Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

American Tower: Monetizing the AI Edge Data Center Revolution

Edge Inference: Profiting from AI Decentralization and Grid Constraints

Implication of Deepseek on China Data Centers: Buy GDS and VNET, Not Too Late to Chase the Rally!

GDS and VNET – Recent Pullback Provides Entry Opportunity, Long-Term AI Growth Solid and Strong

LONG GDS: A High-Beta Asia Digital Infrastructure DC Operator

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>The latest CES, announced from NVDA CEO, signaled a technological shift from Blackwell architecture to the Rubin platform and has fundamental implications to DC operators</li>
<li>For Chinese carriers GDS and VNET, the transition necessitates a total recalibration of power delivery, thermal management, and geographic distribution.  It signals a multi-year tailwind for GDS and VNET</li>
<li>The change in compute requirements and higher entry barrier favor established players with the technical expertise and capital access to build liquid-cooled, AI-native environments.</li>
</ul>


The latest CES, announced from NVDA CEO, signaled a technological shift from Blackwell architecture to the Rubin platform and has fundamental implications to DC operators
For Chinese carriers GDS and VNET, the transition necessitates a total recalibration of power delivery, thermal management, and geographic distribution.  It signals a multi-year tailwind for GDS and VNET
The change in compute requirements and higher entry barrier favor established players with the technical expertise and capital access to build liquid-cooled, AI-native environments.


NVDA’s CES 2026: Architectural Implications for Data Center Operators GDS and VNET

GDS Holdings (ADR)

NVDA’s CES 2026: Architectural Implications for Data Center Operators GDS and VNET