Core Viewpoint - The article emphasizes the transformative impact of artificial intelligence (AI) on the global semiconductor industry, particularly focusing on the critical role of advanced chips and wafer foundries in this evolution. It highlights the challenges and opportunities faced by Chinese foundries in the context of geopolitical tensions and the shift from globalization to regionalization [2][5]. Group 1: Industry Overview - The wafer foundry industry is defined by the division of labor among Fabless, Foundry, and OSAT, which is essential for analyzing the current state of China's semiconductor industry. China has strong players in Fabless and Foundry but faces significant challenges in EDA/IP and advanced equipment [5]. - The trend towards domestic production is driven by geopolitical pressures rather than purely market forces, revealing high barriers to entry in the industry, including capital, technology, and ecosystem accumulation [5][31]. - The semiconductor market is experiencing structural changes, with AI and automotive electronics being the primary drivers of capacity growth. However, there is a risk of overcapacity in mature processes [5][12]. Group 2: Market Dynamics - The article notes that the demand for chips is increasing, particularly in AI, HPC, and automotive electronics, which require higher performance and efficiency. This has led to significant R&D investments in advanced process technologies [32][44]. - The global semiconductor market is projected to exceed $1 trillion by 2030, with a compound annual growth rate (CAGR) of 9% from 2025 to 2030, driven by the surge in demand for servers, data centers, and storage [44][50]. Group 3: Chinese Foundries - Chinese foundries are forming a tiered layout, with companies like SMIC, Hua Hong Semiconductor, and others establishing competitive advantages in various niche markets, avoiding homogenization [6][19]. - SMIC is recognized as a leader in China's integrated circuit manufacturing, achieving significant revenue growth and technological advancements in logic and specialty processes [54][53]. - Hua Hong Semiconductor is noted for its comprehensive specialty process platform, focusing on embedded non-volatile memory and power devices, and has shown strong revenue growth [56][57]. - Jinghe Integrated Circuit has become a leader in the liquid crystal panel driver chip foundry sector, achieving significant market share and revenue growth [59]. Group 4: Competitive Landscape - TSMC's competitive advantages include technological leadership, R&D investment, and deep integration with major clients like Apple and NVIDIA, which are crucial for maintaining its market position [6][12]. - The article discusses the shift from IDM to Foundry as a revolutionary change in the industry, with geopolitical factors influencing global supply chain restructuring [14][50]. - The article highlights the importance of specialized processes and system-level foundry services as a trend in the industry, with TSMC's advanced packaging technologies serving as a significant competitive edge [29][12]. Group 5: Future Outlook - The future of the wafer foundry industry is characterized by a focus on mature processes and specialty technologies, with Chinese foundries positioned to capitalize on domestic demand and policy support [31][37]. - The article warns of potential overcapacity risks, particularly in consumer electronics, while emphasizing the importance of maintaining high utilization rates and strong customer relationships to mitigate financial pressures [26][50].

Group 1 - Northbound capital recorded a net purchase of 9.838 billion HKD on September 19, with 5.283 billion HKD from the Shanghai Stock Connect and 4.555 billion HKD from the Shenzhen Stock Connect [2] - The most net bought stocks included Shankai Holdings (00412), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) [2] - The most net sold stocks were Tencent (00700), Xiaomi Group-W (01810), and Longi Green Energy (06869) [2] Group 2 - Alibaba-W had a net inflow of 4.73 billion HKD, with a buy amount of 37.49 billion HKD and a sell amount of 32.76 billion HKD [3] - Semiconductor stocks, including SMIC (00981) and Huahong Semiconductor (01347), saw net purchases of 3.08 billion HKD and 2.37 billion HKD respectively, driven by optimistic market sentiment [7] - Longi Green Energy (06869) experienced a net outflow of 690.83 million HKD, indicating market concerns regarding its performance [3][8] Group 3 - Shankai Holdings (00412) received a net purchase of 22.4 billion HKD, attributed to its compliance with public shareholding regulations [6] - The report highlighted that Alibaba's new AI chip development has surpassed Nvidia's A800, contributing to its positive market outlook [6] - Longi Green Energy's recent announcement indicated that its products related to data centers, particularly hollow-core fibers, are still in early stages of market adoption [8]

Core Insights - The Hang Seng Index closed flat on September 19, with southbound trading totaling HKD 153.72 billion, comprising HKD 81.78 billion in buying and HKD 71.94 billion in selling, resulting in a net inflow of HKD 9.84 billion [1] Trading Activity - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 55.47 billion, with buying at HKD 30.01 billion and selling at HKD 25.46 billion, leading to a net inflow of HKD 4.55 billion [1] - Southbound trading through the Stock Connect (Shanghai) saw a total of HKD 98.25 billion, with buying at HKD 51.76 billion and selling at HKD 46.48 billion, resulting in a net inflow of HKD 5.28 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total transaction amount of HKD 115.81 billion and a net inflow of HKD 17.27 billion [1] - Other notable stocks included SMIC with a transaction amount of HKD 96.75 billion and a net inflow of HKD 9.30 million, and Sany Heavy Industry with a transaction amount of HKD 52.90 billion and a net inflow of HKD 22.40 billion [1][2] Continuous Net Buying - Alibaba-W and Meituan-W were among the stocks with the longest streak of net buying, with Alibaba-W seeing a total net inflow of HKD 57.83 billion over 21 consecutive days, while Meituan-W had a net inflow of HKD 5.75 billion over 5 days [2]

Core Insights - On September 19, 2025, Alibaba-W (09988), SMIC (00981), and Shankai Holdings (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 70.25 billion, 62.79 billion, and 38.99 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 45.57 billion, 33.96 billion, and 15.89 billion respectively [1] Southbound Stock Connect (Hong Kong-Shanghai) - The top three active companies by trading volume were: - Alibaba-W (09988): 70.25 billion with a net buy of +4.73 billion - SMIC (00981): 62.79 billion with a net buy of +3.08 billion - Shankai Holdings (00412): 38.99 billion with a net buy of +17.21 billion [2] - Other notable companies included: - Changfei Optical Fiber (06869): 24.82 billion with a net sell of -69.08 million - Pop Mart (09992): 24.49 billion with a net buy of +9.01 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top three active companies by trading volume were: - Alibaba-W (09988): 45.57 billion with a net buy of +12.54 billion - SMIC (00981): 33.96 billion with a net sell of -2.15 billion - Tencent Holdings (00700): 15.89 billion with a net buy of +27.91 million [2] - Other notable companies included: - Xiaomi Group-W (01810): 15.49 billion with a net sell of -43.27 million - Innovent Biologics (01801): 15.23 billion with a net sell of -37.09 million [2]

Group 1 - The company Huahong Semiconductor (01347) has appointed Chuangsheng Financing Limited as an independent financial advisor in Hong Kong [1] - The advisor will provide opinions on the fairness and reasonableness of the proposed acquisition matters to the independent board committee, independent shareholders under the takeover code, and the independent shareholders under the listing rules [1] - The independent board committee has approved the appointment of Chuangsheng Financing Limited as the independent financial advisor according to the takeover code Article 2.1 [1]

Core Viewpoint - Huahong Semiconductor (01347.HK) has appointed Chuangsheng Financing Limited as an independent financial advisor in Hong Kong to provide opinions on the fairness and reasonableness of the proposed acquisition matters and related authorizations [1] Group 1 - The independent board committee has approved the appointment of Chuangsheng Financing Limited as the independent financial advisor [1] - The advisor will provide recommendations for voting at the shareholders' special meeting regarding the proposed acquisition matters [1] - The appointment is in accordance with the provisions of the Takeovers Code, specifically Article 2.1 [1]

Core Viewpoint - Huahong Semiconductor (01347) has appointed Chuangsheng Financing Limited as an independent financial advisor in Hong Kong to provide opinions on the fairness and reasonableness of the proposed acquisition matters and related authorizations [1] Group 1 - The appointment of Chuangsheng Financing Limited is in accordance with the Securities and Futures Ordinance, which regulates activities related to securities trading and corporate finance advisory [1] - The independent board committee has approved the appointment of Chuangsheng Financing Limited as the independent financial advisor [1] - The advisor will provide recommendations for voting at the shareholders' special meeting regarding the proposed acquisition matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 （於香港註冊成立的有限公司） HUA HONG SEMICONDUCTOR LIMITED （股份代號：01347） 華虹半導體有限公司 委任香港獨立財務顧問 獨立董事委員會、 收購守則獨立股東及建議收購事項上市規則獨立股東 之香港獨立財務顧問 茲提述華虹半導體有限公司（「本公司」）日期為二零二五年八月三十一日的公告 （「該公告」），內容有關（其中包括）建議收購事項、建議收購事項特別授權及清洗 豁免。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會謹此宣佈，創陞融資有限公司（根據證券及期貨條例從事第1類（證券交易） 及第6類（就企業融資提供意見）受規管活動的持牌法團）已獲本公司委任為香港獨 立財務顧問，以就建議收購事項、建議收購事項特別授權及清洗豁免是否屬公平 合理向獨立董事委員會、收購守則獨立股東及建議收購事項 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立的有限公司） （股份代號：01347） 委任香港獨立財務顧問 獨立董事委員會、 收購守則獨立股東及建議收購事項上市規則獨立股東 之香港獨立財務顧問 茲提述華虹半導體有限公司（「本公司」）日期為二零二五年八月三十一日的公告 （「該公告」），內容有關（其中包括）建議收購事項、建議收購事項特別授權及清洗 豁免。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會謹此宣佈，創陞融資有限公司（根據證券及期貨條例從事第1類（證券交易） 及第6類（就企業融資提供意見）受規管活動的持牌法團）已獲本公司委任為香港獨 立財務顧問，以就建議收購事項、建議收購事項特別授權及清洗豁免是否屬公平 合理向獨立董事委員會、收購守則獨立股東及建議收購事項 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 延遲寄發通函 內容有關 (1)主要及關連交易－收購協議 由於需要更多時間落實建議收購事項的條款（包括但不限於補充協議）及擬備載 入通函的若干資料（包括但不限於(i)資產評估報告；及(ii)經擴大集團備考財務資 料）。因此，本公司已根據收購守則規則8.2向執行人員申請徵求執行人員同意將 寄發通函的截止時間延遲至二零二五年十二月三十一日或之前。執行人員已表示 願意批出有關同意。 本公司將適時刊發有關寄發通函時間的進一步公告。 警告 完成建議收購事項及建議非公開發行人民幣股份須待若干條件獲達成後方可作 實，且未必會進行。執行人員可能會也可能不會授出清洗豁免，清洗豁免倘獲授 出將分別受（其中包括）有關清洗豁免須 ...