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

Shenton Research

Shenton 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 deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With SenseTime Group Limited included in the Non-SDN Chinese Military Industrial Complex Companies List (NS-CMIC List), <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> has been kept out of a global index.</li>
<li>With no updates to the NS-CMIC list, <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> could become eligible for index inclusion at the next rebalance in February.</li>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group</a> is a member of one global index, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> and HSIII indices, and some other indexes. The new inclusion will require passives to buy a large chunk of float.</li>
</ul>


With SenseTime Group Limited included in the Non-SDN Chinese Military Industrial Complex Companies List (NS-CMIC List), SenseTime Group (20 HK) has been kept out of a global index.
With no updates to the NS-CMIC list, SenseTime Group (20 HK) could become eligible for index inclusion at the next rebalance in February.

SenseTime Group is a member of one global index, HSTECH and HSIII indices, and some other indexes. The new inclusion will require passives to buy a large chunk of float.


SenseTime (20 HK): Potential Global Index Inclusion in Feb

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

<ul>
<li>We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.</li>
<li>China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.</li>
<li>Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.</li>
</ul>


We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.
China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.
Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.


This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Anthropic launched Opus 5, Moonshot moved toward pre-IPO funding, and Alibaba shipped Qwen3.8.</li>
<li>China coverage grouped Qwen3.8, Kimi funding, Zhipu compute and SenseTime capacity, with policy items separated into MOFCOM and MIIT updates.</li>
<li>Infrastructure and funding updates covered AMD, Nvidia, TSMC, Atoms, Mistral, Etched, 01.AI, PsiBot and GigaAI.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Anthropic launched Opus 5, Moonshot moved toward pre-IPO funding, and Alibaba shipped Qwen3.8.
China coverage grouped Qwen3.8, Kimi funding, Zhipu compute and SenseTime capacity, with policy items separated into MOFCOM and MIIT updates.
Infrastructure and funding updates covered AMD, Nvidia, TSMC, Atoms, Mistral, Etched, 01.AI, PsiBot and GigaAI.


This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

China

SenseTime is a leading artificial intelligence software company that researches, develops, and sells AI software platforms. It provides AI technologies across generative AI, traditional AI, and smart auto, enabling digital transformation for enterprises, smart city management, and applications in IoT, Metaverse, smart health, and automotive. The company was founded in 2014 and is headquartered in Hong Kong.

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SenseTime (20 HK)

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

SenseTime (20 HK): Potential Global Index Inclusion in Feb

With confirmation of index inclusion, Sensetime (20 HK) is up today. Positioning has picked up in the last few weeks and there will be profit...

Brian Freitas

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

This week in AI: Opus 5 neared Fable 5 at half the price, Kimi targeted a USD 50bn pre-IPO round, Qwen3.8 launched, and China weighed AI controls.

Ke Yan, CFA, FRM

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