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.

Equity Bottom-Up

<ul>
<li>NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.</li>
<li>XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.</li>
<li>Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.</li>
</ul>


NVIDIA leads China's urban NoA chip market at 49% share, but export controls and domestic companies' in-house chip savings of over $1000 per vehicle would force dual-sourcing across Chinese OEMs.
XPeng's Turing chip outperforms Orin X in effective AI compute. VW has licensed its full ADAS stack, and XPeng is now eyeing European manufacturing to compress/threaten Nvidia's Western stronghold.
Beyond SDVs, Nvidia's highest-conviction bet looks to be infrastructure: Uber robotaxi partnership, BYD/Geely OEM additions, and its Physical AI Data Factory position it as the simulation layer beneath the fleets.


NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 15th 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 China Hongqiao (1378 HK), AIA (1299 HK), Geely Automobile (175 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 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 May 15th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), AIA (1299 HK), Geely Automobile (175 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (May 15th): China Hongqiao, AIA, Geely Automobile, East Buy

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 30th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina.


HK Short Interest Weekly: CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI index review results for June 2026 will be announced after market close on Friday 22nd May 2026.</li>
<li>In this insight, we have revisited our final expectations for ADDs/DELs and presented our latest capping flow expectations.</li>
<li>We estimate there to be one-way flows of around US$196mn. The capping flow expectations can change until early-June 2026.</li>
</ul>


The HSCEI index review results for June 2026 will be announced after market close on Friday 22nd May 2026.
In this insight, we have revisited our final expectations for ADDs/DELs and presented our latest capping flow expectations.
We estimate there to be one-way flows of around US$196mn. The capping flow expectations can change until early-June 2026.


Quiddity Leaderboard HSCEI Jun26: Announcement Next Week; US$196mn One-Way

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.


HS TECH Index Earning Revision (Apr): JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

Despite Nvidia's automotive segment being 1% of revenue, it leads China's EV chip market. But in-house silicon, export risk, and XPeng's full-stack...

Mint Finance

Hong Kong Buybacks Weekly (May 15th): China Hongqiao, AIA, Geely Automobile, East Buy

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were China Hongqiao...

Ke Yan, CFA, FRM

HK Short Interest Weekly: CATL, Alibaba, CMB, Xiaomi, Wuxi Apptec, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Apr 30th and highlight short interest changes in CATL, Alibaba, CMB,...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSCEI Jun26: Announcement Next Week; US$196mn One-Way

From 3rd April 2026 close to 8th May 2026 close, the pair suggested in the previous insight would have generated an average return of approximately...

Janaghan Jeyakumar, CFA

HS TECH Index Earning Revision (Apr): JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO

We analyzed HS TECH's consensus for Apr 2026 and highlighted changes of EPS in JD.COM, MEITUAN, ALIBABA, BYD, XIAOMI, BYD Electronic, NIO.

Ke Yan, CFA, FRM

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