Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.</li>
<li>We should expect a correction in 2H25 and overall flat 2025 YoY.</li>
<li>The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.</li>
</ul>


1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.
We should expect a correction in 2H25 and overall flat 2025 YoY.
The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.


Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> aims to raise up to US$250m via a top-up placement.</li>
<li>We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash and the previous deal didn’t go well.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Giant Biogene (2367 HK) aims to raise up to US$250m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash and the previous deal didn’t go well.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Giant Biogene Placement - Great Track Record but Previous Deal Didn’t Do Well

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Xiaomi /In Depth: Fatal crash sours Xiaomi’s EV success</li><li>Wearables /: Chinese wearable tech firms explore overseas production as U.S. tariffs soar</li><li>Tariff bullying: Senior Communist Party official Xia Baolong got fired up during a national security speech in Hong Kong on Tuesday, condemning the U.S.’ 145% tariff on imports from the free port city as “outrageous bullying and utterly shameless.</li></ul>

Xiaomi /In Depth: Fatal crash sours Xiaomi’s EV successWearables /: Chinese wearable tech firms explore overseas production as U.S. tariffs soarTariff bullying: Senior Communist Party official Xia Baolong got fired up during a national security speech in Hong Kong on Tuesday, condemning the U.S.’ 145% tariff on imports from the free port city as “outrageous bullying and utterly shameless.

CX Daily: Fatal Crash Sours Xiaomi’s EV Success 

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal tariffs (i.e. 125% China tariff and 10% global tariff).</li><li>However, the US commerce secretary stated on 13 Apr (link) that tariff exemptions for electronic devices were temporary and electronics will come under separate tariffs, along with semiconductors that will be imposed in a month or two.</li><li>Overall, while the upcoming electronics tariff remains an overhang in the near term, we believe 1) the new tariff (vs. 25% for other sectoral tariffs) will be lower than the 125% for China’s previous reciprocal tariff, and 2) recent sector correction has priced in the worst scenario for reciprocal tariffs. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal tariffs (i.e. 125% China tariff and 10% global tariff).However, the US commerce secretary stated on 13 Apr (link) that tariff exemptions for electronic devices were temporary and electronics will come under separate tariffs, along with semiconductors that will be imposed in a month or two.Overall, while the upcoming electronics tariff remains an overhang in the near term, we believe 1) the new tariff (vs. 25% for other sectoral tariffs) will be lower than the 125% for China’s previous reciprocal tariff, and 2) recent sector correction has priced in the worst scenario for reciprocal tariffs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - US Tariff Updates: Reciprocal Tariff Exemptions for Smartphone /PC...

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

Giant Biogene Placement - Great Track Record but Previous Deal Didn’t Do Well

Giant Biogene (2367 HK) aims to raise up to US$250m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

CX Daily: Fatal Crash Sours Xiaomi’s EV Success

President Xi Jinping’s state visit to Vietnam. Chinese wearable tech firms explore overseas production. If you haven’t already, click here to sign...

Caixin Global

Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Technology - US Tariff Updates: Reciprocal Tariff Exemptions for Smartphone /PC...

The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

​1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

Giant Biogene Placement - Great Track Record but Previous Deal Didn’t Do Well

Giant Biogene (2367 HK) aims to raise up to US$250m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

CX Daily: Fatal Crash Sours Xiaomi’s EV Success

President Xi Jinping’s state visit to Vietnam. Chinese wearable tech firms explore overseas production. If you haven’t already, click here to sign...

Caixin Global

Horizon Robotics IPO Lockup- US$7bn Expiry with Scattered Shareholding and Lots of CCASS Movement

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Technology - US Tariff Updates: Reciprocal Tariff Exemptions for Smartphone /PC...

The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal...

CMB International

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...