In today’s briefing:
- InnoScience (2577 HK): Prices at Low End & Lists Today; Index Inclusion Timeline
- TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)
- Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount
InnoScience (2577 HK): Prices at Low End & Lists Today; Index Inclusion Timeline
- 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.
TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)
- 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.
Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount
- 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
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