9 June 2026 | 12:51AM HKT Equity Research NAVIGATING CHINA INTERNET/AI MODELS Key AI & mega-cap debates; What to do from here? Coming out of the results season and Asia Communacopia + Technology, we re-assess the five key investor debates shaping the China AI model landscape: 1) the competitive dynamics between US vs. China AI models, 2) the intensifying price competition within Chinese model players, 3) drivers of exponential token growth and whether enterprise or consumer agents will justify the surge in ...