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

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

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 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

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 1st. The aggregated holding was USD1,975.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,937mln. 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, Macronix Intl, Wiwynn, Hon Hai Precision, King Yuan Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 1st. The aggregated holding was USD1,975.7bn.
We estimate that foreign flows to be outflows of USD5,937mln. 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, Macronix Intl, Wiwynn, Hon Hai Precision, King Yuan Electronics.


TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

Taiwan

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

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Wistron Corp (3231 TT)

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

Tech Hardware Themes

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud,...

CM Research

TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Tech Hardware Themes

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud,...

CM Research

TWSE Foreign Holding Weekly (May 1st): TSMC, Macronix Intl, Wiwynn, Hon Hai Precision

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

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.