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

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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.</li>
<li>Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.</li>
<li>The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.
Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.
The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.


This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>
The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by 38.69% to 60.42%.  </li>
<li>Overall alpha generation remains at 64% of overall returns.  The Sharpe ratio for the portfolio is 1.15, compared with 0.89 for the benchmark.</li>
<li>As the US retreats from its war in Iran, we have repositioned the portfolio by adding exposure to the AI-related tech sector, including platform, agentic, and hardware.</li>
</ul>



The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by 38.69% to 60.42%.  
Overall alpha generation remains at 64% of overall returns.  The Sharpe ratio for the portfolio is 1.15, compared with 0.89 for the benchmark.
As the US retreats from its war in Iran, we have repositioned the portfolio by adding exposure to the AI-related tech sector, including platform, agentic, and hardware.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>It appears that all roads to peace now run through Beijing</li>
<li>Catalysts are lining up for HK and  China's absolute performance</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
It appears that all roads to peace now run through Beijing
Catalysts are lining up for HK and  China's absolute performance


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.

<ul>
<li>China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.</li>
<li>Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.</li>
<li>Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.</li>
</ul>


China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.
Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.
Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.


Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

<ul>
<li>China dominates the global battery market and its manufacturers are expanding production rapidly into international markets.  Players like CATL support global automakers with the most advanced battery technology.</li>
<li>Growth of renewable energy has increased demand for Energy Storage Solutions (ESS). ESS stores energy from renewable sources, stabilizes the power grid, and provides power for industrial and commercial buildings. </li>
<li>China's battery companies are benefiting from AI data center (AIDC) storage growth, which has created intense demand for specialized energy storage solutions for this sector.</li>
</ul>


China dominates the global battery market and its manufacturers are expanding production rapidly into international markets.  Players like CATL support global automakers with the most advanced battery technology.
Growth of renewable energy has increased demand for Energy Storage Solutions (ESS). ESS stores energy from renewable sources, stabilizes the power grid, and provides power for industrial and commercial buildings. 
China's battery companies are benefiting from AI data center (AIDC) storage growth, which has created intense demand for specialized energy storage solutions for this sector.


CHINA'S BATTERY SECTOR OUTLOOK: You're Either Positive or Negative!

China

Baidu is a Chinese multinational technology company specializing in Internet services and artificial intelligence. Its core business includes its dominant search engine, online marketing services, cloud computing, and autonomous driving technologies. Key products and services include Baidu Search, Baidu App, Baidu Maps, Baidu Baike, iQIYI, and the Apollo autonomous driving platform. The company was founded in January 2000 and is headquartered in Beijing, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Baidu (9888 HK)

This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

This week in AI: Zhipu GLM-5.1 takes open-source coding crown; Ramp shows Anthropic past OpenAI in US enterprise; H200 cleared for China but no...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (April 2026)

The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by...

David Mudd

Overview #59 – Enter the Dragon

A review of recent events/data impacting our investment themes and outlook. We look at the upcoming meetings between China, the US, and Japan and...

Rikki Malik

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

CHINA'S BATTERY SECTOR OUTLOOK: You're Either Positive or Negative!

CATL is considering an equity offering of up to $5B to accelerate its overseas capacity build-out and battery project deals, especially in energy...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

This week in AI: Zhipu GLM-5.1 takes open-source coding crown; Ramp shows Anthropic past OpenAI in US enterprise; H200 cleared for China but no...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (April 2026)

The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by...

David Mudd

Overview #59 – Enter the Dragon

A review of recent events/data impacting our investment themes and outlook. We look at the upcoming meetings between China, the US, and Japan and...

Rikki Malik

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

​Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

CHINA'S BATTERY SECTOR OUTLOOK: You're Either Positive or Negative!

CATL is considering an equity offering of up to $5B to accelerate its overseas capacity build-out and battery project deals, especially in energy...

David Mudd

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...