Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.</li>
<li>The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion won. </li>
<li>Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.</li>
</ul>


Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion won. 
Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.


US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>The acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.</li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.</li>
<li>Top addition candidate for the December 2025 annual review is now <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> following its listing transfer from NYSE to Nasdaq on 30 May 2025.</li>
</ul>


The acquisition of Ansys Inc (ANSS US) by Synopsys Inc (SNPS US) has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.

CoreWeave (CRWV US) is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.
Top addition candidate for the December 2025 annual review is now Kimberly Clark (KMB US) following its listing transfer from NYSE to Nasdaq on 30 May 2025.


CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

<ul>
<li>The merger between <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> and <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.</li>
<li>
<a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> shareholders will receive $197 cash plus 0.3450 <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> shares per <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> share, valuing the deal at about $35 billion.</li>
<li>The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.</li>
</ul>


The merger between Synopsys Inc (SNPS US) and Ansys Inc (ANSS US) marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.

Ansys Inc (ANSS US) shareholders will receive $197 cash plus 0.3450 Synopsys Inc (SNPS US) shares per Ansys Inc (ANSS US) share, valuing the deal at about $35 billion.
The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.


Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>
China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./</li>
<li>
Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.</li>
<li>
Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.</li>
</ul>



China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./

Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.

Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.


TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota provides technology that enables the efficient operation of high-performance...

Douglas Kim

CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

Thomson Reuters (TRI) will replace ANSS instead. Reuters was considered to be in the category of financial data providers - alongside FactSet and...

Dimitris Ioannidis

Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

Synopsys’ $35B Ansys deal closes after regulatory delays, reshaping major U.S. indexes with key stock replacements and significant passive fund...

Harry Kalfas

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

There are a number of intra-review events (before the Sep rebal) which will likely prompt changes, possibly shrinking the existing pool of likely...

Travis Lundy

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota provides technology that enables the efficient operation of high-performance...

Douglas Kim

CoreWeave (CRWV US): Forecasted Addition to Nasdaq100 Replacing Ansys Post-Acquisition

Thomson Reuters (TRI) will replace ANSS instead. Reuters was considered to be in the category of financial data providers - alongside FactSet and...

Dimitris Ioannidis

Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

Synopsys’ $35B Ansys deal closes after regulatory delays, reshaping major U.S. indexes with key stock replacements and significant passive fund...

Harry Kalfas

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

There are a number of intra-review events (before the Sep rebal) which will likely prompt changes, possibly shrinking the existing pool of likely...

Travis Lundy

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

​China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...

Vincent Fernando, CFA

China's push for auto chip localization poses some risk to Himax, but its local production may offer some protection. Himax's role in Copackaged...