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    Jason Zhang

    Managing Director and Senior Analyst at CLSA

    Jason Zhang is a Managing Director and Senior Analyst at CLSA, specializing in equity research with a particular focus on China-based technology and internet companies. He covers leading firms such as Alibaba, Tencent, JD.com, and Meituan, and has consistently achieved top analyst rankings on platforms like Institutional Investor, with a success rate on stock recommendations exceeding 65% and notable cumulative returns for investors. Zhang began his career in the early 2000s at J.P. Morgan and UBS, transitioning to CLSA in 2014, where he has since played a key role in expanding the firm's coverage in Asian markets. He holds multiple professional credentials, including FINRA Series 7 and 63 registrations, and is recognized for his contributions to investment research through awards and industry accolades.

    Jason Zhang's questions to UNITED MICROELECTRONICS (UMC) leadership

    Jason Zhang's questions to UNITED MICROELECTRONICS (UMC) leadership • Q2 2025

    Question

    Jason Zhang of CLSA Limited inquired about the foreign exchange rate assumption for Q3 guidance and the competitive landscape with Chinese foundries.

    Answer

    CFO Qi Dong Liu clarified that the Q3 guidance assumed an exchange rate of approximately 29.8 NTD/USD and that a 1% NTD appreciation erodes gross margin by 0.4-0.5 percentage points. President Jason Wang stated that UMC mitigates competition by focusing on specialty technologies, which now account for over half of revenue and are differentiated from commodity offerings.

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    Jason Zhang's questions to UNITED MICROELECTRONICS (UMC) leadership • Q1 2025

    Question

    Jason Zhang from CLSA asked for details on UMC's long-term plans for the advanced packaging market, including rumored cooperation with U.S. clients. He also inquired whether the solid Q2 guidance indicates a structural recovery in mature nodes and if competition from Chinese players is easing.

    Answer

    IR Manager David Wong confirmed UMC is seeing growing customer engagement in 3D wafer-to-wafer and 2.5D interposer technologies, but CFO Chi-Tung Liu clarified that it is still in an early stage and will not contribute significant revenue in 2025. Liu cautioned against concluding a structural recovery, stating that while the first half is slightly ahead of plan, second-half visibility is very low due to geopolitical uncertainty. He emphasized UMC's strategy to focus on differentiated 22/28nm technology to compete against commodity capacity.

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