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

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise US$341m in its GDR offering. The proceeds will be used to purchase raw materials overseas.</li>
<li>The deal is a very well flagged one, and will be a relatively small one to digest at just 4.8 days of the stock’s three month ADV.</li>
<li>In this note, we run the deal through our ECM framework and comment on the deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise US$341m in its GDR offering. The proceeds will be used to purchase raw materials overseas.
The deal is a very well flagged one, and will be a relatively small one to digest at just 4.8 days of the stock’s three month ADV.
In this note, we run the deal through our ECM framework and comment on the deal dynamics.


WT Micro Placement - Another Well-Flagged Taiwan GDR Offering, This One Is Easier to Digest

Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> major shareholder, <a href="https://www.smartkarma.com/entities/wpg-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16570:1" rel="noopener">WPG Holdings (3702 TT)</a>, seeks to raise up to approximately NT5.15bn (US$159m) through a secondary block deal, selling approximately 40m shares (4.5% of TSO). </li>
<li>The deal is a small one to digest at 3.6 days of three month ADV and 4.1% of current mcap.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WT Microelectronics (3036 TT) major shareholder, WPG Holdings (3702 TT), seeks to raise up to approximately NT5.15bn (US$159m) through a secondary block deal, selling approximately 40m shares (4.5% of TSO). 
The deal is a small one to digest at 3.6 days of three month ADV and 4.1% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.


WT Microelectronics Placement - Wouldn't Be Difficult to Digest

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise up to US$444m in its upcoming global depository receipts (GDRs) offering.</li>
<li>WT Microelectronics recently announced its board’s resolution to issue between 68-85m new shares in the form of GDRs, with the use of proceeds geared towards purchasing of raw materials overseas.</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>



WT Microelectronics (3036 TT) is looking to raise up to US$444m in its upcoming global depository receipts (GDRs) offering.
WT Microelectronics recently announced its board’s resolution to issue between 68-85m new shares in the form of GDRs, with the use of proceeds geared towards purchasing of raw materials overseas.
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.


WT Micro GDR Early Look - Last Offering Had a Mixed Performance, This One Is Shaping up Better

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 19th which has an aggregated holding worth USD3,728.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD18,944mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc, Alchip Tech, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 19th which has an aggregated holding worth USD3,728.3bn.
We estimate that foreign flows to be outflows of USD18,944mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc, Alchip Tech, Wistron.


TWSE Foreign Holding Weekly (Apr 19th): Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.</li>
<li>We tabulate league table 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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.
We tabulate league table 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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.


TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

Taiwan

WT Microelectronics Co., Ltd. develops and markets integrated circuits (IC) products.  The Company's products include linear IC, applied IC, admixture semaphore IC, logic IC, image detecting IC, and memory IC.  Wintech acts as an agent for Texas Instruments, Fairchild, ST Microelectronics, Marvell, Wolfson, and Bowoon.

WT Microelectronics (3036 TT)

WT Micro Placement - Another Well-Flagged Taiwan GDR Offering, This One Is Easier to Digest

WT Microelectronics (3036 TT) is looking to raise US$341m in its GDR offering. The proceeds will be used to purchase raw materials overseas.

Clarence Chu

WT Microelectronics Placement - Wouldn't Be Difficult to Digest

WT Microelectronics has just launched a US$341m GDR offer today (9th Apr 2024). We wrote on its earlier secondary block deal in Nov 2023 here.

Ethan Aw

WT Micro GDR Early Look - Last Offering Had a Mixed Performance, This One Is Shaping up Better

WT Microelectronics just launched its US$341m GDR offering. In total, 17m GDRs (1 GDR to 5 common shares conversion ratio) are on offer, marketed...

Clarence Chu

TWSE Foreign Holding Weekly (Apr 19th): Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach,...

Ke Yan, CFA, FRM