HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl, still within our 2026 forecast range.</li><li>The electronics sector is expected to remain under pressure from the ongoing sell-off in technology stocks.</li><li>The government's planned reforms to healthcare regulations and the civil servant medical benefits scheme, aimed at containing fiscal spending, are expected to provide positive sentiment for the insurance sector, particularly TLI and BLA.</li></ul>

Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl, still within our 2026 forecast range.The electronics sector is expected to remain under pressure from the ongoing sell-off in technology stocks.The government's planned reforms to healthcare regulations and the civil servant medical benefits scheme, aimed at containing fiscal spending, are expected to provide positive sentiment for the insurance sector, particularly TLI and BLA.

Krungthai XSpring Zoom Eng. July 20, 2026

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Moonshot AI (MOONSHOTAI HK)

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

Krungthai XSpring Zoom Eng. July 20, 2026

Ongoing escalation in the Middle East, following renewed military clashes between the US and Iran, has lifted Brent crude oil prices to USD84/bbl,...

Krungthai XSpring

$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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)