Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. </li>
<li>AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.</li>
<li>With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  </li>
</ul>


Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. 
AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.
With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  


HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

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: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.</li>
<li>Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.</li>
<li>Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.
Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.
Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.


This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

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

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The correction in momentum is done as index moves mask the price action underneath</li>
<li>Will the Bank of Japan finally hike rates again ?</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The correction in momentum is done as index moves mask the price action underneath
Will the Bank of Japan finally hike rates again ?


<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

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.</li>
<li>OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.</li>
<li>China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.
OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.
China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.


This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

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)

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

This week in AI: OpenAI filed for IPO; Anthropic's first profitable quarter; Nvidia guided without China data-center revenue.

Ke Yan, CFA, FRM

Overview #61- Back to the Races

A review of recent events/data impacting our investment themes and outlook. We look at the momentum correction and expectations for what happens next

Rikki Malik

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

This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

This week in AI: Anthropic hits $30bn ARR; Anthropic and OpenAI each launch enterprise deployment JVs; China's Big Fund leads DeepSeek at $50bn.

Ke Yan, CFA, FRM

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