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: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.</li>
<li>OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.</li>
<li>China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.
OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.
China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.


This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.</li>
<li>Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.</li>
<li>DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.
Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.
DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.


This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

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.

Cross Asset Strategy

<ul>
<li>China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.</li>
<li>Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.</li>
<li>Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.</li>
</ul>


China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.
Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.
Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.


Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

<ul>
<li>In March till date, FIIs have sold an enormous US$58.6bn of Asian equities - the highest ever monthly sale - US$26bn in Taiwan, US$20.25bn in Korea and US$12.3bn in India.</li>
<li>On 6-monthly cumulative buying/selling as proportion of market cap, Asia is near its "most-sold" level. The ongoing Middle-East conflict could drive more selling, but Asia is rapidly entering oversold territory.</li>
<li>Korea is oversold, Taiwan is nearly there and India is not quite in oversold territory. ASEAN markets are far from oversold, implying that they could see lot more FII selling.</li>
</ul>


In March till date, FIIs have sold an enormous US$58.6bn of Asian equities - the highest ever monthly sale - US$26bn in Taiwan, US$20.25bn in Korea and US$12.3bn in India.
On 6-monthly cumulative buying/selling as proportion of market cap, Asia is near its "most-sold" level. The ongoing Middle-East conflict could drive more selling, but Asia is rapidly entering oversold territory.
Korea is oversold, Taiwan is nearly there and India is not quite in oversold territory. ASEAN markets are far from oversold, implying that they could see lot more FII selling.


Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

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.

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

Tencent Holdings (ADR) (TCEHY US)

This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

This week in AI: Anthropic hits $30bn ARR; Anthropic and OpenAI each launch enterprise deployment JVs; China's Big Fund leads DeepSeek at $50bn.

Ke Yan, CFA, FRM

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

As we expected, FIIs are buying back the oversold Asian markets. Till April 27, FIIs have bought $2.5 bn Korean equities & $12.25 bn Taiwanese...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

This week in AI: Anthropic hits $30bn ARR; Anthropic and OpenAI each launch enterprise deployment JVs; China's Big Fund leads DeepSeek at $50bn.

Ke Yan, CFA, FRM

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

​Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March

As we expected, FIIs are buying back the oversold Asian markets. Till April 27, FIIs have bought $2.5 bn Korean equities & $12.25 bn Taiwanese...

Manishi Raychaudhuri

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...