Asia Pac ECM and Index Rebal, DZT 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.

Equity Bottom-Up

Knowledge Atlas Technology / Equity Bottom-Up

<ul>
<li>OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.</li>
<li>Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.</li>
<li>Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.</li>
</ul>


OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.
Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.
Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.


This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.</li>
<li>Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.</li>
<li>The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.
Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.
The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.


This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

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

Knowledge Atlas Technology / Index Rebalance

<ul>
<li>As of end February, there have been 23 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. There will be more in March.</li>
<li>Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> will need to wait till early August to be added to Southbound Stock Connect.</li>
</ul>


As of end February, there have been 23 new listings on the Main Board of the HKEX (388 HK). There will be more in March.
Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.
As a stock with Weighted Voting Rights (WVR), MiniMax Group (100 HK) will need to wait till early August to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Equity Capital Markets

<ul>
<li>The first unlock wave should dominate near-term liquidity as supply expands sharply.</li>
<li>Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.</li>
<li>Reported short interest shows investors are already positioning before the event.</li>
</ul>


The first unlock wave should dominate near-term liquidity as supply expands sharply.
Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.
Reported short interest shows investors are already positioning before the event.


<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

China

Knowledge Atlas Technology provides customized large model-related services, specializing in artificial intelligence (AI) and big data solutions, including AI model development and industry-specific intelligent applications. The company offers on-premise and cloud-based deployment services, along with products like z.ai, AutoGLM, ChatGLM, and the GLM family of large language models. Knowledge Atlas Technology was founded in 2019 and is headquartered in Beijing, China.

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Knowledge Atlas Technology (2513 HK)

This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

This week in AI: OpenAI raises $122bn at $852bn valuation ahead of IPO; Zhipu AI posts first results since listing; Google releases Gemma 4 under...

Ke Yan, CFA, FRM

This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

This week in AI: Zhipu GLM-5.1 takes open-source coding crown; Ramp shows Anthropic past OpenAI in US enterprise; H200 cleared for China but no...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

MINIMAX-W: Guide to Lock-Up Expiry Waves

We analyze MiniMax's upcoming lock-up expiry waves, short-interest build, constrained HS TECH index flow and mixed read-through from recent model...

Ke Yan, CFA, FRM

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

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