Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>With a strong 20A/18A team, Intel might take some CPU shares back from AMD to affect TSMC but reduce geopolitical tensions from the US after Intel returning to the best. </li>
<li>SMIC can use DUV to do 3nm but different from others' because Moore's law is no longer using circuit line width but to use performance, power, density to determine 3nm. </li>
<li>New fabless industry opportunities are emerging in middle east countries, and south east Asia countries like Vietnam. Despite high cost issues, global expansion will help TSMC to attract global talents. </li>
</ul>


With a strong 20A/18A team, Intel might take some CPU shares back from AMD to affect TSMC but reduce geopolitical tensions from the US after Intel returning to the best. 
SMIC can use DUV to do 3nm but different from others' because Moore's law is no longer using circuit line width but to use performance, power, density to determine 3nm. 
New fabless industry opportunities are emerging in middle east countries, and south east Asia countries like Vietnam. Despite high cost issues, global expansion will help TSMC to attract global talents. 


A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.</li>
<li>HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.
HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.


Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 9th.</li>
<li>We estimate the weekly outflows to be US$2,018.4 million, led by information technology, consumer discretionary, financials, and offset by health care, consumer staples, utilities.</li>
<li>We highlight flows for Suzhou Dongshan Precision Manufacturing, Midea, CATL, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 9th.
We estimate the weekly outflows to be US$2,018.4 million, led by information technology, consumer discretionary, financials, and offset by health care, consumer staples, utilities.
We highlight flows for Suzhou Dongshan Precision Manufacturing, Midea, CATL, Zhongji Innolight.


Northbound Flows (Aug 9th): Suzhou Dongshan Precision Manufacturing, Midea, CATL, Zhongji Innolight

David Blennerhassett

Tianneng Power International / Event-Driven

<div>
After first <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/1109/LTN201811091011.pdf" target="_blank" rel="noopener">announcing</a> the possible spin-off and separate listing of Tianneng Battery Group ("TBG") on the 9 November 2018, <a href="https://www.smartkarma.com/entities/tianneng-power-intl-ltd" target="_blank" data-smartkarma-citation="entities:18978:1" rel="noopener">Tianneng Power Intl (819 HK)</a> ("TPI") announced on the 15 December that the proposed A-share listing on the Star Board had been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1215/2020121501202.pdf" target="_blank" rel="noopener">approved</a> by the CSRC.
An Offer Price of RMB41.79/share has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0103/2021010300069.pdf" target="_blank" rel="noopener">announced</a>. That is 36% higher than the Indicative Offer Price of RMB30.65 flagged in the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0624/ltn201906241058.pdf" target="_blank" rel="noopener">June 2019 prospectus</a>. Listing is expected to take place between mid-late Jan, according to my conversation with TPI's IR. 
TPI is up 204% in the past year and 35% since the CSRC approval. Today's relatively lacklustre share price response to TBG's pricing would indicate TPI's pricing is full. 
</div>
<div>
More below the fold.
</div>


After first announcing the possible spin-off and separate listing of Tianneng Battery Group ("TBG") on the 9 November 2018, Tianneng Power Intl (819 HK) ("TPI") announced on the 15 December that the proposed A-share listing on the Star Board had been approved by the CSRC.
An Offer Price of RMB41.79/share has now been announced. That is 36% higher than the Indicative Offer Price of RMB30.65 flagged in the June 2019 prospectus. Listing is expected to take place between mid-late Jan, according to my conversation with TPI's IR. 
TPI is up 204% in the past year and 35% since the CSRC approval. Today's relatively lacklustre share price response to TBG's pricing would indicate TPI's pricing is full. 


More below the fold.


Tianneng (819 HK): Star Market Battery Spin-Off Priced

Equity Bottom-Up

Tianneng Power International / Equity Bottom-Up

On the 9 November 2018, <a href="https://www.smartkarma.com/entities/tianneng-power-intl-ltd" target="_blank" data-smartkarma-citation="entities:18978:1" rel="noopener">Tianneng Power Intl (819 HK)</a> ("TPI") <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/1109/LTN201811091011.pdf" target="_blank" rel="noopener">announced</a> the possible spin-off and separate listing of Tianneng Battery Group ("TBG"). This is the same entity TPI attempted to list back in <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2015/1123/LTN20151123195.pdf" target="_blank" rel="noopener">November 2015</a>. 
Further announcements followed, culminating in a circular to shareholders on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0624/ltn201906241058.pdf" target="_blank" rel="noopener">24 June 2019</a> seeking shareholder approval to list TBG on the Science and Technology Innovation Board of the Shanghai Stock Exchange - better known as the Star Market. That approval was received at an EGM on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0712/ltn20190712674.pdf" target="_blank" rel="noopener">12 July 2019</a>. 
A <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1230/2019123001609.pdf" target="_blank" rel="noopener">December 2019</a> announcement discussed the potential to raise RMB3.6bn from the listing. 
Finally, on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0706/2020070602268.pdf" target="_blank" rel="noopener">6 July</a>, the Star Market listing committee approved the listing. This week, TPI announced that proposed A-share listing on the Star Board has been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1215/2020121501202.pdf" target="_blank" rel="noopener">approved</a> by the CSRC.
The majority of TPI's assets and earnings are sourced from TBG. Shares gained 17% on the CSRC approval news and are now up 180% in the past 12 months. Is there more left in the tank?
More below the fold.

On the 9 November 2018, Tianneng Power Intl (819 HK) ("TPI") announced the possible spin-off and separate listing of Tianneng Battery Group ("TBG"). This is the same entity TPI attempted to list back in November 2015. 
Further announcements followed, culminating in a circular to shareholders on the 24 June 2019 seeking shareholder approval to list TBG on the Science and Technology Innovation Board of the Shanghai Stock Exchange - better known as the Star Market. That approval was received at an EGM on the 12 July 2019. 
A December 2019 announcement discussed the potential to raise RMB3.6bn from the listing. 
Finally, on the 6 July, the Star Market listing committee approved the listing. This week, TPI announced that proposed A-share listing on the Star Board has been approved by the CSRC.
The majority of TPI's assets and earnings are sourced from TBG. Shares gained 17% on the CSRC approval news and are now up 180% in the past 12 months. Is there more left in the tank?
More below the fold.

Tianneng (819 HK): Battery Spin-Off And The Tesla Effect

China

Shennan Circuits Co.,Ltd. manufactures printed circuit boards. The Company produces packaging base plates, substrates, electronic assemblies, system in package, and other products. Shennan Circuits markets its products across worldwide.

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Shennan Circuits (002916 CH)

A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions

A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions. Intel might ramp up its 20A/18A ahead of TSMC 2nm...

Andrew Lu

Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

NORTHBOUND back to the sell side last week. Pretty much across the board but renewables-related (solar, btty, EVs) were all sells. EVs to be...

Travis Lundy

Northbound Flows (Aug 9th): Suzhou Dongshan Precision Manufacturing, Midea, CATL, Zhongji Innolight

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlighted flows for Suzhou Dongshan Precision Manufacturing, Midea,...

Ke Yan, CFA, FRM

Tianneng (819 HK): Star Market Battery Spin-Off Priced

In my prior insight, I recommended buying TPI on the expectation it retests its July high. It achieved that today. If you were already in, I'd be...

David Blennerhassett

Tianneng (819 HK): Battery Spin-Off And The Tesla Effect

The Star Market will welcome another battery manufacturer, one that is an up & coming supplier of lithium batteries, and one that promotes and...

David Blennerhassett

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