APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 TT)</a> is looking to raise around US$850m in its global depository receipts (GDRs) offering.</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>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wiwynn Corp (6669 TT) is looking to raise around US$850m in its global depository receipts (GDRs) offering.
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.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 TT)</a> is looking to raise up to US1.3bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>Wiwynn recently reported its board’s resolution to issue up to 17m new shares in the form of GDRs for purchasing overseas raw materials, debt repayment, investing overseas and others.</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>



Wiwynn Corp (6669 TT) is looking to raise up to US1.3bn in its upcoming global depository receipts (GDRs) offering.
Wiwynn recently reported its board’s resolution to issue up to 17m new shares in the form of GDRs for purchasing overseas raw materials, debt repayment, investing overseas and others.
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.


Wiwynn GDRs Early Look - US$1.3bn Taiwan GDR Would Be Easily Digested

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.</li>
<li>High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.</li>
<li>Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    </li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.
High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.
Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    


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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Top Gainers/Loser: Taiwan Tech Stocks Hit Hard Last Week By Global AI/Tech Pullback</li>
<li>Key Events This Week: Major Earnings Week Including UMC, Mediatek, Realtek, AMD, Microsoft</li>
<li>TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices </li>
</ul>


Top Gainers/Loser: Taiwan Tech Stocks Hit Hard Last Week By Global AI/Tech Pullback
Key Events This Week: Major Earnings Week Including UMC, Mediatek, Realtek, AMD, Microsoft
TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices 


Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

<ul>
<li>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

Taiwan

Wiwynn Corporation manufactures computer storage devices. The Company develops and sells servers, storage devices, network systems, and equipment room infrastructure products. Wiwynn markets its products throughout Taiwan.

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Wiwynn Corp (6669 TT)

Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong

Wiwynn Corp (6669 TT) is looking to raise around US$850m in its global depository receipts (GDRs) offering. In this note, we run the deal through...

Clarence Chu

Wiwynn GDRs Early Look - US$1.3bn Taiwan GDR Would Be Easily Digested

Wiwynn just launched its US$1.45bn convertible bond and GDS offering. In the GDS component, the firm is looking to raise ~US$850m via offering 11m...

Clarence Chu

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

A recap of last week's gainers and losers plus key events to watch out for this week and recently published research pieces.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong

Wiwynn Corp (6669 TT) is looking to raise around US$850m in its global depository receipts (GDRs) offering. In this note, we run the deal through...

Clarence Chu

Wiwynn GDRs Early Look - US$1.3bn Taiwan GDR Would Be Easily Digested

Wiwynn just launched its US$1.45bn convertible bond and GDS offering. In the GDS component, the firm is looking to raise ~US$850m via offering 11m...

Clarence Chu

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

A recap of last week's gainers and losers plus key events to watch out for this week and recently published research pieces.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...