Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.</li>
<li>China's platform companies like <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> , <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , and <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> have released their own AI models.</li>
<li>As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.</li>
</ul>


DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.
China's platform companies like Alibaba Group Holding (9988 HK) , Tencent (700 HK) , Baidu (9888 HK) , and Kuaishou Technology (1024 HK) have released their own AI models.
As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.


DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12310:1" rel="noopener">Luxshare Precision Industry (002475 CH)</a> (LP), a precision intelligent manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn in its H-share listing.
LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Luxshare Precision A/H Listing - Earnings Growth and Stock Have Been Rebounding

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the impact of the new selection methodology for the December 2025 and March 2026 rebal/review events.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in March 2026 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the impact of the new selection methodology for the December 2025 and March 2026 rebal/review events.
We have also presented our index change expectations for the next semiannual index review which will take place in March 2026 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Dec25/Mar26: Interesting Implications of the Recent Methodology Changes

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Horizon Robotics, Tencent, CCB, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 5th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Horizon Robotics, Tencent, CCB, Shandong Gold Mining.


HK Short Interest Weekly: Horizon Robotics, Tencent, CCB, Shandong Gold Mining

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.


HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

Luxshare Precision A/H Listing - Earnings Growth and Stock Have Been Rebounding

Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Quiddity Leaderboard HSIII Dec25/Mar26: Interesting Implications of the Recent Methodology Changes

The recent methodology update could result in unusual index changes during the December 2025 index rebal event. There could be more in March 2026 too.

Janaghan Jeyakumar, CFA

HK Short Interest Weekly: Horizon Robotics, Tencent, CCB, Shandong Gold Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 5th and highlight short interest changes in Horizon Robotics, Tencent,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

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52-week Range

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