Research
Hong Kong's Comeback Quarter: Why the Mix Matters More Than the Number
HK$110bn raised in Q1 — six times last year. The consensus reads it as A+H momentum. We argue the change in mix, not the headline, is the durable story.
Latest
Research
The Words That Survived: Treasury's Quiet Duration Decision
Treasury kept 'at least' in its forward guidance and bill issuance as the load-bearing tool. Q2 needs lifted to $189bn, Q3 to $671bn. We see a stealth duration
Research
Tokyo's Bridge Finance: Why This Yen Intervention Is Not 2024
The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin
Guest Essay
Meeting the Spirit of Sport on the Pickleball Court
A Hong Kong school principal on how a signed pickleball paddle, a tape-marked playground court, and an inclusive game became a quiet lesson in perseverance.
Research
Private Credit's Bifurcation: Liquidity Panic, Not a Credit Crisis
Public BDCs are pricing in 10%+ default rates while realized losses sit at 0.7%. The retail wrapper is breaking, the underlying loan book is not. We see a generational entry point for selective BDC equity and a structural opening for institutional capital.
Research
AI Data Center Power
John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY AI data centers are driving unprecedented power demand, projected to consume 6.7-12.0% of U.S. electricity by 2028, up from 4.4% in 2023, necessitating $7 trillion in global capital investment through 2030. Grid constraints have emerged
Research
AI Capex Credit Funding
John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY Hyperscaler artificial intelligence capital expenditure has fundamentally shifted from self-funded expansion to sustained reliance on debt markets, marking a structural transformation in corporate financing architecture. With aggregate capex for the "big five" exceeding $600 billion in 2026—
Research
Generative AI Remains the Largest Theme
John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY Generative AI remains the preeminent investment theme of 2026, commanding significant capital allocation and reshaping enterprise technology spend. The global market is valued at $55.51 billion in 2026 and is projected to expand at a compound annual growth rate
Research
AI Infrastructure Boom
John Ian Lau — Technology & AI infrastructure desk EXECUTIVE SUMMARY The AI infrastructure market is experiencing explosive growth, valued at approximately $72-102 billion in 2025-2026 and projected to surpass $200 billion by 2030-2031, driven by surging demand for compute, storage, and networking to support generative AI and
Research
AI Private Credit Risks
John Grey — Technology & AI infrastructure desk EXECUTIVE SUMMARY AI-driven disruption poses material risks to private credit portfolios, particularly those with heavy exposure to software companies, which comprise ~21% of the asset class and up to 40% including broader tech services. While defaults remain historically low, mispriced pre-2024
Private Credit
Asia Private Credit Expansion: The $1 Trillion Shift
Asia Pacific private credit AUM crossed billion in Q1 2026, up 28% YoY. JPMorgan forecasts doubling to trillion by 2028.
Sleep, Exercise, Diet + 10 Years: The SPAN Study's Investment Implications
John Grey — Healthcare & longevity desk University of Sydney's landmark 60,000-participant study confirms what insurers have suspected: behavioral interventions add nearly a decade to healthspan. For asset managers, the implication is clear: healthcare costs are not deterministic. Preventative protocols reduce claims by 15-25% in self-