Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Taiwan's economic minister confirmed the ongoing investigation into the TSMC leak, which may affect Japan relations.</li><li>Apple's new vapor chamber design is expected to enable the creation of ultra-thin iPhones and wearables in the market.</li><li>The wafer foundry industry in Taiwan is anticipated to see significant growth by Q3 2025, driven by advancements in technology.</li></ul>

Taiwan's economic minister confirmed the ongoing investigation into the TSMC leak, which may affect Japan relations.Apple's new vapor chamber design is expected to enable the creation of ultra-thin iPhones and wearables in the market.The wafer foundry industry in Taiwan is anticipated to see significant growth by Q3 2025, driven by advancements in technology.

Tech Supply Chain Tracker (12-Sep-2025): TSMC leak probe will continue amid Japan

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.</li><li>The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units during Jul 2025, up 123% YoY and 64% MoM. This growth is attributable to low base effects.The YoY growth stems from a low base in Jul 2024, when sales declined due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.Similarly, the MoM growth is driven by a low base in Jun 2025, when supply chain disruptions amid regional conflicts reduced volumes to 2.19mn units.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>From July's recent peak of US$17.3bn, onshore investors' net Southbound buying declined to US$14.3 bn in August. Average daily turnover continued to climb, reaching an all-time high of US$19.8bn.</li>
<li>Buying in Tencent, Xiaomi and Alibaba re-commenced, after selling for 3-4 months. The semiconductor giants - SMIC and Hua Hong - are being bought as well. </li>
<li>Investors' long-standing preferences for e-commerce, food delivery, biotech and dividends continue. Meituan and Kuaishou continue to be bought, despite the recent losses. Akeso, XTALPI and Innovent occupy the biotech space.</li>
</ul>


From July's recent peak of US$17.3bn, onshore investors' net Southbound buying declined to US$14.3 bn in August. Average daily turnover continued to climb, reaching an all-time high of US$19.8bn.
Buying in Tencent, Xiaomi and Alibaba re-commenced, after selling for 3-4 months. The semiconductor giants - SMIC and Hua Hong - are being bought as well. 
Investors' long-standing preferences for e-commerce, food delivery, biotech and dividends continue. Meituan and Kuaishou continue to be bought, despite the recent losses. Akeso, XTALPI and Innovent occupy the biotech space.


Asian Equities: Southbound Monthly - Slowdown in August but Renewed Enthusiasm for Tech Superstars

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

<ul><li>Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated Chinese</li><li>Commodity/: Hong Kong joins LME’s global delivery system with eight certified warehouses</li><li>Delivery /: Couriers hike prices in face of toxic competition crackdown</li></ul>

Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated ChineseCommodity/: Hong Kong joins LME’s global delivery system with eight certified warehousesDelivery /: Couriers hike prices in face of toxic competition crackdown

CX Daily: Coding Jobs No Longer Sure Thing for U.S.-Educated Chinese 

External broker reports(aggregated public sources), CMB International

CMB International

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.

<ul><li>The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.</li><li>Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.</li><li>Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. </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 President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. 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 New Sectoral Tariffs Better than Feared...

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Tech Supply Chain Tracker (12-Sep-2025): TSMC leak probe will continue amid Japan

Taiwan's TSMC leak investigation continues amid Japan relations concerns, while Apple's vapor chamber design, AI growth, and Momo's revenue rise...

Tech Supply Chain Tracker

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 2.2x YoY In Jul-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.59mn units...

Topline Securities

Asian Equities: Southbound Monthly - Slowdown in August but Renewed Enthusiasm for Tech Superstars

Southbound buying declined in Aug, but avg daily turnover hit an all-time high. Buying resumed in Tencent, Xiaomi, Alibaba & Hua Hong. Food...

Manishi Raychaudhuri

CX Daily: Coding Jobs No Longer Sure Thing for U.S.-Educated Chinese

Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated Chinese Commodity/: Hong Kong joins LME’s global delivery system with eight...

Caixin Global

Technology - US New Sectoral Tariffs Better than Feared...

The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US...

CMB International

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