Core Viewpoint - Heisai Technology (禾赛-W) has formed a strategic partnership with Grab to accelerate the deployment of LiDAR technology in Southeast Asia, leading to a significant stock price increase of over 7% [1] Company Summary - Heisai Technology's stock rose by 7.07%, reaching 201.8 HKD with a trading volume of 17.6 million HKD [1] - The partnership with Grab positions Grab as the exclusive distributor of Heisai's LiDAR products in Southeast Asia, responsible for sales, customer support, and marketing in the region [1] Industry Summary - Deloitte Southeast Asia predicts an unprecedented surge in demand for AI-driven automation in the region, particularly in manufacturing, transportation, and logistics sectors [1] - The application of LiDAR technology is expected to transition from early validation stages to large-scale commercial deployment across Southeast Asia [1]

Core Insights - Hesai Technology, a global leader in LiDAR, has announced a strategic partnership with Southeast Asian tech giant Grab, which will become the exclusive distributor of Hesai's LiDAR products in the region [5][6] - The partnership aims to promote the development of physical AI and embodied intelligence in Southeast Asia [5] - Deloitte Southeast Asia has projected an unprecedented surge in demand for AI-driven automation in the region, particularly in manufacturing, transportation, and logistics [5] Company Summary - Hesai's stock price increased by 6.17%, reaching HKD 199.70, with a trading volume of HKD 32.8452 million [5] - Grab will be responsible for product sales, customer support, and marketing efforts for Hesai's LiDAR products in Southeast Asia [5] Industry Summary - The application of LiDAR technology is expected to transition from early validation stages to large-scale commercial deployment across Southeast Asia [5] - The demand for AI-driven automation in Southeast Asia is anticipated to grow significantly, especially in key sectors such as manufacturing, transportation, and logistics [5]

德勤东南亚曾在研究报告中预计，东南亚地区对AI驱动的自动化需求将出现前所未有的激增，特别是 在制造业、交通运输业和物流行业。因此，激光雷达的应用预计将从早期验证阶段过渡到整个地区的大 规模商业部署。 消息面上，据禾赛科技官微消息，2月4日，全球激光雷达领导者禾赛科技宣布，与东南亚科技巨头Grab 达成战略合作。Grab将成为禾赛激光雷达产品在东南亚地区的独家经销商，全面负责该区域内的产品销 售、客户支持与市场推广工作。通过本次合作，禾赛和Grab将共同推动东南亚地区物理AI和具身智能 的发展。 禾赛-W(02525)涨超7%，截至发稿，涨7.07%，报201.8港元，成交额1760.45万港元。 ...

Core Viewpoint - Uber's recent financial report highlights significant growth in user engagement and bookings, but concerns over profitability and market competition have led to a decline in stock price despite positive operational metrics [6][12][13]. Financial Performance - In Q4 2025, Uber reported a 22% increase in ride-hailing trips to 3.8 billion, with total bookings also rising 22% to $54.1 billion, and revenue growing 20% to $14 billion [6]. - Monthly active users reached a record 202 million, an 18% increase year-over-year, doubling from 100 million in 2019 [7][8]. - Operating profit for Q4 2025 was $1.77 billion, a 130% increase, but fell short of analyst expectations of $1.85 billion by $80 million [18]. Growth Drivers - The growth in bookings was attributed to new products and services, including the Uber One subscription service and expanded offerings in holiday travel and airport transportation [17]. - The food delivery segment also performed well, capturing market share from competitors by introducing more non-food merchants and increasing discounts [17]. Profitability Concerns - Despite revenue growth, Uber's profitability remains a concern, with significant losses from investments in companies like Lucid and Grab leading to a $1.6 billion write-down [19]. - The company anticipates a higher effective tax rate of 22%-25% in 2026, which could further pressure profit margins [22]. Autonomous Driving Strategy - Uber views autonomous driving as a key future growth area, investing heavily and forming partnerships with various technology firms [25][26]. - The company plans to deploy 25,000 autonomous vehicles on its platform and expand services to 15 global markets by the end of 2026 [28][30]. - Uber argues that its existing user base and operational experience will allow it to achieve better utilization and economic benefits from autonomous vehicles compared to independent operators [31]. Market Competition - The autonomous vehicle market is competitive, with companies like Waymo and Tesla advancing their own technologies, which poses a threat to Uber's strategy [42][44]. - Regulatory challenges in major cities may delay the rollout of autonomous services, impacting Uber's ability to capitalize on high-margin markets [46]. Investor Sentiment - Investor confidence is wavering, as the potential impact of autonomous vehicles on Uber's core business remains uncertain, leading to stock price volatility [47].

Core Insights - Grab Finance is enhancing credit access in Southeast Asia by utilizing the FICO Platform, implementing 22 decision workflows across six countries, and increasing credit offer eligibility rates by nearly 50% for its users [1][2] Company Overview - Grab Finance is the financial services division of Grab, a leading superapp in Southeast Asia, operating in sectors such as deliveries, mobility, and digital financial services, serving over 800 cities in eight countries [2] - The company aims to drive economic empowerment and financial inclusion for millions while maintaining a positive social impact and minimizing environmental footprint [2] Financial Inclusion Efforts - Grab Finance has been recognized with a 2026 FICO® Decision Award for its efforts in financial inclusion, having served over 46 million consumers and millions of merchants and drivers [1] - The company addresses the challenges of credit access in Southeast Asia, where over 700 million people face underbanked conditions, by leveraging behavioral data to create alternative risk models [1] Technological Implementation - The implementation of the FICO Platform allowed Grab Finance to automate credit eligibility assessments and deliver contextual, real-time credit offers, significantly improving access for underserved users [1] - The project was completed in under eight months, showcasing rapid deployment and the ability to navigate a fragmented regulatory landscape across different countries [1] Market Impact - Grab Finance's approach transforms everyday digital behavior into a "credit passport" for users previously invisible to traditional banking, thus contributing to economic transformation at scale [1] - The integration of compliance requirements into the credit decisioning framework demonstrates a strategic response to regional regulatory diversity [1]

图片来源：ORE HUIYING VIA GETTY IMAGES 企业很快就能实现美国、新加坡两地同步上市，这一合作模式系全球首创。新加坡交易所与纳斯达 克将于今年晚些时候启动双重上市桥梁计划，这是新加坡为激发本土交易所活力推出的重要举措。 长期以来，该交易所在吸引首次公开募股及其他交易方面始终落后于香港交易所等区域性交易所。 安永会计师事务所（EY）东盟区首次公开募股业务主管陈耀江（Chan Yew Kiang，音译）表示，该 机制或将吸引东南亚企业参与，这类企业既希望依托美国深厚的资本市场融资，也希望维持自身在 东南亚地区"强大品牌认知度"。 德勤东南亚资本服务市场主管郑慧玲（Tay Hwee Ling，音译）补充道，美国企业或借此将交易时段 延伸至美股收盘之后，同时强化在东南亚市场的业务布局。 星展银行（DBS）投资银行全球主管克利福德·李（Clifford Lee）指出，在当前地缘政治不确定性加 剧的背景下，这项合作还为寻求分散投资的亚洲投资者拓宽了投资渠道。 此外，双重上市桥梁计划设置了准入门槛——申请企业的市值需不低于20亿新元（约合16亿美 元），这意味着符合条件的东南亚企业寥寥无几。以新加坡 ...

Core Viewpoint - The potential adjustment of ride-hailing commission caps in Indonesia may negatively impact Grab's profitability, as the proposed legislation could lower the commission cap for two-wheeler services from 20% to 10% [1] Group 1: Impact on Grab's Financials - If the commission cap is reduced, Grab's adjusted EBITDA could decline by 5%-10%, assuming that 20% of its gross merchandise value (GMV) in Indonesia comes from two-wheeler services [1] - The latest closing price of Grab's stock was $4.38, reflecting a decrease of 0.2% [1] Group 2: Mitigation Strategies - Grab has several strategies to protect its profit margins, including increasing fares to pass on costs and reducing incentives for partners [1] Group 3: Analyst Ratings - China Galaxy International maintains a "buy" rating for Grab with a target price of $7.20 [1]

企业很快将有机会在美国和新加坡两地上市，这在新加坡交易所和纳斯达克之间尚属首例。 新加坡交易所-纳斯达克双重上市桥梁将于今年年终启动，这是新加坡振兴其证券交易所计划的一部 分。新加坡交易所（SGX）长期以来在吸引IPO和其他交易方面落后于香港交易所等其他区域性交易 所。 安永会计师事务所东盟IPO负责人陈耀强表示，这座桥梁可能会吸引那些希望利用美国深厚的资本市 场，同时又希望在东南亚获得"强大品牌知名度"的东南亚公司。 德勤东南亚资本服务市场主管郑慧玲补充说，美国公司也可能借此机会延长其交易时间，使其超过美国 市场收盘时间，并加强其在东南亚的业务。 星展银行全球投资银行主管李克福表示，此次合作也为希望在当前地缘政治不确定性下实现多元化投资 的亚洲投资者拓宽了投资选择。 新加坡交易所发言人表示："通过全球上市委员会，企业可以同时获得美国市场的深度和亚洲市场的增 长，并走上一条更便捷的途径。" 对新加坡有利？ 新加坡证券交易所长期以来流动性不足。新加坡交易所的日均成交额仅为14亿美元，而香港交易所的日 均成交额则高达290亿美元。 此外，美国拥有比其他亚洲交易所更雄厚的资本实力。这促使多家东南亚公司，例如网约车公 ...

Firms will soon get the opportunity to list in both the U.S. and Singapore in a first-of-its kind partnership. The SGX-NASDAQ dual listing bridge, which will commence later this year, is part of Singapore’s drive to revitalize its stock exchange, which has persistently lagged other regional bourses like the Hong Kong Stock Exchange in attracting IPOs and other deals. The bridge will likely appeal to Southeast Asian companies who want to draw on the U.S.’s deep capital market, yet still tap “strong brand ...

Firms will soon get the opportunity to list in both the U.S. and Singapore in a first-of-its kind partnership. The SGX-NASDAQ dual listing bridge, which will commence later this year, is part of Singapore’s drive to revitalize its stock exchange, which has persistently lagged other regional bourses like the Hong Kong Stock Exchange in attracting IPOs and other deals. The bridge will likely appeal to Southeast Asian companies who want to draw on the U.S.’s deep capital market, yet still tap “strong brand rec ...