Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.</li>
<li>Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  </li>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc-class-a" target="_blank" data-smartkarma-citation="entities:46237:1" rel="noopener">Pony.ai (2026 HK)</a> shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.
</li>
</ul>


Hong Kong market continues to languish, trading flat for the year.  The telecom sector has shown some strength following the rollout of new token packages in May.
Materials and energy sectors have gone from top performers to lagging sectors since the ceasefire was announced in early April.  

Pony.ai (2026 HK) shares jumped after the company announced it's increasing its robotaxi fleet target for this year, following stronger-than-expected 1Q26 revenue driven by growth in robotaxi and intelligent solutions.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Thematic (Sector/Industry)

<ul><li>The Forgotten 40 list includes 40 thoroughly researched stock ideas published annually by Long-term patient investors, with a focus on three to five-year time horizons.</li><li>Key themes in the Forgotten 40 stocks for the year include potential increase in M&amp;A activity and bullish outlook on financials, with a focus on small to mid-cap companies and insurance companies.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Forgotten 40 list includes 40 thoroughly researched stock ideas published annually by Long-term patient investors, with a focus on three to five-year time horizons.Key themes in the Forgotten 40 stocks for the year include potential increase in M&amp;A activity and bullish outlook on financials, with a focus on small to mid-cap companies and insurance companies.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Boyar Research's Jon Boyar on 2026's Forgotten 40 $UBER $BATRA

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>FY 2025 generated net profit, removing bankruptcy risk for <a href="https://www.smartkarma.com/entities/grab-holdings-limited-class-a" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> .</li>
<li>Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. </li>
<li>Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. </li>
</ul>


FY 2025 generated net profit, removing bankruptcy risk for Grab (GRAB US) .
Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. 
Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. 


Grab: Strong Momentum + Management Is Buying

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Trump / Cover Story: Trump’s first 100 days back in office is breaking world order </li><li>Tariffs /: Trump’s tariffs are the talk of the Canton Fair</li><li>Hospitals /: Beijing hospital scandal sparks debate about pilot medical degree program</li></ul>

Trump / Cover Story: Trump’s first 100 days back in office is breaking world order Tariffs /: Trump’s tariffs are the talk of the Canton FairHospitals /: Beijing hospital scandal sparks debate about pilot medical degree program

CX Daily: Trump’s First 100 Days Back in Office Is Breaking World Order 

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>US and China are two biggest markets in autonomous driving and robotaxi. However, due to US-China decoupling, each market is off limits to the other;</li>
<li>This makes non-US/non-China markets heavily contended. Uber and Lyft leads Didi and Meituan in globalization. But Chinese EV makers and ADS vendors might benefit from partnering with the two;</li>
<li>We expect companies with low priced vehicle production capacity, like BYD, XPEV, LEAP and Zeekr to  benefit more. Among ADS vendors, WeRide and Poni.AI stand out.</li>
</ul>


US and China are two biggest markets in autonomous driving and robotaxi. However, due to US-China decoupling, each market is off limits to the other;
This makes non-US/non-China markets heavily contended. Uber and Lyft leads Didi and Meituan in globalization. But Chinese EV makers and ADS vendors might benefit from partnering with the two;
We expect companies with low priced vehicle production capacity, like BYD, XPEV, LEAP and Zeekr to  benefit more. Among ADS vendors, WeRide and Poni.AI stand out.


Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Pony.ai shares jumped after the company announced it's increasing its robotaxi fleet target for 2026, after stronger-than-expected 1Q26 revenue...

David Mudd

Boyar Research's Jon Boyar on 2026's Forgotten 40 $UBER $BATRA

Institutional grade financial platform Fiscal AI provides instant access to financials and earnings transcripts with speed, depth, and ease of use,...

Yet Another Value Podcast

Grab: Strong Momentum + Management Is Buying

Grab achieved record revenue and turned to profit while valuation remains at a discount to its peers. CEO bought USD 30 million in open market,...

Henry Soediarko

CX Daily: Trump’s First 100 Days Back in Office Is Breaking World Order

TOP STORIES Trump / Cover Story: Trump’s first 100 days back in office is breaking world order One-hundred days into Donald Trump’s second...

Caixin Global

Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (May 2026)

Pony.ai shares jumped after the company announced it's increasing its robotaxi fleet target for 2026, after stronger-than-expected 1Q26 revenue...

David Mudd

Boyar Research's Jon Boyar on 2026's Forgotten 40 $UBER $BATRA

Institutional grade financial platform Fiscal AI provides instant access to financials and earnings transcripts with speed, depth, and ease of use,...

Yet Another Value Podcast

Grab: Strong Momentum + Management Is Buying

Grab achieved record revenue and turned to profit while valuation remains at a discount to its peers. CEO bought USD 30 million in open market,...

Henry Soediarko

CX Daily: Trump’s First 100 Days Back in Office Is Breaking World Order

TOP STORIES Trump / Cover Story: Trump’s first 100 days back in office is breaking world order One-hundred days into Donald Trump’s second...

Caixin Global

Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

​US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...

Blue Lotus Research Institute

US-China decoupling splits the biggest and the 2nd biggest ride hailing market, which raise the importance of non-US, non China markets. We see...