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: Fable 5 launched, then Anthropic suspended foreign access after a jailbreak claim.</li>
<li>China labs launches GLM-5.2, Kimi K2.7-Code; MiniMax M3 opened parameter; Tencent's WeChat AI beta, and Xiaomi developer tools.</li>
<li>Moonshot sought a $30bn valuation, Mistral pursued funding, and OpenRouter showed 44.7T weekly tokens with Anthropic leading estimated revenue.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Fable 5 launched, then Anthropic suspended foreign access after a jailbreak claim.
China labs launches GLM-5.2, Kimi K2.7-Code; MiniMax M3 opened parameter; Tencent's WeChat AI beta, and Xiaomi developer tools.
Moonshot sought a $30bn valuation, Mistral pursued funding, and OpenRouter showed 44.7T weekly tokens with Anthropic leading estimated revenue.


This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic filed for IPO while Alphabet and Meta moved AI capex toward equity markets.</li>
<li>MiniMax launched M3 at low-cost GPT-5.5 comps, while Tencent, Alibaba, and Moonshot pushed China agent and multimodal products.</li>
<li>Nvidia moved Vera Rubin into production, US export rules tightened chip access, and DeepSeek prepared its first external funding round.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic filed for IPO while Alphabet and Meta moved AI capex toward equity markets.
MiniMax launched M3 at low-cost GPT-5.5 comps, while Tencent, Alibaba, and Moonshot pushed China agent and multimodal products.
Nvidia moved Vera Rubin into production, US export rules tightened chip access, and DeepSeek prepared its first external funding round.


This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

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>Comex Copper premium to LME widens again as tariff deadline looms</li>
<li>What the massive equity issuance tells us about the state of the markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Comex Copper premium to LME widens again as tariff deadline looms
What the massive equity issuance tells us about the state of the markets


<ul>
<li>We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.</li>
<li>MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.</li>
<li>OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.
MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.
OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.


This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

This week in AI: Fable 5 launched then faced US export control; GLM-5.2 and Kimi K2.7-Code launched; OpenRouter shows 44.7T weekly tokens.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

This Week in AI (Jun 1-6): Anthropic files for IPO; Alphabet and Meta tap equities; MiniMax launches M3 at GTP-5.5 comps.

Ke Yan, CFA, FRM

Overview #63 – Feeding the Ducks

A review of recent events/data impacting our investment themes and outlook. We look at the rise in Comex copper premiums, a closer look at the...

Rikki Malik

This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

This week in AI: Anthropic raised $65bn and launched Opus 4.8; MiniMax seeks A-share listing and previews M3; Huawei shows Tau roadmap.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

This week in AI: Fable 5 launched then faced US export control; GLM-5.2 and Kimi K2.7-Code launched; OpenRouter shows 44.7T weekly tokens.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

This Week in AI (Jun 1-6): Anthropic files for IPO; Alphabet and Meta tap equities; MiniMax launches M3 at GTP-5.5 comps.

Ke Yan, CFA, FRM

Overview #63 – Feeding the Ducks

A review of recent events/data impacting our investment themes and outlook. We look at the rise in Comex copper premiums, a closer look at the...

Rikki Malik

This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

This week in AI: Anthropic raised $65bn and launched Opus 4.8; MiniMax seeks A-share listing and previews M3; Huawei shows Tau roadmap.

Ke Yan, CFA, FRM

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...