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/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a> is looking to raise around US$2.7bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>Quanta Computer Inc. (QCI) is a Taiwan-based electronics and computer hardware manufacturer founded in 1988, best known as one of the world’s largest original design manufacturers for laptops and servers.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Quanta Computer (2382 TT) is looking to raise around US$2.7bn in its upcoming global depository receipts (GDRs) offering.
Quanta Computer Inc. (QCI) is a Taiwan-based electronics and computer hardware manufacturer founded in 1988, best known as one of the world’s largest original design manufacturers for laptops and servers.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Quanta Computer Inc GDR Early Look - Another Well Flagged US$2.7bn GDR Offering

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 foreign holdings of TWSE Stocks as of May 15th. The aggregated holding was USD2,103.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,715mln. 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, Hon Hai Precision, Asustek Computer, Wiwynn, Global Unichip.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 15th. The aggregated holding was USD2,103.0bn.
We estimate that foreign flows to be outflows of USD1,715mln. 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, Hon Hai Precision, Asustek Computer, Wiwynn, Global Unichip.


TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

Alchip Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> is looking to raise around US$1bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>Alchip Technologies (AT) is a Taiwan-based fabless semiconductor company specializing in ASIC and SoC design services for high-performance computing, AI, networking, and data center applications.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Alchip Technologies (3661 TT) is looking to raise around US$1bn in its upcoming global depository receipts (GDRs) offering.
Alchip Technologies (AT) is a Taiwan-based fabless semiconductor company specializing in ASIC and SoC design services for high-performance computing, AI, networking, and data center applications.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Alchip Technologies GDR Early Look - Strong Stock Momentum Ahead of Upcoming GDR Issue

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>
Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.</li>
<li>
AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.</li>
<li>
Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).</li>
</ul>



Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.

AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.

Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).


Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 8th. The aggregated holding was USD2,142.6bn.
We estimate that foreign flows to be inflows of USD5,512mln. 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 Hon Hai Precision, Nanya Technology, Innolux, Unimicron Technology, Lite-On Technology.


TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

Taiwan

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

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

Wistron Corp (3231 TT)

Aequitas: Quanta Computer Inc GDR Early Look - Another Well Flagged US$2.7bn GDR Offering

Quanta Computer Inc. (2382.TT) is looking to raise around US$2.7bn in its upcoming GDRs offering. On 26th Feb 2026, it announced its board’s...

Akshat Shah

TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Asustek Computer,...

Ke Yan, CFA, FRM

Aequitas: Alchip Technologies GDR Early Look - Strong Stock Momentum Ahead of Upcoming GDR Issue

Alchip Technologies (3661.TT) is looking to raise around US$1bn in its upcoming GDR offering. On 6th Mar 2026, AT announced its board’s resolution...

Akshat Shah

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Quanta Computer Inc GDR Early Look - Another Well Flagged US$2.7bn GDR Offering

Quanta Computer Inc. (2382.TT) is looking to raise around US$2.7bn in its upcoming GDRs offering. On 26th Feb 2026, it announced its board’s...

Akshat Shah

TWSE Foreign Holding Weekly (May 15th): TSMC, Hon Hai Precision, Asustek Computer, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Asustek Computer,...

Ke Yan, CFA, FRM

Aequitas: Alchip Technologies GDR Early Look - Strong Stock Momentum Ahead of Upcoming GDR Issue

Alchip Technologies (3661.TT) is looking to raise around US$1bn in its upcoming GDR offering. On 6th Mar 2026, AT announced its board’s resolution...

Akshat Shah

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

​Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (May 8th): Hon Hai Precision, Nanya Technology, Innolux

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision, Nanya Technology, Innolux,...

Ke Yan, CFA, FRM

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.