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

DZT Research

DZT 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 short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.</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, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.
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, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.


TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bizlink-holding-inc" target="_blank" data-smartkarma-citation="entities:6779:1" rel="noopener">Bizlink Holding (3665 TT)</a> (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Bizlink Holding (3665 TT) (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 9th. The aggregated holding was USD2,219.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,945mln. 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 TSMC, Unimicron Technology, ASE Industrial, MediaTek, Alchip Technologies.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 9th. The aggregated holding was USD2,219.9bn.
We estimate that foreign flows to be outflows of USD5,945mln. 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 TSMC, Unimicron Technology, ASE Industrial, MediaTek, Alchip Technologies.


TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.</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, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.
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, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.


TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a> priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/luxshare-h-share-listing-2475-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:245383" rel="noopener">Luxshare H Share Listing (2475 HK): The Investment Case</a></em></strong>. </li>
<li>The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.</li>
</ul>



Luxshare Precision Industry (2475 HK) priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Luxshare H Share Listing (2475 HK): The Investment Case. 
The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.


Luxshare H Share Listing (2475 HK): Valuation Insights

Taiwan

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

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Wistron Corp (3231 TT)

TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

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

Ke Yan, CFA, FRM

Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

BizLink Holding Inc (BizLink) is looking to raise up to US$350m in its upcoming GDRs offering. The firm is also looking to raise another US$500m...

Akshat Shah

TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

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

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

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

Ke Yan, CFA, FRM

Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

BizLink Holding Inc (BizLink) is looking to raise up to US$350m in its upcoming GDRs offering. The firm is also looking to raise another US$500m...

Akshat Shah

TWSE Foreign Holding Weekly (Jul 9th): TSMC, Unimicron Technology, ASE Industrial, MediaTek

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

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

Luxshare H Share Listing (2475 HK): Valuation Insights

Luxshare Precision priced its H Share at HK$63.28, raising US$3.1 billion in gross proceeds. In this note, I discuss valuation.

Arun George