Most Read: Taishin Financial Holding, Raksul Inc, Jinke Smart Services, Hyundai Motor, Hogy Medical, China International Capital Corporation, SK Square , GigaDevice Semiconductor , Miwon Specialty Chemical and more

• There are 8 adds and 8 deletes for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF has an AUM of US$13bn.
• The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
• There are a few surprises and those stocks could outperform peers over the rest of the trading period.

• Goldman Sachs will take Raksul private via a ~¥100bn MBO, restoring meaningful governance influence to the founder—one of the most explicitly founder-aligned take-privates in Japan’s tech sector.
• Public markets consistently undervalued Raksul’s multi-vertical SME platform; going private enables longer-horizon investment, selective M&A, and disciplined scaling across printing, logistics, marketing tech, and adjacent digital services.
• Deal completion probability is high (90–95%): a fair premium, full founder support, and limited interloper risk leave minority shareholders best served by tendering into the offer.

• Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
• The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
• Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 

• Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
• With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
• Nine first-tier names (25–40% payout, <10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.

• Hogy Medical (3593 JP) and Carlyle have announced the Tender Offer at ¥6700, mooted by the Nikkei and confirmed by Hogy the other day.
• The big activist Dalton Group with 27+% has agreed to tender, but has also agreed to buy back into Bidco, owning 20%. 
• When the activist pushing for a deal decides not to sell, and instead to continue owning, the price is probably a bit light for everyone else, but this gets done.

• The MPC’s 5:4 vote split delivered another finely balanced rate cut, but the doves are divided, with only two likely to roll straight into supporting another cut in February.
• Most MPC members favour caution, or an explicitly slower path of rate cuts, which probably means they expect to wait until March or May before easing further.
• The disinflationary evidence may not arrive with pay settlement plans in the new year, or later, so we still see this as the last BoE rate cut. The global policy cycle is turning.

• CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
• Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
• Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  

• Structurally, Square’s NAV trade still works. The Hynix stake alone implies a 60%+ discount, well above local norms, with policy tailwinds supporting long-term compression.
• Near term, Square’s NAV is a derivative of retail Hynix flows. Today was the first real unwind since the 10th, with retail net selling roughly 5x yesterday’s retail net-sell.
• Retail sold both, but Hynix again dominated the tape. Retail is range-trading ₩500ks, and that behavior is the key driver of Square’s short-term NAV inflection.

• GigaDevice is a leading Chinese fabless semiconductor company, holding a dominant position in the domestic SPI NOR Flash market and rapidly expanding its presence in the microcontroller (MCU) sector.
• The company is a key beneficiary of China’s strategic push for semiconductor self-sufficiency, which provides a long-term tailwind for domestic market share gains across its product lines.
• While demonstrating strong long-term growth, the company faces significant risks from the inherent cyclicality of the semiconductor industry, intense global competition, and geopolitical tensions between the US and China.

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• In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.
• We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).
• Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period.