CHINA/HK FIRST TO MARKET

Research evidence excerpt

CHINA/HK FIRST TO MARKET

Asia Pacific Equity Research

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China/HK First to Market 21 July 2026

Top Stories

China AI chip (Billy Feng)

Key takeaways from WAIC 2026: China's AI infrastructure shifts

The baseline of chip performance has reset to Hopper-class. Even though domestic AI chip vendors remain

focused on solving near-term capacity and supply bottlenecks, we believe the next imperative is delivering

effective Hopper-class compute by late this year and into 2027. For instance, Iluvatar CoreX launched its

Tiangai 300 chip, which claims 10-20% superior performance versus Hopper architecture on selective

inference metrics. The PD-disaggregation paradigm has become a well-recognized cost-reduction

mechanism for LLM inference at scale, confirming inference as the proven commercial application for

domestic GPUs. Training is now widely viewed as the next scalable and critical market.

Victory Giant Technology - H (2476.HK, OW – HK$215.00), China (Cherry Liu)

Near-term headwinds, but capacity leadership remains the key differentiator; reiterate OW

Recent investor focus has centered on VGT’s initial share allocation in Vera Rubin and the timeline of the

Kyber project – although we believe investors have placed too much emphasis on such uncertainties while

overlooking the key determinant of market share in the next two to three years. In our view, high-quality

manufacturing capacity, not initial share allocation, will ultimately determine suppliers’ wallet share for AI

PCB projects.