Daily Brief TMT/Internet: Shanghai Biren Intelligent Technology, SemiFive, JOYY, Quantum Computing , Oracle Corp, Synopsys Inc, Descartes Systems Grp, Josys, Adobe Systems, Formfactor Inc and more

• Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise around US$600m in its Hong Kong listing.
• According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
• In this note, we look at the company’s past performance.

• In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in June 2026.
• We provide 8 potential deletion candidates including Seoul Semiconductor (046890 KS), Kolmar BNH (200130 KS), GOLFZON (215000 KS), and Devsisters (194480 KS).
• Of the eight potential additions in KOSDAQ150 in June 2026, six of them are IPOs in 2025. 

• Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
• Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
• This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.

• Quantum Computing Inc. has made headlines with its bold $110 million all-cash offer to acquire Luminar Semiconductor, a deal surfacing amid Luminar Technologies’ bankruptcy-driven divestiture.
• This acquisition comes at a pivotal time for Quantum Computing, which recently secured over $1.5 billion in capital and strengthened its strategic roadmap through the buildout of Fab 1—a foundry for thin-film lithium niobate (TFLN) photonic chips.
• The proposed acquisition is not just a financial transaction; it is a potential catalyst to integrate core photonic IP, engineers, and manufacturing capabilities.

• Oracle’s AI ambitions may have been too big, too fast.
• The company’s sprawling plans to build a national footprint of AI data centers suffered a high-profile blow this week after reports surfaced that Blue Owl Capital walked away from a major funding partnership.
• While Oracle insists Blue Owl was simply outbid for the Michigan data center project, the market response was immediate: shares slid 4.4% and bond prices declined.

• Synopsys reported results that reflected a year of structural change, with the integration of Ansys reshaping both the scale and scope of the business.
• Revenue reached $7.05 billion for the fiscal year, supported by $757 million of contribution from Ansys, while backlog expanded to $11.4 billion, indicating solid multi-year demand visibility across design automation, simulation, and related software.
• Fourth-quarter revenue and non-GAAP earnings per share came in within or slightly ahead of guidance, supported by disciplined expense control and strong execution in hardware-assisted verification and advanced-node design tools.

• Descartes Systems Group presented strong third-quarter financial results, marked by significant growth across key metrics.
• The company reported record quarterly revenue of $187.7 million, an increase of 11% compared to the same period last year.
• This growth was driven by a 16% rise in services revenue, making up 93% of total revenue, highlighting a strategic emphasis on generating recurring income.

• Josys is a rapidly growing, venture-backed SaaS and device management platform targeting the significant operational challenges faced by corporate IT departments in the hybrid work era. Its unified platform offers 360-degree control over a company’s software and hardware assets, aiming to enhance security, optimize costs, and automate IT operations.
• The company is strategically positioned in the burgeoning SaaS Management and IT Asset Management markets, which are experiencing substantial growth driven by the proliferation of SaaS applications, the rise of ‘shadow IT’, and the increasing complexity of IT environments. The total addressable market is large and expanding, providing a significant runway for growth.
• Led by an experienced founder with a successful track record (Yasukane Matsumoto, founder of Raksul Inc.), Josys has demonstrated strong early traction, attracting a significant number of enterprise clients and securing substantial venture capital funding to fuel its aggressive global expansion and product development.

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• Adobe’s fourth quarter and fiscal year 2025 results reflect a balance of robust growth fueled by strategic initiatives, particularly in the AI space, yet also come with considerations of competitive pressures and operational challenges.
• The company achieved record revenue of $23.77 billion, marking an 11% year-over-year growth.
• The non-GAAP EPS of $20.94, reflecting a 14% increase, indicates strong profitability, largely driven by the expansion of AI-influenced offerings and a heightened focus on digital media and experience solutions.

• FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its position in the advanced semiconductor packaging ecosystem.
• The deal comes on the heels of FormFactor’s Q3 earnings beat and an optimistic Q4 outlook, where management reaffirmed its focus on achieving target-model gross margins of 47% and diversifying beyond DRAM into GPU and CPU verticals.
• The acquisition is aimed at strengthening FormFactor’s foothold in the rapidly evolving silicon photonics and co-packaged optics (CPO) landscape, areas where the company is already piloting its new Triton system with key customers.