
In today’s briefing:
- Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered
- Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: One Change to Expectations; US$636mn Total One-Way
- Shibaura Electronics (6957 JP): Drawing Nearer to a Conclusion
- Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas
- Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount
- Starhub Ltd: An Analysis of the Returns to Shareholders and Governance
- Money Forward (3994) | Mid-Sized Bets Start Paying Off
- Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE
- Jensen Went to the White House, and to China
- Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)

Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered
- The merger between Synopsys Inc (SNPS US) and Ansys Inc (ANSS US) marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.
- Ansys Inc (ANSS US) shareholders will receive $197 cash plus 0.3450 Synopsys Inc (SNPS US) shares per Ansys Inc (ANSS US) share, valuing the deal at about $35 billion.
- The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: One Change to Expectations; US$636mn Total One-Way
- The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event worth a combined US$600mm+ one-way.
Shibaura Electronics (6957 JP): Drawing Nearer to a Conclusion
- Yageo Corporation (2327 TT) has extended the close of its offer for Shibaura Electronics (6957 JP) from July 15 to August 1, the end of the waiting period for FEFTA approval.
- Yageo remains confident of securing FEFTA approval. Blocking an acquisition of a Type 1 (non-designated business sector) company by a Taiwanese company would set a bad precedent.
- There is a medium to high probability that Yageo secures FEFTA approval. Minebea Mitsumi (6479 JP) is likely to walk as it signalled a limited appetite to match Yageo’s offer.
Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas
- STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
- STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
- In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.
Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount
- TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst
- UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short
- ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread
Starhub Ltd: An Analysis of the Returns to Shareholders and Governance
- We commend StarHub for putting shareholder returns as a key priority; it is front and centre in its annual reports, and a significant portion of the CEO’s compensation is tied to returns targets.
- This is certainly not common among SGX listed companies, many of which do not even have Return on Equity (“ROE”) targets.
- In fact, less than 20% of SGX companies have 5-year average ROE of more than 10%, which is approximately the cost of equity for most companies.
Money Forward (3994) | Mid-Sized Bets Start Paying Off
- Core Business acceleration: Business segment sales +28% YoY, driven by Mid-sized corporate strength; ARR +32% YoY to ¥29.6bn.
- Non-Core drag explains topline miss: Total sales +11.7% YoY to ¥11.5bn vs est. ¥12.1bn; ex-Hirac Fund, sales +18% YoY.
- Margin strength: Record-high EBITDA of ¥0.8bn (7% margin), achieved without one-off gains; signals improving core profitability.
Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE
- According to the local media, Netmarble is considering on issuing exchangeable bonds (EB) worth about 250 billion won backed by its stake in HYBE.
- The potential EB issue is likely to be slightly positive on Netmarble and slightly negative on HYBE (mainly due to additional shares that could be sold in the market).
- We are Negative on BOTH Netmarble and HYBE. Their valuations are not attractive. Plus, HYBE could face a major negative issue of its founder Bang Si-hyuk who could be jailed.
Jensen Went to the White House, and to China
- US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.
- It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).
- For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%). Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).
Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)
- This is MoEF’s first gov-led tax reform—not lawmaker-initiated—and unlike April’s DP bill, it carries broader scope and priority fast-track status, boosting passage odds.
- Local chatter says MoEF is eyeing end-July to table its tax reform bill — that’s the base case making the rounds on the tape today.
- Gov may go full-scope: 9–25% div tax on all firms plus tax credits. Traders are now rotating into high forward-yield names ahead of MoEF’s late-July package.