Daily Brief TMT/Internet: Softbank Group, Qi An Xin Technology Group , Paytm, Taiyo Yuden, China Mobile, Taiwan Semiconductor (TSMC) – ADR, ASE Technology Holding , Whitefiber, Hennge KK, Cellebrite DI and more

• SoftBank Group (9984 JP) reports Q1 FY2025 earnings on 7 August at 15:30 JST, with a conference call at 16:30 JST.
• Highlights: SoftBank’s post-earnings moves are often sharp and unpredictable — with outliers above ±12%. Options markets flag the results day as a high-volatility event to watch.
• Why Read: Essential for investors or options traders focused on Japan: Understand how timing, historic patterns and current volatility pricing shape both opportunity and risk around SoftBank earnings.

• 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 have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.

• Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
• Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Taiyo Yuden underperformed its peers in electronic components by 29% over the past year, but its change in operating profit margin should outperform peers by 68% in the current year.
• Exposure to the U.S. is less than 7% of direct sales, but probably 25% including indirect exposure. Still, based on supply/demand analysis, we think Yuden is probably tariff proof.  
• While rivals have prioritized high-margin device modules to offset component sales declines, Yuden doubled down on its core capacitor and inductor strengths and appears to be coming out ahead.

• China Mobile (941 HK) / China Mobile (600941 CH) will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.
• Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.
• Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.

• U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
• Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
• TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure 

• ASE Technology Holding Co., Ltd. delivered a robust performance in the second quarter of 2025, with advancements in several key business segments contributing to the company’s overall growth.
• The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.
• On a U.S. dollar basis, revenues grew by 7% sequentially and 11% annually.

• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• Insiders are buying in this offering which adds to the bullish thesis.
• They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 

• Revenue reached JPY8.0bn (+32.3% YoY), with HENNGE One contributing JPY7.5bn (+34.3% YoY) and Professional Service JPY506mn (+8.1% YoY).
• Operating profit was JPY1.6bn (+72.3% YoY), with a margin of 19.7% (+4.6pp YoY); gross profit was JPY6.9bn (+35.7% YoY).
• SG&A expenses rose to JPY5.3bn (+27.6% YoY), including JPY618mn in advertising (+34.1% YoY) and JPY2.0bn in personnel (+21.9% YoY).

• Cellebrite is a quality business in digital forensics, a market leader in the industry
• Cellebrite has strong financials, including high margins, free cash flow conversion, and a bootstrap structure

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