Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.</li>
<li>Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.</li>
<li>Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.
Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.
Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.


This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We tracked AI models, infrastructure and M&amp;A this week, led by Kimi K3, Grok 4.5 and new financing plans from DeepSeek.</li>
<li>China approved Apple Intelligence, while Zhipu expanded sales and Tencent released smaller Hunyuan Hy3 variants.</li>
<li>Anthropic prepared for an IPO, TSMC raised capital spending, and Databricks, Helsing and Fireworks AI announced new funding.</li>
</ul>


We tracked AI models, infrastructure and M&amp;A this week, led by Kimi K3, Grok 4.5 and new financing plans from DeepSeek.
China approved Apple Intelligence, while Zhipu expanded sales and Tencent released smaller Hunyuan Hy3 variants.
Anthropic prepared for an IPO, TSMC raised capital spending, and Databricks, Helsing and Fireworks AI announced new funding.


This Week in AI (Jul 12-18): Grok 4.5 and Kimi K3; Zhipu Hits $1bn ARR as Anthropic Readies IPO

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.</li>
<li>In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.</li>
<li>Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.</li>
</ul>


China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.
In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.
Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.


Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

Price Gauge
52-week Range	0.00 - 0.00
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Xiaomi (1810 HK)

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

This Week in AI (Jul 12-18): Grok 4.5 and Kimi K3; Zhipu Hits $1bn ARR as Anthropic Readies IPO

This week in AI: Kimi K3 and Grok 4.5 launch; DeepSeek seeks $1.5bn; Zhipu reaches $1bn ARR as Anthropic prepares for an IPO.

Ke Yan, CFA, FRM

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

This Week in AI (Jul 12-18): Grok 4.5 and Kimi K3; Zhipu Hits $1bn ARR as Anthropic Readies IPO

This week in AI: Kimi K3 and Grok 4.5 launch; DeepSeek seeks $1.5bn; Zhipu reaches $1bn ARR as Anthropic prepares for an IPO.

Ke Yan, CFA, FRM

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

​China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...