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

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 7th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC, Petrochina.


HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Beone Medicines, Xiaomi, Wuxi Bio.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Beone Medicines, Xiaomi, Wuxi Bio.


HK Connect Flows Weekly (Aug 14th): Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Xiaomi

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


<ul>
<li>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


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) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

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SMIC (Semiconductor Manufacturing International Corp) (981 HK)

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

HK Short Interest Weekly: Wuxi Apptec, Zijin Gold Intl, Kingboard Laminates, Minimax, CCB, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Aug 7th and highlight short interest changes in Wuxi Apptec, Zijin Gold...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 14th): Minimax, Alibaba, Tencent, Meituan, AIA, China Life, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Minimax, Alibaba, Tencent, Meituan, AIA, China Life,...

Ke Yan, CFA, FRM

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

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