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

Rikki Malik

Equity Bottom-Up

Kingsoft Cloud Holdings / Equity Bottom-Up

<ul>
<li>HSTECH index on the verge of breaking through its Deepsek high</li>
<li>The market is again rewarding AI and cloud infrastructure spending</li>
<li>We add some names to benefit from this ongoing trend</li>
</ul>


HSTECH index on the verge of breaking through its Deepsek high
The market is again rewarding AI and cloud infrastructure spending
We add some names to benefit from this ongoing trend


Tactical Trading – Adding AI Infrastructure to the China Tech Trade

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.</li>
<li>China's platform companies like <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> , <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> , <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> , and <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> have released their own AI models.</li>
<li>As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.</li>
</ul>


DeepSeek has permanently changed the future of AI.  With its R1 model the company democratized AI much the same as Google did for search more than 20 years ago.
China's platform companies like Alibaba Group Holding (9988 HK) , Tencent (700 HK) , Baidu (9888 HK) , and Kuaishou Technology (1024 HK) have released their own AI models.
As China's AI industry is benefiting from DeepSeek's cost-effective innovations, the US hyperscalers are being questioned on their ability to justify their enormous AI investments, historical and projected investments.


DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.</li><li>The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

No changes were made to KTX Tactical DR Picks today, with positions maintained in five DRs: MITSU19, NVDA80, PINGAN80, TENCENT80, and TRIPCOM80, most of which are tied to Hong Kong-listed stocks.The average return of the underlying securities in the portfolio edged up 0.51% from the previous day, driven by gains in Hong Kong-related DRs, particularly TENCENT80 and TRIPCOM80, after the Chinese government introduced additional economic stimulus measures.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX Tactical DR Picks - September 18, 2025 (Eng.)

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.</li>
<li>Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.</li>
<li>If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.</li>
</ul>


China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.


Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

<ul>
<li>Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).</li>
<li>Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.</li>
<li>Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.</li>
</ul>


Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.


BUY/SELL/HOLD: Hong Kong Market Update (September 10)

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)

Tactical Trading – Adding AI Infrastructure to the China Tech Trade

HSTECH index showing increased momentum as market approaches Deepseek high. We look at some AI infrastructure beneficiaries

Rikki Malik

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

KTX Tactical DR Picks - September 18, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

BUY/SELL/HOLD: Hong Kong Market Update (September 10)

Hong Kong reached the technical resistance level of 27100 targeted in the insight, and promptly reversed. The interday reversal could be the start...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tactical Trading – Adding AI Infrastructure to the China Tech Trade

​HSTECH index showing increased momentum as market approaches Deepseek high. We look at some AI infrastructure beneficiaries

Rikki Malik

DeepSeek Reveals AI's Trillion Dollar Folly: Winners and Losers

China's large tech firms made announcements about their AI chip advancements igniting a market rally. This shows China's efforts to develop...

David Mudd

KTX Tactical DR Picks - September 18, 2025 (Eng.)

Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments,...

Krungthai XSpring

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

​China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

BUY/SELL/HOLD: Hong Kong Market Update (September 10)

Hong Kong reached the technical resistance level of 27100 targeted in the insight, and promptly reversed. The interday reversal could be the start...

David Mudd

HSTECH index showing increased momentum as market approaches Deepseek high. We look at some AI infrastructure beneficiaries

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...