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.

Equity Capital Markets

<ul>
<li>Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.</li>
<li>We look at the company's core products: Nscale Infrastructure and Nscale Cloud.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
We look at the company's core products: Nscale Infrastructure and Nscale Cloud.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Meta is shifting its primary focus from the Metaverse to delivering personal superintelligence, driven by its newly launched AI personal agent, Muse (and its underlying model family, MuseSpark).</li>
<li>Monetization &amp; Ecosystem: Muse is offered free with a generous token allowance; Meta plans to monetize by taking a small transaction fee from agent-led commercial actions.</li>
<li>Meta showcased its next-generation Meta VR Glasses, a lightweight VR/mixed-reality device weighing just 100 grams (less than one-fifth the weight of Meta Quest 3).</li>
</ul>


Meta is shifting its primary focus from the Metaverse to delivering personal superintelligence, driven by its newly launched AI personal agent, Muse (and its underlying model family, MuseSpark).
Monetization &amp; Ecosystem: Muse is offered free with a generous token allowance; Meta plans to monetize by taking a small transaction fee from agent-led commercial actions.
Meta showcased its next-generation Meta VR Glasses, a lightweight VR/mixed-reality device weighing just 100 grams (less than one-fifth the weight of Meta Quest 3).


Meta Connect 2026 Keynote. Key Takeaways & Full Transcript

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. </li>
<li>Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.</li>
<li>Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.</li>
</ul>


There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. 
Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.
Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.


[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.</li>
<li>CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.</li>
<li>Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.</li>
</ul>


Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.
CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.
Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.


Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Competition / In Depth: China intensifies war on toxic competition as economy suffers</li><li>IPOs /In Depth: China reopens the door for loss-making tech startups to go public</li><li>Energy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says</li></ul>

Competition / In Depth: China intensifies war on toxic competition as economy suffersIPOs /In Depth: China reopens the door for loss-making tech startups to go publicEnergy /: Massive new hydropower dam in Xizang won’t harm downstream nations, China says

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers 

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Nscale Pre-IPO: Tearsheet

Nscale has filed its S-1 for a NYSE listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Meta Connect 2026 Keynote. Key Takeaways & Full Transcript

Meta showcased its next-generation Meta VR Glasses, a lightweight VR/mixed-reality device weighing just 100 grams (less than one-fifth the weight...

William Keating

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers

Competition / In Depth: China intensifies war on toxic competition as economy suffers IPOs /In Depth: China reopens the door for loss-making tech...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nscale Pre-IPO: Tearsheet

Nscale has filed its S-1 for a NYSE listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Meta Connect 2026 Keynote. Key Takeaways & Full Transcript

Meta showcased its next-generation Meta VR Glasses, a lightweight VR/mixed-reality device weighing just 100 grams (less than one-fifth the weight...

William Keating

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

​Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

​Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

CX Daily: China Intensifies War on Toxic Competition as Economy Suffers

Competition / In Depth: China intensifies war on toxic competition as economy suffers IPOs /In Depth: China reopens the door for loss-making tech...

Caixin Global

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.