Asia Pac ECM and Index Rebal, DZT 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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the May batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Netease and ByteDance got a total of 2 approvals.</li>
</ul>


China announced game approval for the May batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Netease and ByteDance got a total of 2 approvals.


Tencent/Netease: One Game for Netease in Consecutive Months

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. </li>
<li>Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.</li>
<li>We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.</li>
</ul>


Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. 
Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.
We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.


Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

KraneShares CSI China Internet ETF / Technical Analysis

KraneShares CSI China Internet ETF (KWEB US)

<ul>
<li>KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.</li>
<li>Toyota&gt;Honda and look for that relationship to continue going forward.</li>
<li>JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.</li>
</ul>


KWEB giving an attractive entry point here, as it begins to outperform the domestic FDN.
Toyota&gt;Honda and look for that relationship to continue going forward.
JD&gt;BABA, a new dynamic divergence between the two, and my opinion is JD will be the leader in 2024 and beyond.


KWEB Attractive, Toyota and JD.com Best in Breed

China

NetEase is a Chinese Internet technology company that provides online services across various sectors. Its core businesses include the development and operation of desktop and mobile games, alongside services in news aggregation, music streaming (NetEase Cloud Music), online education (Youdao), advertising, email, and e-commerce (Yanxuan). The company is headquartered in Hangzhou, China, and was founded in June 1997.

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NetEase (9999 HK)

Tencent/Netease: One Game for Netease in Consecutive Months

NPPA released its May 2026 domestic game approval batch. NetEase and ByteDance each secured one game approved. NetEase received approval in two...

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

KWEB Attractive, Toyota and JD.com Best in Breed

Chinese softness feels like a rear view mirror story. Leaders in Japan likely to continue to flourish. Invest accordingly.

Douglas Busch

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent/Netease: One Game for Netease in Consecutive Months

NPPA released its May 2026 domestic game approval batch. NetEase and ByteDance each secured one game approved. NetEase received approval in two...

Ke Yan, CFA, FRM

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

​Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

KWEB Attractive, Toyota and JD.com Best in Breed

Chinese softness feels like a rear view mirror story. Leaders in Japan likely to continue to flourish. Invest accordingly.

Douglas Busch

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...