Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.

SMIC (981.HK): Although GM May Decline Slightly, Revenue Is Expected to Continue Growing in 4Q25.

SMIC (981.HK): 2Q25 Guidance Shows A -5% in Revenue. Could This Reflect the Impact of US Tariffs?

Equity Bottom-Up

Semiconductor Manufacturing International / Equity Bottom-Up

Semiconductor Manufacturing International (981 HK)

Semiconductor Manufacturing International

<ul>
<li>Due to U.S. export restrictions on chip technology to China, mainland China’s semiconductor industry has been significantly impacted.  </li>
<li>Currently, in terms of chip manufacturing technology, <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a> advancements in lithography machine-related technology represent a formidable barrier that’s extremely difficult to overcome.</li>
<li>China must gradually build an upstream supply chain for chips to develop independent chip production technology.</li>
</ul>


Due to U.S. export restrictions on chip technology to China, mainland China’s semiconductor industry has been significantly impacted.  
Currently, in terms of chip manufacturing technology, ASML Holding NV (ASML NA) advancements in lithography machine-related technology represent a formidable barrier that’s extremely difficult to overcome.
China must gradually build an upstream supply chain for chips to develop independent chip production technology.


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

SMIC (981.HK): The EUV Issue Remains, Forcing China to Develop Its Own Technology Now?