Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s Diagnostic Firms Bet on a New Front in Global Health (Johannesburg, South Africa) — For years, funding for global health aid has flowed into this complicated, vibrant metropolis to address public health crises including HIV and AIDS and tuberculosis (TB).</li><li>Analysis: China Adopts Market-Driven Solution to Stale Loan Rate Benchmark For nearly seven years, China’s commercial lenders have relied on a single anchor to price their loans — the loan prime rate (LPR).</li><li>Now, the country’s banking system is testing the waters with a dynamic new benchmark.</li></ul>

In Depth: China’s Diagnostic Firms Bet on a New Front in Global Health (Johannesburg, South Africa) — For years, funding for global health aid has flowed into this complicated, vibrant metropolis to address public health crises including HIV and AIDS and tuberculosis (TB).Analysis: China Adopts Market-Driven Solution to Stale Loan Rate Benchmark For nearly seven years, China’s commercial lenders have relied on a single anchor to price their loans — the loan prime rate (LPR).Now, the country’s banking system is testing the waters with a dynamic new benchmark.

CX Daily: China’s Diagnostic Firms Bet on a New Front in Global Health 

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We believe dollar market share is the most direct approach to exam AI models.</li>
<li>Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.</li>
<li>The primary risk lies in the lifting of the lock-up period for restricted shares.</li>
</ul>


We believe dollar market share is the most direct approach to exam AI models.
Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.
The primary risk lies in the lifting of the lock-up period for restricted shares.


Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Despite its recent rally, <a target="_blank">Meituan (3690 HK)</a> still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.</li>
<li>It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. </li>
<li>Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like <a href="https://www.smartkarma.com/entities/moonshot-ai" target="_blank" data-smartkarma-citation="entities:46606:1" rel="noopener">Moonshot AI (MOONSHOTAI HK)</a>, <a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a>, etc.</li>
</ul>


Despite its recent rally, Meituan (3690 HK) still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.
It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. 
Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like Moonshot AI (MOONSHOTAI HK), Unitree Robotics (UNITREE CH), etc.


2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers.</li><li>The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026.</li><li>As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere.</li></ul>

Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers.The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026.As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere.

China

AI research lab building large language models and chatbots for Chinese-language applications

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Moonshot AI (MOONSHOTAI HK)

CX Daily: China’s Diagnostic Firms Bet on a New Front in Global Health

In Depth: China’s Diagnostic Firms Bet on a New Front in Global Health (Johannesburg, South Africa) — For years, funding for global...

Caixin Global

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Meituan returned to profit in 2Q26 at Rmb2.2bn and also achieved positive UE for the delivery business, indicating the fading effects of irrational...

Osbert Tang, CFA

$100B Sovereign AI Boom

TL;DR: As Trump’s blacklisting of Anthropic and China’s distillation of US frontier models show how AI control is becoming a geopolitical weapon,...

Sacra

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