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 short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.</li>
<li>We tabulate league tables 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 Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.
We tabulate league tables 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 Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.


TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

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

Zhen Ding Technology Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhen-ding-technology-holding-ltd" target="_blank" data-smartkarma-citation="entities:16830:1" rel="noopener">Zhen Ding Technology Holding (4958 TT)</a> is leveraging its full-stack PCB and IC substrate portfolio to position itself as a critical enabler of AI hardware across cloud, channel, and edge applications. </li>
<li>AI-Linked hardware is expected to account for over 70% of Zhen Ding’s revenue in 2025, up sharply from 45% in 2024 and just 8% in 2023.</li>
<li>Zhen Ding shares remain substantially below their 52-week highs; we see the company well-placed in terms of long-term drivers. Well placed for an upcoming AI robotics boom.</li>
</ul>



Zhen Ding Technology Holding (4958 TT) is leveraging its full-stack PCB and IC substrate portfolio to position itself as a critical enabler of AI hardware across cloud, channel, and edge applications. 
AI-Linked hardware is expected to account for over 70% of Zhen Ding’s revenue in 2025, up sharply from 45% in 2024 and just 8% in 2023.
Zhen Ding shares remain substantially below their 52-week highs; we see the company well-placed in terms of long-term drivers. Well placed for an upcoming AI robotics boom.


TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

<ul>
<li>Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday</li>
<li>Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory</li>
<li>Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.</li>
</ul>


Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday
Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory
Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.


Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

Taiwan

Zhen Ding Technology Holding Ltd is a manufacturer of printed circuit board. The Company design, development, manufacture and sale of printed circuit board.

Price Gauge
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Zhen Ding Technology Holding (4958 TT)

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, Zhen Ding Technology, Ase...

Ke Yan, CFA, FRM

TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

​Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

​Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...