch (-/+/+)


[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

<ul>
<li>XPEV/NIO/BYD/TSLA: Luxeed S7 officially launched, price lowered by RMB 8,200 (-)</li>
<li>NIO: Geely and NIO enter into strategic cooperation agreement for battery swapping (+)</li>
<li>ACMR/ MU/ NVDA/ 981.HK/ 1810.HK/ 000660.KS: CXMT launches first domestic LPDDR5 RAM (+/+/+/-/-/-)</li>
</ul>


XPEV/NIO/BYD/TSLA: Luxeed S7 officially launched, price lowered by RMB 8,200 (-)
NIO: Geely and NIO enter into strategic cooperation agreement for battery swapping (+)
ACMR/ MU/ NVDA/ 981.HK/ 1810.HK/ 000660.KS: CXMT launches first domestic LPDDR5 RAM (+/+/+/-/-/-)


[Blue Lotus Daily]: XPEV/NIO/BYD/TSLA LI/Geely/ACMR/ MU/NVDA/981.HK/1810.HK/000660.KS

China

Semiconductor Manufacturing International Corporation operates as a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

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

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

Longsys (江波龙) A+H Pre-IPO: Early Thoughts

Longsys passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on...

Ke Yan, CFA, FRM

[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.

Blue Lotus Research Institute

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

[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...

Blue Lotus Research Institute

[Blue Lotus Daily]: XPEV/NIO/BYD/TSLA LI/Geely/ACMR/ MU/NVDA/981.HK/1810.HK/000660.KS

Luxeed S7 electric vehicle officially launched with a price reduction, Geely and NIO form a strategic cooperation agreement for battery swapping,...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Longsys (江波龙) A+H Pre-IPO: Early Thoughts

Longsys passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on...

Ke Yan, CFA, FRM

[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

​NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.

Blue Lotus Research Institute

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

[Blue Lotus Daily]: XPEV/1211.HK/3931.HK/LI/JD/1810.HK

​XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...

Blue Lotus Research Institute

[Blue Lotus Daily]: XPEV/NIO/BYD/TSLA LI/Geely/ACMR/ MU/NVDA/981.HK/1810.HK/000660.KS

​Luxeed S7 electric vehicle officially launched with a price reduction, Geely and NIO form a strategic cooperation agreement for battery swapping,...

Blue Lotus Research Institute

NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.

XPEV's XPeng G9 making progress in European launch. 9 power battery companies exited the market in 2023. Huawei's new smartphone cases listed,...

Luxeed S7 electric vehicle officially launched with a price reduction, Geely and NIO form a strategic cooperation agreement for battery swapping,...