Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.</li>
<li>DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.</li>
<li>Companies like <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> , <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> , <a href="https://www.smartkarma.com/entities/chinasoft-international-ltd" target="_blank" data-smartkarma-citation="entities:407:1" rel="noopener">Chinasoft International (354 HK)</a> , <a href="https://www.smartkarma.com/entities/vobile-group" target="_blank" data-smartkarma-citation="entities:29711:1" rel="noopener">Vobile Group (3738 HK)</a> , and <a href="https://www.smartkarma.com/entities/inspur-international-ltd" target="_blank" data-smartkarma-citation="entities:7523:1" rel="noopener">Inspur International (596 HK)</a> will benefit.</li>
</ul>


China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.
DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.
Companies like Kingsoft Corp (3888 HK) , Kingdee International Software (268 HK) , Chinasoft International (354 HK) , Vobile Group (3738 HK) , and Inspur International (596 HK) will benefit.


DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>Xi’s Tech Summit: China’s Wake-Up Call: On Monday, February 17, Xi Jinping sat down with China’s tech elite in what looked like a serious course correction. Jack Ma (Alibaba) was there. So was Ren Zhengfei (Huawei). But one key figure was missing: Robin Li, Baidu’s CEO. His absence sent Baidu’s stock into a tailspin, wiping out billions in market value before state media scrambled to calm investors down.</li><li>Trump’s Tech Playbook: No More Playing Defense: Beijing is watching what’s happening in Washington—and it doesn’t like what it sees. The Trump administration is moving fast, rolling back regulation, cutting deals with industry giants, and pushing AI, semiconductors, and defense tech like it’s the new space race.</li><li>Baidu’s Stock Crash: A Symbol of China’s Problem: The Baidu selloff shows that investors are still nervous about China’s real stance on tech. It’s one thing to invite Jack Ma back into the room—it’s another to convince the market that Beijing is serious about letting private companies thrive again.</li></ul>

Xi’s Tech Summit: China’s Wake-Up Call: On Monday, February 17, Xi Jinping sat down with China’s tech elite in what looked like a serious course correction. Jack Ma (Alibaba) was there. So was Ren Zhengfei (Huawei). But one key figure was missing: Robin Li, Baidu’s CEO. His absence sent Baidu’s stock into a tailspin, wiping out billions in market value before state media scrambled to calm investors down.Trump’s Tech Playbook: No More Playing Defense: Beijing is watching what’s happening in Washington—and it doesn’t like what it sees. The Trump administration is moving fast, rolling back regulation, cutting deals with industry giants, and pushing AI, semiconductors, and defense tech like it’s the new space race.Baidu’s Stock Crash: A Symbol of China’s Problem: The Baidu selloff shows that investors are still nervous about China’s real stance on tech. It’s one thing to invite Jack Ma back into the room—it’s another to convince the market that Beijing is serious about letting private companies thrive again.

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

<ul>
<li>Most Western media viewed Xi's weekend handshake with Ma in the meeting with business leaders over the weekend as historical reconciliation. We believe it dangerously missed the mark; </li>
<li>Watch Jiang Fan...His next move to revitalize Taobao/Tmall could mean headwinds to Pinduoduo and JD.com. Taobao/Tmall performed well during CNY;</li>
<li>Alibaba's Apple grab shows its unique ecosystem position in the US-China macrocosm. JD's entry to O2O showed it needed a new growth driver post 2025. </li>
</ul>


Most Western media viewed Xi's weekend handshake with Ma in the meeting with business leaders over the weekend as historical reconciliation. We believe it dangerously missed the mark; 
Watch Jiang Fan...His next move to revitalize Taobao/Tmall could mean headwinds to Pinduoduo and JD.com. Taobao/Tmall performed well during CNY;
Alibaba's Apple grab shows its unique ecosystem position in the US-China macrocosm. JD's entry to O2O showed it needed a new growth driver post 2025. 


[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;</li>
<li>January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;</li>
<li>BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.</li>
</ul>


Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;
January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;
BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.


[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

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

Rikki Malik

<ul>
<li>Continuing review of the sectors we like for the next phase of the HK/China bull market</li>
<li>In financials, insurers are a lower volatility way of playing the equity market revival</li>
<li>Watch for a reversal of bond yields as a signal to buy</li>
</ul>


Continuing review of the sectors we like for the next phase of the HK/China bull market
In financials, insurers are a lower volatility way of playing the equity market revival
Watch for a reversal of bond yields as a signal to buy


Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

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.

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Baidu (9888 HK)

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

The Drill – The Big Tech Showdown

Xi’s Tech Summit: China’s Wake-Up Call: On Monday, February 17, Xi Jinping sat down with China’s tech elite in what looked like a serious course...

Steno Research

[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

The Drill – The Big Tech Showdown

Xi’s Tech Summit: China’s Wake-Up Call: On Monday, February 17, Xi Jinping sat down with China’s tech elite in what looked like a serious course...

Steno Research

[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

​Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

​Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

​Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...