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

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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.</li>
<li>Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.</li>
<li>SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.
Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.
SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.


This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rising US yields are no longer supporting the US Dollar</li>
<li>A move by the Japanese Government Pension Fund has massive implications for global markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rising US yields are no longer supporting the US Dollar
A move by the Japanese Government Pension Fund has massive implications for global markets


Overview #68 – The Dog that Didn’t Bark

Musings on Markets and Investing, Sometimes Confused but Always Curious

Samir Mehta

Musings on Markets and Investing

Sometimes Confused but Always Curious

Musings on markets and investing with an occasional philosophical detour from great books.

<ul><li>In mid-June, I met Naveen Pandey, the newish-CEO of Bajaj Consumer Care, an Indian listed company.</li><li>That I was impressed is an understatement; the detailed conversation and impressions are for a missive at another time.</li><li>Briefly, Bajaj’s main stay product is almond hair oil.</li></ul>

In mid-June, I met Naveen Pandey, the newish-CEO of Bajaj Consumer Care, an Indian listed company.That I was impressed is an understatement; the detailed conversation and impressions are for a missive at another time.Briefly, Bajaj’s main stay product is almond hair oil.

Splitting Hairs: Chinese Consumer Names Are Still Not Cheap - Need a Mindset Change

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.</li>
<li>Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.</li>
<li>Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.
Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.
Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.


This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Volatility continues in the AI and AI-adjacent trade  with large daily swings</li>
<li>Some clues as to future direction from risk-off days and incoming data</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Volatility continues in the AI and AI-adjacent trade  with large daily swings
Some clues as to future direction from risk-off days and incoming data


China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

This week in AI: GPT-5.6 undercuts Fable 5; MiniMax and Zhipu raise US$6bn after lockups; SK Hynix completes a US$26.5bn Nasdaq IPO.

Ke Yan, CFA, FRM

Overview #68 – The Dog that Didn’t Bark

A review of recent events/data impacting our investment themes and outlook. We look at what the recent rise in US government yields didn't affect,...

Rikki Malik

Splitting Hairs: Chinese Consumer Names Are Still Not Cheap - Need a Mindset Change

In mid-June, I met Naveen Pandey, the newish-CEO of Bajaj Consumer Care, an Indian listed company. That I was impressed is an understatement; the...

Samir Mehta

This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

This week in AI: Fable 5 returned after GPT-5.6 preview; Meta may sell excess compute; Anthropic led OpenRouter revenue at 58.4%.

Ke Yan, CFA, FRM

Overview #67 - Thin Air

A review of recent events/data impacting our investment themes and outlook. We look at the recent market action in the US as well as clues as to...

Rikki Malik

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