Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.</li>
<li>Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  </li>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc-class-a" target="_blank" data-smartkarma-citation="entities:46237:1" rel="noopener">Pony.ai (2026 HK)</a> shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.
</li>
</ul>


Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.
Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  

Pony.ai (2026 HK) shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>US and China are two biggest markets in autonomous driving and robotaxi. However, due to US-China decoupling, each market is off limits to the other;</li>
<li>This makes non-US/non-China markets heavily contended. Uber and Lyft leads Didi and Meituan in globalization. But Chinese EV makers and ADS vendors might benefit from partnering with the two;</li>
<li>We expect companies with low priced vehicle production capacity, like BYD, XPEV, LEAP and Zeekr to  benefit more. Among ADS vendors, WeRide and Poni.AI stand out.</li>
</ul>


US and China are two biggest markets in autonomous driving and robotaxi. However, due to US-China decoupling, each market is off limits to the other;
This makes non-US/non-China markets heavily contended. Uber and Lyft leads Didi and Meituan in globalization. But Chinese EV makers and ADS vendors might benefit from partnering with the two;
We expect companies with low priced vehicle production capacity, like BYD, XPEV, LEAP and Zeekr to  benefit more. Among ADS vendors, WeRide and Poni.AI stand out.


Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.</li><li>US: Retail sales in January are expected to have slowed down, but industrial production in the same month is likely to have improved.</li><li>We recommend stocks with positive news about earnings results: ADVANC, TTB and MASTER.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day EMA)/1,400 points.US: Retail sales in January are expected to have slowed down, but industrial production in the same month is likely to have improved.We recommend stocks with positive news about earnings results: ADVANC, TTB and MASTER.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>China segment firm in Q2, but its strength was overwhelmed by weakness in International</li>
<li>International segment continued to bleed cash in Q2, mostly offsetting China gains</li>
<li>As uneven performence continues, Didi may start to feel pressure to relist shares</li>
</ul>


China segment firm in Q2, but its strength was overwhelmed by weakness in International
International segment continued to bleed cash in Q2, mostly offsetting China gains
As uneven performence continues, Didi may start to feel pressure to relist shares


Didi Q226: More of the Same, as China Shines, International Struggles | Pressure to Relist Rising

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.</li><li>While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.</li><li>In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.</li></ul>

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Pony.ai shares jumped after the company announced it's increasing its robotaxi fleet target for 2026, after stronger-than-expected 1Q26 revenue...

David Mudd

Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...

Blue Lotus Research Institute

Keep a Close Watch on US Retail Sales

Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day...

Krungthai XSpring

Didi Q226: More of the Same, as China Shines, International Struggles | Pressure to Relist Rising

In Q226, Didi Global reported a set of earnings results that looked a lot like results from Q126. Solid performance from core China segment is...

Tracking Traffic

Weekly Stock Bullfinder - Week of 5/8

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every...

Weekly Stock Bull Finder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Pony.ai shares jumped after the company announced it's increasing its robotaxi fleet target for 2026, after stronger-than-expected 1Q26 revenue...

David Mudd

Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

​US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...

Blue Lotus Research Institute

Keep a Close Watch on US Retail Sales

Technically, the SET Index is expected to move sideways down, with the support at 1,380/1,372 points and the resistance at 1,395 points (50-day...

Krungthai XSpring

Didi Q226: More of the Same, as China Shines, International Struggles | Pressure to Relist Rising

In Q226, Didi Global reported a set of earnings results that looked a lot like results from Q126. Solid performance from core China segment is...

Tracking Traffic

Weekly Stock Bullfinder - Week of 5/8

The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every...

Weekly Stock Bull Finder

US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...