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 analyzed the changes in foreign holdings of TWSE Stocks as of Mar 29th which has an aggregated holding worth USD3,994.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,801mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 29th which has an aggregated holding worth USD3,994.1bn.
We estimate that foreign flows to be outflows of USD5,801mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.


TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 29th which has an aggregated short interest worth USD76.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Evergreen Marine, United Integrate, Chicony Elec, Unimicron Tech, Hon Hai, Global Unichip, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 29th which has an aggregated short interest worth USD76.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, United Integrate, Chicony Elec, Unimicron Tech, Hon Hai, Global Unichip, Asia Vital.


TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 22nd which has an aggregated holding worth USD4,011.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,790mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Unimicron Tech, Delta Elec, Quanta Computer, Hon Hai, Evergreen Marine, Mediatek, Gigabyte Tech, Pegatron, Getac Holdings.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 22nd which has an aggregated holding worth USD4,011.4bn.
We estimate that foreign flows to be outflows of USD4,790mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Unimicron Tech, Delta Elec, Quanta Computer, Hon Hai, Evergreen Marine, Mediatek, Gigabyte Tech, Pegatron, Getac Holdings.


TWSE Foreign Holding Weekly (Mar 22nd): TSMC, Unimicron Tech, Delta Elec, Quanta Computer, Hon Hai

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 22nd which has an aggregated short interest worth USD73.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Evergreen Marine, Getac Holdings, Lite-On Tech, Nanya Tech, Alchip Tech, TSMC, Chung-Hsin.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 22nd which has an aggregated short interest worth USD73.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, Getac Holdings, Lite-On Tech, Nanya Tech, Alchip Tech, TSMC, Chung-Hsin.


TWSE Short Interest Weekly (Mar 22nd): Evergreen Marine, Getac Holdings, Lite-On Tech, Nanya Tech

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. </li>
<li>The narrowing spread can be attributed to the <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> tender launch, which suggests likely China SAMR approval, and <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP) </a>giving up recent gains. </li>
<li>Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.</li>
</ul>



Shinko Electric Industries (6967 JP) pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. 
The narrowing spread can be attributed to the JSR Corp (4185 JP) tender launch, which suggests likely China SAMR approval, and Ibiden Co Ltd (4062 JP) giving up recent gains. 
Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.


Shinko Electric (6967 JP): Tender State of Play

Taiwan

Unimicron Technology Corp. manufactures and markets double-sided and multi-layer printed circuit boards.  The Company also provides integrated circuits (IC) burning and testing services.

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Unimicron Technology (3037 TT)

TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, United Integrate, Chicony...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 22nd): TSMC, Unimicron Tech, Delta Elec, Quanta Computer, Hon Hai

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Unimicron Tech, Delta Elec, Quanta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 22nd): Evergreen Marine, Getac Holdings, Lite-On Tech, Nanya Tech

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Getac Holdings, Lite-On Tech,...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): Tender State of Play

The JSR tender launch materially lowers the China approval risk. The gross spread was narrowed from a high of 10.4% to the current 4.2%. The tender...

Arun George

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