Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Thematic (Sector/Industry)

<ul><li>Several companies in China’s semiconductor supply chain said new U.S. export restrictions aimed at crippling the country’s ability to produce advanced chips would have limited impact on their operations.</li><li>The U.S. Department of Commerce on Monday added 140 companies, including 136 Chinese firms, to its Entity List, effectively banning them from accessing U.S. advanced chip and AI-related technology.</li><li>The<a href="https://www.caixinglobal.com/2024-12-04/backlash-from-key-chinese-industries-as-us-expands-chip-export-restrictions-102264222.html" target="_blank" rel="noopener"><strong> new rules</strong></a><span style="font-size: var(--content-font-size);"> also restrict exports of high-bandwidth memory, a core component for AI development.</span></li></ul>

Several companies in China’s semiconductor supply chain said new U.S. export restrictions aimed at crippling the country’s ability to produce advanced chips would have limited impact on their operations.The U.S. Department of Commerce on Monday added 140 companies, including 136 Chinese firms, to its Entity List, effectively banning them from accessing U.S. advanced chip and AI-related technology.The new rules also restrict exports of high-bandwidth memory, a core component for AI development.

Chinese Chip Firms Play Down Impact of New U.S. Export Curbs   

Cross Asset Strategy

<ul><li>Cars / In Depth: Amid China’s EV boom, conventional carmakers cry foul</li><li>China-U.S. /Analysis: How China can prepare for Trump’s return</li><li>Payment /BRICS: Pay cross-border payment system exposed as hoax by crypto currency promoters</li></ul>

Cars / In Depth: Amid China’s EV boom, conventional carmakers cry foulChina-U.S. /Analysis: How China can prepare for Trump’s returnPayment /BRICS: Pay cross-border payment system exposed as hoax by crypto currency promoters

CX Daily: Amid China’s EV Boom, Conventional Carmakers Cry Foul 

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li>Former TSMC chairman Mark Liu believes Taiwan's chip industry is unaffected by Trump's trade policy, showing confidence in the sector.</li><li>DIGITIMES Research predicts a 3.6% CAGR growth in global smartphone shipments from 2024-2029, indicating steady expansion.</li><li>Despite potential US bans and chip supply halts, Huawei remains dedicated to developing advanced technology, including AI chips.</li></ul>

Former TSMC chairman Mark Liu believes Taiwan's chip industry is unaffected by Trump's trade policy, showing confidence in the sector.DIGITIMES Research predicts a 3.6% CAGR growth in global smartphone shipments from 2024-2029, indicating steady expansion.Despite potential US bans and chip supply halts, Huawei remains dedicated to developing advanced technology, including AI chips.

Tech Supply Chain Tracker (27-Nov-2024): Taiwan chip industry unphased by Trump's trade policy - Mark Liu.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be three changes for the CES China Semiconductor Chips Index at the close of trading on 13 December.</li>
<li>Based on the assets tracking the index, passive trackers will need to trade between 0.1-0.3x ADV in the stocks.</li>
<li>There will be selling in <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC) (688981 CH)</a> to cap the stock at 10% of the index weight.</li>
</ul>


There could be three changes for the CES China Semiconductor Chips Index at the close of trading on 13 December.
Based on the assets tracking the index, passive trackers will need to trade between 0.1-0.3x ADV in the stocks.
There will be selling in Semiconductor Manufacturing International Corporation (SMIC) (688981 CH) to cap the stock at 10% of the index weight.


CES China Semiconductor Chips Index Rebalance Preview: Three Changes in December

China

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

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NAURA Technology Group (002371 CH)

Chinese Chip Firms Play Down Impact of New U.S. Export Curbs

Several companies in China’s semiconductor supply chain said new U. S. export restrictions aimed at crippling the country’s ability to produce...

Caixin Global

CX Daily: Amid China’s EV Boom, Conventional Carmakers Cry Foul

Cars / In Depth: Amid China’s EV boom, conventional carmakers cry foul As government support has been pivotal in the meteoric rise of new-energy...

Caixin Global

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Tech Supply Chain Tracker (27-Nov-2024): Taiwan chip industry unphased by Trump's trade policy - Mark Liu.

Taiwan's chip industry remains steady amid US trade tensions, with global smartphone shipments and Chinese AI chip development continuing to grow...

Tech Supply Chain Tracker

CES China Semiconductor Chips Index Rebalance Preview: Three Changes in December

There could be 3 changes in Dec with passives needing to trade 0.-0.3x ADV in the stocks. SMIC will be capped at 10% of the index weight. Some...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chinese Chip Firms Play Down Impact of New U.S. Export Curbs

Several companies in China’s semiconductor supply chain said new U. S. export restrictions aimed at crippling the country’s ability to produce...

Caixin Global

CX Daily: Amid China’s EV Boom, Conventional Carmakers Cry Foul

Cars / In Depth: Amid China’s EV boom, conventional carmakers cry foul As government support has been pivotal in the meteoric rise of new-energy...

Caixin Global

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

​New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Tech Supply Chain Tracker (27-Nov-2024): Taiwan chip industry unphased by Trump's trade policy - Mark Liu.

Taiwan's chip industry remains steady amid US trade tensions, with global smartphone shipments and Chinese AI chip development continuing to grow...

Tech Supply Chain Tracker

CES China Semiconductor Chips Index Rebalance Preview: Three Changes in December

There could be 3 changes in Dec with passives needing to trade 0.-0.3x ADV in the stocks. SMIC will be capped at 10% of the index weight. Some...

Brian Freitas

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...