Welcome - Start Here
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I run this newsletter full time, applying more than a decade of experience investigating a wide range of issues for Fortune 500 companies, including the 1MDB saga, AML failures at Nordic banks, corporate espionage, fraud, and more recently, accidents and global fleet issues for industrials.
We started covering under-followed Singapore companies in construction and the data center value chain. We then included Chinese power equipment companies, followed by the Japanese data center value chain.
In recent weeks we have found it extremely productive and profitable to track Asian mainstream news, Twitter, Substack, WeChats and WhatsApps. For example, excellent Substack articles have foreshadowed moves in ASML and AMAT, while rumours originating from Asia have created short term opportunities in, for example, Credo (15% swing), Ciena (12%), and Axt (40%).
The newsletter now publishes a curated APAC roundup three times a week. The goal is to support investors with idea generation and maintenance due diligence, in an effort to beat the VanEck Semiconductor ETF, which is up 36% since this newsletter started on 2 September 2025. We also have a daily thread in the subscriber chat that covers everything that does not make it into the APAC roundup.
Where we have a differentiated contribution, we will continue to publish longer form writing, e.g. meeting investors in SE Asia, attending AGMs, writing stock pitches.
Although this is not a stock picking service, we recognise that readers find it helpful to have a compendious update on the companies we own. We include that update below.
Chinese power equipment
CQME (2722.HK)
Conglomerate that owns stakes in JVs with Cummins and Hitachi.
This was our first post on the company. It has been covered in more detail by other writers:
Price targets crowdsourced from Asian Family Offices between HK$ 2.5 to HK$ 3.
We know of readers who have had great success trading in and out of this, making 20% each time. Our ACB is below HK$ 1.85 and we continue to hold this in anticipation of inclusion in the Shanghai-Hong Kong Stock Connect in March.
Wasion Holdings (3393.HK)
Thesis was summarised in our first post here.
Hearing price targets north of HK$ 20.
We sold this recently just under HK$ 19 for a 30% return in three months, for reasons explained here. As explained in that post, we are happy to re-enter later at a higher price, if need be.
Harbin Electric (1133.HK)
Harbin Electric is a company we mention frequently in our APAC roundups but do not own. Unfortunately, this stock is up 126% since the newsletter started!
Semiconductor Capital Equipment
ACMR
ACMR, domiciled in the U.S. but with its main operations in Shanghai, is the leading Chinese supplier of wafer cleaning tools. The main narrative taking hold online is that ACMR benefits from China’s semiconductor localisation drive.
We previously posted these two charts to illustrate the point:
ACMR is up 29.8% YTD but one wonders how much higher the stock might go if any of these opportunities outside China take off: