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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD6,235mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 8th. The aggregated holding was USD2,409.2bn.
We estimate that foreign flows to be inflows of USD6,235mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Wiwynn, MediaTek, TSMC, Unimicron Technology, Zhen Ding Technology.


TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 9th. The aggregated short interest was USD41.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Shin Kong Financial, UMC, Zhen Ding Technology, Winbond Electronics, MediaTek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 9th. The aggregated short interest was USD41.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Shin Kong Financial, UMC, Zhen Ding Technology, Winbond Electronics, MediaTek.


TWSE Short Interest Weekly (Oct 9th): Shin Kong Financial, UMC, Zhen Ding Technology, MediaTek

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

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.

Cross Asset Strategy

<ul><li>Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.</li><li>Broad ETF hedges unwound sharply — IJH and CIBR each posted double-digit short interest drops.</li><li>Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.</li></ul>

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.Broad ETF hedges unwound sharply — IJH and CIBR each posted double-digit short interest drops.Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.

Weekly Digest: Short Sellers Reload Into Cyber, Flee ETF Hedges

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>TSMC's CoWoS and 2nm GAA lead is structurally uncontested through 2028; AI capex compounds an already-unrivalled wafer and packaging monopoly.</li>
<li>Re-Rating catalyst is Q2 2026 earnings (TSMC 16 Jul, UMC 29 Jul, Hua Hong 6 Aug) testing whether fundamentals can support stock prices that have surged 200–500%.</li>
<li>Sector call: 2 BUY (TSMC, GlobalFoundries), 1 NEUTRAL (SMIC), 2 SELL (UMC, Hua Hong Grace).</li>
</ul>


TSMC's CoWoS and 2nm GAA lead is structurally uncontested through 2028; AI capex compounds an already-unrivalled wafer and packaging monopoly.
Re-Rating catalyst is Q2 2026 earnings (TSMC 16 Jul, UMC 29 Jul, Hua Hong 6 Aug) testing whether fundamentals can support stock prices that have surged 200–500%.
Sector call: 2 BUY (TSMC, GlobalFoundries), 1 NEUTRAL (SMIC), 2 SELL (UMC, Hua Hong Grace).


Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

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: +20.3% Premium; Rebounded from Our Long the ADR Level</li>
<li>UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread</li>
<li>ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread</li>
</ul>


TSMC: +20.3% Premium; Rebounded from Our Long the ADR Level
UMC: +3.4% Premium; Above +1 SD Band; Short the ADR Spread
ASE: +5.8% Premium; Above +1 SD Band; Short the ADR Spread


Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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

United Microelectronics Corp (2303 TT)

TWSE Foreign Holding Weekly (Oct 8th): Wiwynn, MediaTek, TSMC, Unimicron Technology

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wiwynn, MediaTek, TSMC, Unimicron Technology,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 9th): Shin Kong Financial, UMC, Zhen Ding Technology, MediaTek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, UMC, Zhen Ding Technology,...

Ke Yan, CFA, FRM

Weekly Digest: Short Sellers Reload Into Cyber, Flee ETF Hedges

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold. Broad...

ORTEX Market Intel

Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

Five foundries, one true monopoly, two stocks priced for a fantasy. The EV/EBITDA-vs-ROIC framework that tells you which is which — before Q2...

Mo Aziz

Taiwan Dual-Listings Monitor: UMC, ASE and ChipMOS Above +1 SD Band; Short the ADR Spread

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)