HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Fullhan Microelec-A / Equity Capital Markets

<ul>
<li>Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle</li>
<li>Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.</li>
<li>2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.</li>
</ul>


Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle
Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.
2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.


Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

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.

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: memory ICs and computing ICs.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.
We look at the company's core segments: memory ICs and computing ICs.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Broad global MSCI equity indexes (ACWI,ACWI ex-U.S.,EAFE, and EM) remain bearish with YTD downtrends intact. Until these indexes reverse downtrends, we are bearish and view bounces as bear market rallies.</li>
<li>Major non-U.S. countries appear to be much further along in the bottoming process, a potential sign that U.S. indexes could take a back seat once global equities finally bottom.</li>
<li>Indexes that have not made a new low since March: Nikkei 225, TOPIX, TOPIX Small, Hang Seng, Europe’s EURO STOXX 50, and China's MSCI China (MCHI-US) and China Internet (KWEB-US).</li>
</ul>


Broad global MSCI equity indexes (ACWI,ACWI ex-U.S.,EAFE, and EM) remain bearish with YTD downtrends intact. Until these indexes reverse downtrends, we are bearish and view bounces as bear market rallies.
Major non-U.S. countries appear to be much further along in the bottoming process, a potential sign that U.S. indexes could take a back seat once global equities finally bottom.
Indexes that have not made a new low since March: Nikkei 225, TOPIX, TOPIX Small, Hang Seng, Europe’s EURO STOXX 50, and China's MSCI China (MCHI-US) and China Internet (KWEB-US).


Hang Seng, MSCI China Near Major Base Breakouts; Bottoms-Up Stock Rec's in Hong Kong, China, & Japan

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Nationz Technologies Inc A / Index Rebalance

<ul>
<li>The review period for the December rebalance of the CSI All Share Semiconductor Index ended 31 October. The changes should be announced on 28 November and implemented on 12 December.</li>
<li>We forecast 3 adds and 6 deletes for the index with a one-way turnover of 1.4% and a round-trip trade of CNY 609m (US$85m).</li>
<li>The forecast adds have outperformed the forecast deletes over the last few weeks and stocks that have same-way flows from other index trackers could exhibit higher volatility near-term.</li>
</ul>


The review period for the December rebalance of the CSI All Share Semiconductor Index ended 31 October. The changes should be announced on 28 November and implemented on 12 December.
We forecast 3 adds and 6 deletes for the index with a one-way turnover of 1.4% and a round-trip trade of CNY 609m (US$85m).
The forecast adds have outperformed the forecast deletes over the last few weeks and stocks that have same-way flows from other index trackers could exhibit higher volatility near-term.


CSI All Share Semiconductor Index Rebalance Preview: Adds Starting to Outperform

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>We expect up to four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.</li>
</ul>


CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect up to four ADDs and two DELs for the CSI All Share Semiconductors Index during this index review event based on the latest available data. Flows are small.


Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

China

Shanghai Fullhan Microelectronics Co., Ltd. provides video surveillance products. The Company designs, produces, and sells digital video recorders, video encoders and decoders, encoding cards, and other related products.

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

Shanghai Fullhan Microelec-A (300613 CH)

Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...

Xinyao (Criss) Wang

Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

Ingenic Semiconductor is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Hang Seng, MSCI China Near Major Base Breakouts; Bottoms-Up Stock Rec's in Hong Kong, China, & Japan

Hong Kong's Hang Seng and China's $MCHI and $KWEB are near major base breakouts. We are watching is 22,700 on Hang Seng and $56.60 on MCHI; we are...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

​Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...

Xinyao (Criss) Wang

Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

Ingenic Semiconductor is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Hang Seng, MSCI China Near Major Base Breakouts; Bottoms-Up Stock Rec's in Hong Kong, China, & Japan

Hong Kong's Hang Seng and China's $MCHI and $KWEB are near major base breakouts. We are watching is 22,700 on Hang Seng and $56.60 on MCHI; we are...

Vermilion Research

CSI All Share Semiconductor Index Rebalance Preview: Adds Starting to Outperform

We forecast 3 adds and 6 deletes for the index in Dec. The forecast adds have outperformed the forecast deletes in the last few weeks. There are...

Brian Freitas

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Some Names Have Crossed the Border

Some of our expected ADDs/DELs have changed. The reference period is almost over. Our current expected ADDs/DELs could be our final expectations...

Janaghan Jeyakumar, CFA

Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...