Aug 7, 2026 · 7 min
Chinese AI rallies as Japan disappoints and Singapore banks prosper
Minimax Surges, M3 Slumps, DBS Climbs
The episode captures how market access, corporate earnings and currency intervention are pulling Asian equities in sharply different directions.
- 1Southbound Connect inclusion and new monetization strategies propel Chinese AI names including MiniMax.
- 2Japanese earnings disappointments weigh on medical information and equipment companies, led by M3 and Fujikura.
- 3Singapore’s wealth-management boom helps its leading lenders deliver record profits as yen intervention remains in focus.
Don't miss
The sharpest contrast comes as MiniMax rallies on Southbound Connect inclusion while M3 suffers a record slump in Japan.
The brief
Hosts Stephen Carroll and Caroline Hepger bring in markets reporter Anthony Stevens to explain the day’s sharpest moves across Asian equities.
Chinese AI companies including MiniMax benefit from inclusion in Southbound Connect and fresh monetization strategies, turning market access into a powerful catalyst.
Japan supplies the earnings shock: medical information company M3 posts a record slump, while Fujikura also features among the major decliners.
Singapore’s lenders move in the opposite direction, with a wealth-management boom driving record profits even as traders continue weighing possible yen intervention.
The episode’s central contrast is clear: access and growth can lift one market’s AI names while disappointing earnings punish another’s, with Singapore’s banks riding a separate boom.
What was said on this episode
14 statements · 8 positive · 4 negative · 1 mixed · 1 neutral
Minimax was added to the Southbound Connect investment channel.
“Minimax, for example, is one of the Chinese LMS that's been added to the southbound connect.”
Listen at 1:01
JPU shares rose 15%.
“JPU, its competitor, is also up 15%.”
Listen at 1:18
Chinese LLM providers have begun charging increasingly higher model prices.
“the Chinese LLMs have started charging money, increasingly more money for their models.”
Listen at 1:24
Chinese AI providers are prepared to charge for their highest-end models.
“it's really encouraging that the Chinese are also putting a flow underneath pricing and prepared to charge for the top end of their models.”
Listen at 1:43
M3 and Fujifilm shares fell around 17% after earnings and forecasts missed.
“they both had record drops of around 17% after both earnings and growth forecasts missed.”
Listen at 2:19
Laser Tech shares fell approximately 13%.
“Laser Tech, which is in the air space is also down around 13%.”
Listen at 2:32
Semiconductor testing equipment faces pressure from Chinese competition.
“This space is also under pressure from Chinese competition, presumably to follow as China moves up the value curve.”
Listen at 2:39
OCBC shares rose 52% year-to-date and reached a new record after earnings.
“OCBC for example, is up 52% on the year and after earnings is up 3% and moving to a new record.”
Listen at 3:14
DBS shares rose approximately 1.5% after strong earnings.
“Its bigger peer DBS is also up around 1.5% after very strong earnings.”
Listen at 3:25
DBS shares rose approximately 25% to 35% year-to-date.
“That stock is up around 25% on 35% on the year.”
Listen at 3:29
Singaporean banks are ahead of the curve in fintech.
“these guys are really ahead of the curve on the fintech side of things.”
Listen at 3:40
Japan likely has approximately two currency interventions remaining this year.
“they probably run out of bullets if they do it that way using their own money because they have probably another two interventions left this year”
Listen at 4:38
The US and Japan sold euros against the yen without specifically seeking Europe’s permission.
“the US and Japan didn't particularly ask for Europe's permission and instead sold the Euro against the yen.”
Listen at 4:57
The US aims to reduce pressure on its assets while helping Japan strengthen the yen.
“clearly the US wants to reduce pressure on its own assets while helping the Japanese strengthen their currency.”
Listen at 5:12
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Anthony Stevens
MiniMax
Southbound Connect
M3, Inc.Listen to the full episode and explore every guest, topic, and moment on PodLume.