On August 20, ASE Technology rose 3.95% in pre-market trading, trading at $36.86/share, with turnover of $248,300, extending its overnight rebound following a sharp 7.76% intraday selloff on August 18.

On the news front, multiple industry tailwinds are converging. TSMC's advanced packaging CoWoS capacity remains severely supply-constrained, with certain backend orders overflowing to downstream partners. ASE Technology, as the world's largest semiconductor packaging and testing provider, stands to directly benefit from this spillover. A CITIC Securities research note highlighted that global OSAT firms posted Q2 revenue growth of 26%-36% year-over-year. ASE Technology's utilization rate has approached full capacity, and the company has raised its full-year capital expenditure target to approximately $10.5 billion, with 70% directed toward cutting-edge advanced packaging. The sector is transitioning from a utilization recovery phase into a volume-and-price expansion cycle.

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