Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

<ul>
<li>Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.</li>
<li>Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.</li>
<li> US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.</li>
</ul>


Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.
Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.
 US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>PDD Holdings, Inc. reported steady revenue growth in the second quarter of 2026 amid ongoing investments in platform governance, supply chain enhancement, and broader ecosystem support.</li><li>Group revenue rose 8% year-over-year to RMB 112.4 billion, driven primarily by an increase in transaction service revenues, which grew 13%.</li><li>However, net income declined 12% year-over-year to RMB 27.2 billion, influenced by elevated investment levels in platform improvement and industry ecosystem development.</li></ul>

PDD Holdings, Inc. reported steady revenue growth in the second quarter of 2026 amid ongoing investments in platform governance, supply chain enhancement, and broader ecosystem support.Group revenue rose 8% year-over-year to RMB 112.4 billion, driven primarily by an increase in transaction service revenues, which grew 13%.However, net income declined 12% year-over-year to RMB 27.2 billion, influenced by elevated investment levels in platform improvement and industry ecosystem development.

PDD Holdings Goes All-In With CNY 100 Billion — Can Supply Chain Spending Pay Off?

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

<ul><li>Temu, the cross-border e-commerce platform of Chinese PDD Holdings (owner of Pinduoduo), has caused a great stir in Southeast Asia’s e-commerce landscape after its launch in Thailand in mid  July.</li><li>The platform has achieved remarkable success in Western markets, especially in the US, where it became themost downloaded app, surpassing Amazon, and has reached 70 markets worldwide within just 24 months.</li><li>By directly connecting manufacturers and wholesalers – mainly in China – to customers around the world, Temu offers a unique value proposition of low prices through its cross-border model, as highlighted by its tagline “shop like a billionaire”.</li></ul>

Temu, the cross-border e-commerce platform of Chinese PDD Holdings (owner of Pinduoduo), has caused a great stir in Southeast Asia’s e-commerce landscape after its launch in Thailand in mid  July.The platform has achieved remarkable success in Western markets, especially in the US, where it became themost downloaded app, surpassing Amazon, and has reached 70 markets worldwide within just 24 months.By directly connecting manufacturers and wholesalers – mainly in China – to customers around the world, Temu offers a unique value proposition of low prices through its cross-border model, as highlighted by its tagline “shop like a billionaire”.

Will Temu find success in Southeast Asia? A preliminary pricing study from Thailand

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.</li>
<li>Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.</li>
<li>Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.</li>
</ul>



Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.


Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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

PDD Holdings (PDD US)

HK IPO WATCH: Shein - Behind the Seams!!

Shein Global Holdings reported 1% net revenue growth in the first half of 2026 as the online fashion retailer grapples with slowing demand and...

David Mudd

PDD Holdings Goes All-In With CNY 100 Billion — Can Supply Chain Spending Pay Off?

PDD Holdings, Inc. reported steady revenue growth in the second quarter of 2026 amid ongoing investments in platform governance, supply chain...

Baptista Research

Will Temu find success in Southeast Asia? A preliminary pricing study from Thailand

The platform has achieved remarkable success in Western markets, especially in the US, where it became themost downloaded app, surpassing Amazon,...

Simon Torring

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

Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)