TMT/Internet

• In Q324, Didi grew slowly, but core margin improved significantly on higher “take rate”
• Q324 liquidity position sound, but pace of 2024 investment difficult to sustain
• Two important reasons Didi could list shares in ’25, even if cash needs aren’t urgent

• Potential Huawei sanctions under a reelected Trump administration could spell trouble for Chinese tech companies.
• Luxshare’s acquisition of nine Wingtech ODM subsidiaries indicates a consolidation trend in the tech manufacturing industry.
• The 2025 semiconductor boom is expected to be fueled by AI technology, but could face volatility due to Trump-era policies.

• KPay Group, a Hong Kong- and Singapore-based financial management and business operations platform, has secured US$55 million in its Series A funding round.
• This round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners, a UK-based ESG and impact-native global private equity asset manager.
• The investment will fuel KPay’s expansion plans across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand.

• We engaged with the company recently — SIMO remains in a strong position to capitalize on global increased need for high-end NAND memory controllers across mobiles, PCs, and enterprise AI.
• SIMO’s strong positioning in the Client SSD market and its technology leadership in PCIe 5 SSD and MonTitan solutions provide significant growth opportunities into 2025E and beyond.
• Reiterate Structural Long. Given the company’s net cash balance sheet, depressed market price, and multi-year growth outlook, in our view a share buyback program would be accretive to shareholder value.

• TMY Technology (TMYTEK), a Taiwanese provider of millimetre-wave (mmWave) solutions, has raised US$40 million in its Series B funding round. Amazing Microelectronic Corp. and EZconn Corporation led the round, which was participated in by CDIB Capital Group.
• The funding will accelerate the company’s global expansion plans and bolster its research and development capabilities. It will focus on optimising mmWave phased array antenna modules.
• TMYTEK, one of SparkLabs Taiwan’s portfolio companies, also aims to debut on the Taipei Exchange (TPEX) in 2025.

17LIVE is a leading pure-play live streaming platform in Asia with key markets in Japan and Taiwan. Its business lines include Liver live streaming, V-Liver live streaming and other businesses such as in-app games and live commerce. 17LIVE is accessible globally and has fostered a diverse live streaming ecosystem with a loyal and engaged user community, as well as a deep pool of live streamers.

The Smartkarma team spoke to 17Live’s Chief Executive Officer and Executive Director, Jiang Honghui, in an exclusive corporate webinar. Honghui sheds light on the company’s impressive journey and future growth outlook within the vibrant live streaming space.

You can view the webinar via the link below. 

• Mainland China investors continued to increase their purchases of Hong Kong shares through the southbound connect platform after Trump’s win. Mainland investors bought a record HK$800B of HK shares in 2024.
• Weimob Inc. (2013 HK) announced it is connecting its Weimob mini-programs to Tencent’s (700 HK) WeChat mini-shop. This move further integrates the SaaS company into Tencent’s ecosystem.
• Wuxi Biologics (2269 HK) announced a license agreement with US-based Aadi Bioscience (AADI US).  Also, Wuxi was not included in the Senate version of the BioSecure legislation improving investor sentiment.

• Leaked Mediatek Chip Specs? — Talk of a “Qualcomm Killer”
• Hon Hai in the New York Times — Why Foxconn is Investing in Texas & Thailand
• TSMC’s Arizona 4nm Production On Track to Start 2H25E — Still Expected to Be 30% Higher Cost vs. Taiwan and That’s Okay

• The Spanish government extended the anti-takeover shield to December 31, 2026, maintaining oversight of foreign direct investments in critical sectors like energy, defense, and technology to safeguard national interests.
• Investor concerns include regulatory uncertainty, lack of clear criteria, and expanded obligations under the 2023 Foreign Investment Law, deterring foreign investments and delaying significant projects.
• Balancing security and openness preserves free capital movement benefits, addressing vulnerabilities while avoiding protectionism that could harm competitiveness and strain relationships with foreign partners.

• NFRA imposed a Rs. 2 crore penalty on Deloitte and fined two retired partners for audit lapses in Zee Entertainment Enterprises (Z IN)‘s Rs. 200 crore FD mismanagement involving RPTs.
• This case exposes serious flaws in audit practices, corporate governance, and related-party transaction scrutiny, emphasizing the rising importance of professional skepticism in financial audits.
• Audit reports aren’t infallible; investors must independently assess corporate governance and scrutinize financial assumptions, especially in listed companies with complex transactions.

• GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.
• Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.
• South Korea’s acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI’s Indian Semiconductor Academy plan.

• Vishay Intertechnology’s third quarter 2024 results reflect a delicate balancing act within a challenging macroeconomic environment.
• On one hand, the company succeeded in maintaining stable revenue at $735.4 million, amid a backdrop of slowing industrial demand and ongoing inventory destocking.
• This revenue stability highlights a cautiously optimistic demand trend across key growth segments, including smart grid infrastructure, military, high-voltage DC applications, and increasingly, AI-focused server technologies.

• Sanmina Corporation recently presented its financial performance for the fourth quarter and fiscal year 2024.
• The company exhibited a commendable year-end financial performance, with revenue reaching $2.02 billion, surpassing their forecast of $1.9 billion to $2.0 billion, marking a sequential increase of 9.6%.
• Despite facing a challenging fiscal year largely characterized by inventory adjustment with clients, Sanmina achieved non-GAAP earnings per share (EPS) of $1.43, exceeding expectations.

• The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
• Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
• The key stocks mentioned in this regular insight include: Weimob Inc. (2013 HK), Midea Real Estate Holding (3990 HK), and Pharmaron Beijing (3759 HK).

• Fastly, Inc., a provider of cloud computing services, presented its financial results for the third quarter of 2024, reporting revenue growth and cost management successes amid challenges related to some of its largest customers.
• The company’s revenue for Q3 was $137.2 million, exceeding the high end of its guidance range.
• This growth was underpinned by improvements among its large media clients and gains from outside its top 10 customers.

• InnoScience Suzhou Technology (2577 HK) has priced its IPO at HK$30.86/share, the low end of the range. Over half the shares have been allotted to cornerstone investors.
• InnoScience Suzhou Technology (2577 HK) should be added to the HSCI in March and will be added to Southbound Stock Connect early March.
• Inclusion in global indices will take place in 2026 and there will be supply in mid- and late-2025 following lock-up expiries.

• Intel Corp (INTC US) established “Intel Foundry Services” in 2021, but it has not shown notable performance until now.
• There is some pessimism regarding providing foundry services in the US.  
• Taiwan Semiconductor (TSMC) – ADR (TSM US) should provide foundry services to Intel Corp (INTC US) and potentially other common clients as well.  

• TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated
• UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling
• ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long

• Grab Holdings has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024. 
• Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives. 
• Grab will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.

• I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• Four new deals this week: Makino Milling Machine Co (6135 JP)‘s hostile Offer; VCredit Holdings Ltd (2003 HK)‘s takeunder; Vesync (2148 HK)‘s Scheme, and Pentamaster International (1665 HK)‘s Scheme.
• Key updates/news took place on: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Nec Networks & System Integr (1973 JP), and Suntec REIT (SUN SP).

• SK Hynix (000660 KS)‘s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
• In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.   
• Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) – ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.

• Itron’s third quarter of 2024 displayed notable financial performance and a strategic focus on enhancing and expanding its market offerings in energy and water solutions.
• Key financial results include total revenue of $615 million, marking a 10% increase year-over-year, with a notable improvement in gross margin to 34.1%.
• This growth was supported by operational efficiencies and strategic shipments of customer orders.

• FormFactor’s third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations.
• Both of the company’s segments contributed to this outcome, with standout results from the DRAM probe-card business.
• Notably, FormFactor achieved an all-time high in DRAM probe-card revenue for the third consecutive quarter.

• Q2 Holdings recently reported its financial performance for the third quarter of 2024, showing a generally positive momentum in its business operations.
• The company’s non-GAAP revenue reached $175 million, reflecting a 13% increase year-over-year, primarily driven by an 18% year-over-year growth in subscription revenue.
• Subscription revenues now constitute more than 80% of total revenue, underscoring Q2 Holdings’ strategic shift towards a model that emphasizes recurring, higher-margin revenue streams.

• SiTime Corporation’s third-quarter 2024 financial performance showcased robust growth, demonstrating the company’s strong position in the precision timing semiconductor market.
• SiTime reported a 62% year-over-year increase in revenue, totaling $57.7 million.
• Net income also saw an impressive rise, equating to 17% of total revenue.

• Jamf, a leading software company specializing in Apple device management and security solutions, reported strong third-quarter 2024 results, surpassing revenue and non-GAAP operating income expectations.
• The company’s year-over-year revenue growth reached 12%, with subscription revenue comprising a dominant 98% of total revenue.
• Non-GAAP operating income rose significantly to $27.7 million, reflecting a margin improvement from 9% to 17%.

• In reviewing the most recent earnings for GoodRx Holdings, Inc., the company posted mixed results for the third quarter of 2024, highlighting both achievements and challenges.
• GoodRx reported an 8% year-over-year increase in total revenue, reaching $195.3 million, with adjusted EBITDA growing 21% year-over-year, reflecting a higher-than-expected margin.
• The company’s pharma manufacturer solutions segment showed substantial growth at 77% year-over-year, partially supported by the expansion of brand drug affordability programs.

• InterDigital, Inc.’s third-quarter 2024 results reveal a blend of strategic progress and financial growth, marking a potentially positive trajectory for the company, though not without challenges.
• Key achievements include surpassing their revenue, adjusted EBITDA, and EPS targets, which catalyzed an upward revision of their 2024 revenue guidance by $145 million to $860 million.
• This growth is primarily attributed to new license agreements with major industry players like OPPO Group, which now includes coverage of their branded devices, thereby resolving pending litigations.

• Yesterday, the FSC pushed for value-up policies, but the real buzz was about Samsung Electronics hinting at rolling out its own value-up plan soon.
• Samsung may raise its dividend payout from 50% to 60% and could issue a special dividend if semiconductor results improve or FCF exceeds expectations.
• Samsung’s value-up disclosure may not cause short-term price action but could strengthen downside support. It may focus on dividends over buybacks, potentially boosting preferred stock.

• The US-China trade war has shaped a new trend: Advanced and Matured Technologies led by Taiwan Semiconductor (TSMC) – ADR (TSM US) and Semiconductor Manufacturing International Corp (SMIC) (981 HK) respectively.
• Notably, construction of semiconductor fabs in Singapore seems to be of lesser concern at the moment.
• The emergence of AI offers new hope, not only for advanced semiconductor technology but also for lagging technologies.

• Xiaomi’s Japan market share rose to ~7% in C2Q24 from the year prior, driven by carrier partnerships and brand recognition from SU7 media coverage and  a product partnership with LEICA;
• Upon examination, we found Xiaomi filled a product gap left by the smartphone exits of Kyocera and Fujitsu, for the carriers, which account for 90% of handset sales in Japan;
• In our view, Xiaomi’s success in Japan marks a turning point in its global brand perception, signaling potential for further growth in other developed and high end developing markets.

• Calendar effects in equity markets have persisted despite widespread knowledge of their existence. 
• Combine the Turn-of-Year (TOY) effect with the Santa Rally phenomenon systematically 
• The trading approach historically generates 1.4-2.0% returns over a 7-day period, with a win rate of 75% since 2000.

• Enfusion, Inc., during its third-quarter 2024 earnings presentation, demonstrated robust progress in executing its strategic initiatives.
• The company achieved a 15% year-over-year increase in revenue, reaching $51.2 million, with notable growth driven by its strategic focus on larger, up-market clients and geographical expansion.
• Despite favorable revenue growth, the minor challenges faced included slower back book expansion, particularly in the Asia-Pacific (APAC) region, due to geopolitical uncertainties and economic conditions, which impacted organic growth.

• Euronet Worldwide has reported its third-quarter financial results for 2024, showing a record performance in key financial metrics.
• The company achieved a revenue of $1.1 billion, with operating income standing at $182 million.
• Adjusted EBITDA reached $226 million, and adjusted earnings per share (EPS) were reported at $3.03, marking an increase of 11% from the previous year.

• Genpact Limited has reported a strong financial performance for the third quarter of 2024, marked by robust revenue growth and improved profitability metrics.
• Revenue for the quarter reached $1.21 billion, representing a 7% increase year-over-year, surpassing the high end of the company’s guidance range.
• This growth was primarily driven by the Data-Tech-AI and Digital Operations segments, with the former growing by 9% and the latter by 5%.

• ExlService Holdings, Inc. (EXL) reported robust financial performance in Q3 2024, with a revenue increase of 15% year-over-year, reaching $472 million.
• This growth reflects the effective execution of its data and AI-driven strategy across its Analytics and Digital Operations and Solutions segments.
• Adjusted EPS grew by 16% to $0.44 per share, underscoring operation and margin efficiency.

• TSMC begins mass production at Kumamoto fab as plans for third fab expansion remain uncertain.
• Broadcom CEO foresees million-chip clusters as the future of AI investment frenzy.
• Tata Group announces plan to generate 50,000 manufacturing jobs in EMS and semiconductor sectors.

• Advanced Energy’s third quarter 2024 earnings reveal a mixed performance across its key market segments.
• The company reported revenues of $374 million, slightly exceeding midpoint guidance, but this marked a year over-year decrease of 9%.
• The quarter benefited from robust demand in the Semiconductor and Data Center markets but faced challenges in the Industrial & Medical and Telecom & Networking segments.

• China announced game approval for the December batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening. There have been 47% more games approved in 2024 compared to 2023.
• Of the companies that we are monitoring, Netease got one approval.

• This insight explores the semiconductor industry’s fundamental building blocks, focusing on India’s role and target segments within the value chain.
• The Indian government has committed INR 76,000 crore to establish a self-reliant semiconductor manufacturing ecosystem.
• Key investments are being made in semiconductor manufacturing, focusing on design, assembly, testing, and packaging capabilities.

• MKS Instruments, Inc. reported a robust third quarter for 2024, with performance largely surpassing expectations.
• The company achieved revenue of $896 million, marking a 1% sequential increase, driven predominantly by gains in semiconductor and electronics and packaging markets.
• This growth was reflected in a gross margin of 48.2%, which was higher than anticipated due to favorable product mix and operational leverage.

• Credo Technology Group Holding Ltd. reported strong financial and operational performance for the second quarter of fiscal year 2025.
• The company recorded a revenue of $72 million, indicating a sequential increase of 21% and an impressive 64% year-over-year growth.
• The robust revenue figures were largely driven by vibrant demand across its three core product lines: Active Electrical Cables (AECs), optical Digital Signal Processors (DSPs), and line card retimers.

• InnoScience Suzhou Technology (2577 HK) is anticipated to debut at the HKEX on 30 December 2024 with a valuation between $3.5bn – $3.9bn.
• InnoScience Suzhou Technology (2577 HK) is forecasted to fail the fcap threshold in the first place for both global indices due to small size offering and lock-ups.
• The security is expected to be added in China all-world or small-cap at the September 2025 review following the 6-month lock-up expiry.

• Paysafe is undergoing a turnaround after a significant decrease in value since its post-IPO high
• The company generates cash and benefits from growth opportunities in the igaming sector
• Despite high leverage and a substantial PE shareholder overhang, the stock has potential for significant upside if the turnaround is successful

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• WEX Inc., a provider of corporate payment solutions, reported financial results for the third quarter of 2024, showing a mixed performance with certain areas of strength and others facing challenges.
• The company experienced a 2% increase in total revenue year-over-year, reaching $665 million, while adjusted net income per diluted share rose by 7% to $4.35.
• However, this performance fell short of internal expectations, primarily due to issues within the Mobility segment, stemming from macroeconomic factors like declining fuel prices and certain operational challenges.

• UL Solutions delivered robust financial performance in the third quarter of 2024, with revenue and key financial metrics showcasing both strengths and areas for potential improvement.
• The company reported revenue of $731 million, representing an 8.1% increase, and maintaining an organic growth of 9.3%.
• This growth was driven significantly by the Industrial and Consumer segments, reporting organic growth rates of 11.7% and 9.2%, respectively.

• Elastic N.V. reported robust financial results for the second quarter of fiscal year 2025, showcasing notable progress in revenue growth and sales execution after a challenging first quarter.
• The company’s total revenue reached $365 million, marking an 18% year-over-year increase.
• Elastic Cloud, a significant component of its subscription services, experienced a 25% growth, highlighting customer preference for cloud-based solutions.

• Taiwan government concerned about reducing foreign tech R&D subsidies due to budget cuts, jeopardizing innovation in the industry.
• Japan commits significant investment of $638 million into Rapidus chip mass production, aiming to strengthen its position in the semiconductor market.
• South Korea proposing creation of KSMC based on TSMC’s model to boost semiconductor production capabilities, following global trends in the industry.

• Micron’s Q1F25 met expectations on key metrics but the ~9% downward guidance for the current quarter sent the share price into a tailspin
• Consumer-Related inventory issues and China competition were highlighted as the root causes for the surprise downward guide
• Micron is ok to cede legacy products to China competition and focus instead on the much more lucrative leading edge products, especially HBM. The transition could be rocky however

• AI inkjet breakthrough in semiconductor manufacturing promises more precise coating, revolutionizing tech industry processes.
• China’s price war in EV sector causes financial chaos and supply chain disruptions for 2 years, impacting global market.
• US House considers OLED import ban following patent dispute with Samsung Display Corporation, keeping spotlight on patent issues.

• Erajaya Swasembada booked a strong performance in 3Q2024 but 4Q2024 is likely to be the peak seasonal quarter for sales, even with no sales of iPhone 16.
• Chinese brands have accelerated the availability of affordable handsets, which should help to drive sales. JD Sports will be consolidated in December and Grand Lucky is performing well. 
• Erajaya Swasembada (ERAA IJ) will continue to expand Erajaya Digitial in 2025, Erablue stores already be at 76 stores by November. Valuations remain attractive along with a strong growth profile. 

• UMC Secures Key Qualcomm Advanced Packaging Order; Breakthrough in High-Growth Chip Supply Chain Segment
• Why TSMC Remains Critical for QCOM Manufacturing, Yet UMC Provides a Strong Strategic Counterbalance
• UMC Must Prove Itself, but QCOM Win Sparks Optimism for Sentiment and Outlook Recovery — Maintain TSMC as Structural Long & Rate UMC as Outperform

• NVIDIA Corp (NVDA US) CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.
• From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict. 
• Focusing on AI, NVIDIA Corp (NVDA US) is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.

• Japanese IDMs are increasing global investments, while the US keeps a close eye on China’s chip industry to adjust supply chains.
• Compal Electronics introduces a new liquid cooling solution for effective cooling of electronic devices.
• Google enhances AI visual generation with Veo 2, Imagen 3, and Whisk, while Innolux focuses on FOPLP and Lam boosts fab efficiency with collaborative robots.

• Jabil Inc. entered the first quarter of its fiscal year 2025 with a relatively solid performance, as evidenced by its reported revenues and continued efforts in restructuring its business model.
• The company reported $7 billion in revenue for the quarter, representing a 1% increase when excluding the impact of a prior-year divestiture in the Mobility segment.
• Core operating income was $347 million, with a margin holding steady at 5%, despite a modest impact from recent hurricanes.

• BlackBerry’s third-quarter fiscal results delivered a mix of optimism and caution as the company reported stronger-than-expected profitability, positive cash flow, and notable progress in its strategic transformation.
• The stock surged 20% to $3.59, marking its highest close since May, as investors reacted to the earnings beat despite a downward revision in the fiscal-year guidance.
• The quarter saw BlackBerry posting an adjusted profit of 2 cents per share, surpassing analysts’ expectations of a 1-cent loss.

• Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue forecast, which missed analyst expectations.
• The company projected fiscal second-quarter revenue of $7.9 billion, far below the average estimate of $8.99 billion, while profit forecasts also lagged significantly.
• These results reflect sluggish demand in its largest markets—smartphones and personal computers—despite a notable surge in data center-related revenue and strong orders for artificial intelligence (AI) components.

• FactSet delivered a mixed set of results for its first fiscal quarter of 2025, showcasing positives in operating performance amid a backdrop of economic uncertainties and industry-specific challenges.
• The company reported 4.5% growth in organic Annual Subscription Value (ASV) year-over-year, supported by favorable developments in its wealth management segment and a 7% growth in the Asia-Pacific region.
• FactSet’s adjusted operating margin stood at 37.6%, and adjusted diluted earnings per share (EPS) reached $4.37.

• Paychex’s recent earnings presentation shows a nuanced business performance with both strengths and challenges to consider.
• The company reported a 5% increase in total revenue, excluding the expiration of the Employee Retention Tax Credit (ERTC) program, which stands against a 7% revenue growth when adjusted for the ERTC’s effects.
• The company’s management solutions and PEO (Professional Employer Organization) and insurance solutions have been central to its growth narrative, with corresponding 3% and 7% revenue increases, respectively.

• All 5 trading days of the past week saw non-volatile price declines but with implied vols still ticking higher leaving historic vol and implied vol moving in opposite directions.
• Trading activity focused on Puts, 59.5% of all options trades were Puts last week
• Postions being covered into market weakness as seen from large decrease in open interest (60% of the decline was Puts).

• Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.
• Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.
• Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).

• Kospi is now off 20% from its 52-week highs. Historic vols are picking up and implieds looking like good value given market dynamics.
• Hedging increased with broad based positioning in Puts across out-of-the-money strikes.
• Heavier volume in Puts with 53.2% of added open interest being Puts.

• Micron’s Latest Outlook Disappoints & Shares Fall; Decoupling Trade Between SK Hynix & Nanya Tech Has Worked However
• Smartphone AI Insights — On-Device Local Search & Context-Aware Interfaces Emerging as Key Local AI Needs
• Conclusion — Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade

• LG CNS (LGCNSZ KS) is looking to raise up to KRW 1,199bn (US$830m), valuing the company at KRW 6 trillion (US$4.15bn) at the top end of the IPO price range.
• As a member of the IT sector, inclusion in the KOSPI200 Index will only take place via Fast Entry (near impossible) or as a large-scale company.
• Inclusion in global indices could commence in September 2025 and will be easier if the identity of the pre-IPO minority shareholders is disclosed or if the strategic investors sell.

• Rapidus vs. TSMC: Can Japan’s Newcomer Compete in the 2nm Race?
• Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
• Hon Hai Pauses Nissan Pursuit Amid Honda Talks — A Japanese Savior for Nissan is Likely But This Confirms Hon Hai’s EV Ambitions Remain High

• TSMC’s new wafer manufacturing technology is changing the advanced packaging industry, causing a forecasted slump in general-purpose memory for Samsung and SK Hynix.
• Micron is leading the way in HBM4 development, aiming for mass production by 2026, while India’s semiconductor growth is highlighted by Marvell ahead of VLSI conference.
• China’s chip crackdown escalates as global semiconductor landscape evolves, with Tesla Shanghai factory head resigning and Xiaomi denying poaching rumors. Dixon partners with Vivo to boost local production in India.

• TSMC: +25.4% Premium; At Historical Highs, Good Level to Short the Spread
• UMC: +2.1% Premium; Upper Level of Historical Range, Short Level
• ASE: +5.4% Premium; Near-Term High However Likely Best to Wait for Higher Levels