Core Viewpoint - Silicon Valley Acquisition Corp. will allow holders of its initial public offering units to separately trade Class A ordinary shares and warrants starting February 12, 2026 [1][2]. Group 1: Company Overview - The Company was established to execute mergers, share exchanges, asset acquisitions, share purchases, recapitalizations, reorganizations, or similar business combinations with one or more businesses [3]. - The Company intends to focus on target businesses in various sectors, including fintech, crypto/digital assets, AI-driven infrastructure, energy transition, auto/mobility, technology, consumer, healthcare, and mining [3]. Group 2: Trading Information - The separated Ordinary Shares and Warrants will trade on the Nasdaq Global Market under the symbols "SVAQ" and "SVAQW," respectively, while the Units will continue to trade under the symbol "SVAQU" [2]. - Holders of Units must contact Equiniti Trust Company, LLC, the Company's transfer agent, to separate the Units into Ordinary Shares and Warrants [2]. Group 3: Offering Details - The Units were initially offered through an underwritten offering, with Clear Street LLC acting as the sole book-running manager [4]. - The registration statement for the Company's securities became effective on December 22, 2025 [5].

Core Insights - VCI Global Limited is transforming into an AI-native platform to enhance scalability, capital efficiency, and execution discipline across its business portfolio [1][5]. Centralized AI-Driven Platform - The company will operate as a centralized AI-driven platform, structuring subsidiaries and portfolio companies as modular business units that integrate into shared AI infrastructure and centralized governance frameworks [2][4]. - This transformation addresses organizational complexity and fragmented systems that previously constrained speed, scalability, and capital deployment [2]. AI as the Default Operating System - AI will be integrated as the default operating system across various functions including finance, legal, compliance, and marketing, rather than being treated as a standalone function [3]. Phased AI Integration Program - VCI Global has initiated a structured six-month phased AI integration program to embed AI into performance measurement, workflow design, and organizational decision-making [4]. Modular Structure Benefits - The new modular structure allows VCI Global to scale high-performing businesses rapidly, allocate capital with precision, integrate acquisitions smoothly, and pursue strategic options like IPOs or divestments based on data-driven performance [6]. Strategic Focus - The company's strategy emphasizes building scalable platforms that deliver resilience, efficiency, and long-term value across multiple high-growth sectors, integrating technology innovation with financial ecosystems [7].

Group 1 - The Company, Silicon Valley Acquisition Corp., completed the sale of 1,500,000 additional units at $10.00 per unit, raising an additional $15,000,000 in gross proceeds, bringing the total units issued in the initial public offering to 21,500,000 with a total offering price of $215,000,000 [1] - Each unit consists of one Class A ordinary share and one-half of one redeemable public warrant, with each whole warrant allowing the purchase of one Class A ordinary share at a price of $11.50 [2] - The Company was established to pursue business combinations across various sectors, focusing on fintech, crypto/digital assets, AI-driven infrastructure, energy transition, auto/mobility, technology, consumer, healthcare, and mining industries [3] Group 2 - Clear Street LLC served as the sole book-running manager for the public offering, which was conducted solely through a prospectus [4] - A registration statement for the securities was declared effective on December 22, 2025 [5]

Group 1 - The Company, Silicon Valley Acquisition Corp., closed its initial public offering (IPO) of 20,000,000 units at a price of $10.00 per unit, resulting in total gross proceeds of $200,000,000 before expenses [1] - The units began trading on Nasdaq under the ticker symbol "SVAQU" on December 23, 2025, with each unit consisting of one Class A ordinary share and one-half of one redeemable public warrant [2] - The Company was formed to pursue business combinations in various sectors, focusing on fintech, crypto/digital assets, AI-driven infrastructure, energy transition, auto/mobility, technology, consumer, healthcare, and mining industries [3] Group 2 - Clear Street LLC acted as the lead book-running manager for the IPO and has been granted a 45-day option to purchase up to 3,000,000 additional units to cover over-allotments [4] - A registration statement for the securities was declared effective on December 22, 2025, and the public offering was made only by means of a prospectus [5]

Group 1 - The Company, Silicon Valley Acquisition Corp., announced the pricing of its initial public offering (IPO) of 20,000,000 units at a price of $10.00 per unit, with trading expected to begin on December 23, 2025 [1] - Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant allowing the purchase of one Class A ordinary share at a price of $11.50 per share [1] - The offering is expected to close on December 24, 2025, subject to customary closing conditions [1] Group 2 - The Company was formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses, focusing on industries such as fintech, crypto/digital assets, AI-driven infrastructure, energy transition, auto/mobility, technology, consumer, healthcare, and mining [2] Group 3 - Clear Street LLC is acting as the lead book-running manager for the IPO, and the Company has granted underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments [3]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese equity market, particularly the performance of China A and H shares in 2025, and the implications for investors in 2026 and beyond. Core Insights and Arguments 1. **Positive Market Returns**: China A and H shares returned 16% and 29% in 2025, exceeding forecasts of 13% and 15% respectively, marking a rebound of 30% and 75% from their cycle troughs in late 2022 [4][3]. 2. **Sector Performance**: Materials, Health Care, and Communication Services outperformed, while Staples, Utilities, and Real Estate lagged. Growth and GARP styles performed better than Value and Dividend styles, indicating sectoral and thematic alpha opportunities [5][3]. 3. **Future Projections**: A forecast of a 38% rise in Chinese stocks by the end of 2027 is anticipated, driven by profit growth of 14% and 12% in 2026 and 2027, respectively, alongside a potential 10% re-rating [6][3]. 4. **Trade Outcomes vs. Policy Miss**: Better-than-expected trade outcomes have outweighed fiscal policy misses, with Chinese exports growing 5.4% year-over-year despite increased US tariffs [13][14]. 5. **AI Impact on Tech Equities**: The launch of AI technologies, particularly DeepSeek-R1, has significantly boosted Chinese tech stocks, with an average price increase of 40% and an estimated $2 trillion added to market capitalization [23][24]. 6. **Consumer Spending Trends**: While overall retail sales grew only 4% year-over-year, new consumption sectors such as entertainment and specialty retail saw net profits grow by 28% in the first half of 2025, outperforming traditional consumer sectors [43][45]. 7. **Inflation and Profit Growth**: A potential rise in inflation could lead to profit growth in certain sectors, with estimates suggesting a 50% profit increase in involuted industries by 2027 [54][55]. 8. **5-Year Plan Influence**: The 15th 5-Year Plan emphasizes technology and security, which may redefine investment strategies in Chinese equities [65][66]. 9. **Investment Sentiment**: Domestic capital is increasingly moving into equities, with significant inflows recorded in 2025, while foreign investors are also warming up to Chinese stocks [73][74]. 10. **Risks and Policy Support**: Despite lingering risks such as global recession and US-China tensions, the policy environment has shifted to be more pro-growth, which may help mitigate downside risks in the equity market [88][89]. Additional Important Insights - **Diversification Value**: China's market offers diversification benefits for global investors, with lower return correlations with US equities and significant valuation discounts compared to developed markets [78][79]. - **Consumer Confidence**: Consumer confidence remains low, impacting overall consumption, but specific sectors are thriving, indicating a shift in consumer behavior [43][46]. - **Regulatory Environment**: The easing of regulations and a pro-market policy stance are expected to support equity market growth moving forward [95][96]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Chinese equity market.

Summary of Key Points from the Capex Tracker Industry Overview - The Capex Tracker indicates a trend of capital expenditure (Capex) cuts across various industries, with notable exceptions in Technology and Utilities [3][4]. Core Observations - General Industrial Capex is projected to have a compound annual growth rate (CAGR) of 5.5% for the period 2024-2028, which is a slight decrease of 0.4 percentage points compared to the previous update in July [3][4]. - Positive growth in Capex is observed in the following sectors: - **Datacenters**: 26.5% CAGR, an increase of 3.5 percentage points from July [4]. - **Pulp & Paper**: Improvement noted, but specific growth figures not provided [3]. - **Conventional Power Generation**: Positive outlook with companies like Wartsila and Accelleron showing growth [3]. - **Mining**: Companies such as Epiroc and FLSmidth are expected to benefit [3]. - Conversely, significant declines are noted in: - **Vehicles/Autos**: Negative growth, with a decrease of 1.8 percentage points to 2.0% CAGR [4]. - **Pharma and Biotech**: Both sectors are experiencing negative trends, with Biotech showing a decline of 8.6% [4]. Detailed Capex Growth by Sector - **Datacenters**: - 2025 Capex growth projected at 51.7%, a significant increase of 15.2 percentage points [4]. - **Renewables and T&D**: - 2025 Capex growth at 17.5%, down by 8.0 percentage points [4]. - **Semiconductors**: - 2025 Capex growth at 15.7%, a decrease of 1.2 percentage points [4]. - **Healthcare**: - 2025 Capex growth projected at 0.0%, indicating stagnation [4]. - **Consumer Sector**: - 2025 Capex growth at 0.7%, reflecting a decline of 1.1 percentage points [4]. Additional Insights - The Capex Tracker highlights a robust growth trajectory in Datacenters, Renewables, and Mining, while traditional sectors like Vehicles and Pharma are facing headwinds [4]. - The report emphasizes the importance of monitoring these trends for potential investment opportunities and risks in the respective sectors [3][4]. Conclusion - The Capex Tracker serves as a critical tool for understanding industry trends and making informed investment decisions, particularly in identifying sectors poised for growth versus those facing challenges [3][4].

Summary of Key Points from the Conference Call Industry Overview: Capital Goods - **China's Economic Performance**: China's GDP growth in H1 was +5.3% YoY, supported by export frontloading and government stimulus. However, signs of a sequential slowdown are emerging, with manufacturing and infrastructure fixed asset investment (FAI) declining by -1.3% and -6.4% YoY in August, compared to -0.3% and -2% YoY in July [1][29] - **GDP Growth Forecasts**: The GDP growth forecasts for Q3 and Q4 2025 have been revised down to +4.5% and +4% YoY, respectively, while the FY forecasts for 2025-2027 remain unchanged at +4.7% to +4.1% YoY [1][29] - **Market Conditions**: Companies exposed to China are facing a difficult market, with a shift towards local-for-local strategies due to increasing competition [1] Automation Sector - **Market Recovery**: A mild recovery in the China Automation market is expected in 2025, with Factory Automation (FA) orders showing strength, particularly in the battery segment. Domestic companies like Inovance reported FA orders up over 20% YoY in August [2][30] - **Inventory Levels**: Distributors' inventories for major companies like Siemens and Omron have normalized, which is expected to support growth moving forward [2][30] - **Forecast Adjustments**: The growth forecast for the China Automation market has been cut to +0.2% YoY for 2025, with Factory Automation revised to +1.7% YoY due to demand uncertainty and weaker-than-expected demand from electronics [31] Construction Sector - **Property Market Outlook**: The outlook for the China property market remains weak, with new home sales down 9.7% YoY in August. No meaningful recovery is expected in the near term due to lack of government support [3][48] - **Construction Machinery Demand**: Demand for construction machinery is positive, driven by large infrastructure projects and increased government support for modernization projects [3][48] Consumer Sector - **Retail Sales Trends**: Retail sales growth slowed to +3.4% YoY in August, down from +3.7% in July, indicating a peaking of consumer durable subsidies. However, expectations for future spending are at a 16-month high, with 46% of respondents expecting to increase spending in the next six months [4][61][66] Key Companies and Their Exposure to China - **Company Exposure**: Kone has the highest exposure to China, with 26% of group sales in FY23, down from 31% in FY22. Other companies with significant exposure include Atlas, Metso, and ABB [9][10] - **Performance Insights**: Siemens Digital Industries reported a 19% YoY revenue growth in China for Q3'25, driven by strong demand in the battery segment [34][37] Additional Insights - **Manufacturing PMI**: The NBS manufacturing PMI for August was 49.4, indicating continued demand weakness, with new orders remaining in contraction territory [14][17] - **Price Pressures**: Rising purchase and producer prices indicate ongoing cost pressures, exacerbated by tariffs and trade tensions [17][22] - **Government Policy**: Limited room for substantial easing efforts from the government is anticipated, with policymakers comfortable with the current growth trajectory [29] This summary encapsulates the critical insights from the conference call, highlighting the challenges and opportunities within the capital goods sector, particularly in relation to the Chinese market.

Summary of China Equity Strategy Conference Call Industry Overview - **Industry**: China Equity Market - **Key Focus**: 1H25 results, 15th Five-Year Plan, sector performance, and investment strategies Key Findings from 1H25 Results - **Performance Metrics**: Among 445 A and H share companies, 28% reported earnings beats, 40% in-line, and 31% misses [3][14] - **Top Performing Sectors**: - **Transportation**: 67% beats due to strong volume gains and cost control - **Semi-conductor**: 46% beats driven by revenue growth from tariff pull-ins and localization - **Industrial**: 40% beats attributed to margin expansion from lower commodity costs [14][15] - **Underperforming Sectors**: - **Utilities**: 55% misses due to weaker gas demand and renewable tariff cuts - **Small Caps & Education**: 45% misses linked to muted macro conditions - **Hardware**: 43% misses primarily from auto and surveillance demand [14][15] Economic Outlook for 2H25 - **GDP Growth**: PRC GDP grew by 5.3% in 1H25, exceeding the target of 5.0% for 2025 [21] - **PPI/CPI Trends**: PPI down 2.8% and CPI down 0.1% in 1H25, indicating challenges in industrial production prices [21] - **Government Focus**: Emphasis on supply-side reforms to boost CPI/PPI in 2H25, with key themes including economic development, technological innovation, social welfare, green development, and reform [4][20] Sector Recommendations - **Upgrades**: - **Healthcare and Insurance**: Upgraded to overweight due to aging population and increasing insurance needs [5] - **Downgrades**: - **Telecom and Oil & Gas**: Downgraded to underweight due to low profit growth and reduced price competitiveness [5] - **Technology Sector**: Increased weighting expected to benefit from the 15th Five-Year Plan [5] Index Target Revisions - **HSI Targets**: Revised targets for HSI are 26,800 (+7%) by end-2025, 27,500 (+6%) by mid-2026, and 28,800 by end-2026, driven by higher EPS growth [6] - **Valuation Metrics**: HSI's forward P/E at 10.3x and PB at 1.2x are in line with historical averages [6] Top Investment Picks - **H-Share Top Buys**: - Hengrui (Healthcare) - Sunny Optical - ASMPT - **Removed from Top Buys**: Anta, Huaneng Power, and BYD [7] Additional Insights - **Consumer Sector**: Anticipated shifts in consumer behavior and potential government pro-consumption policies in 2H25 [20] - **Yield Plays**: Domestic investors are focusing on yield plays amid cautious outlook for the PRC economy [22][23] Conclusion The conference call highlighted a mixed performance in the Chinese equity market for 1H25, with significant sectoral variations. The outlook for 2H25 suggests a focus on supply-side reforms and strategic investments in healthcare, technology, and insurance sectors, while maintaining caution in telecom and oil & gas. The revised index targets reflect optimism for EPS growth driven by government initiatives and market dynamics.

Summary of China's Exports (June 2025) Industry Overview - The report focuses on China's export performance across various industries, highlighting significant year-over-year (YoY) growth in specific sectors and regions. Key Points Export Growth Statistics - China's overall export value increased by **6% year-to-date (YTD)** YoY as of June 2025 [8] - Notable YoY growth in specific goods: - Natural rubber: **+450%** - Aluminium ore: **+243%** - Electroplating machines: **+155%** [13] Sector Contributions - The sectors contributing most to YoY incremental exports in June included: - Low-value simplified exports/imports: **+16% YoY** - Semiconductors: **+11% YoY** - Other semiconductors: **+9% YoY** [19] Regional Export Performance - Exports to various regions showed mixed results: - **Africa**: +21% YoY - **ASEAN**: +13% YoY - **Latin America**: +7% YoY - **Europe**: +5% YoY - **United States**: -11% YoY [11] Declines in Specific Markets - Exports to the US and Mexico decreased by **16%** and **13%** YoY, respectively [3] - The healthcare and consumer sectors recorded the largest declines in exports to the US and Mexico [3] Sector-Specific Insights - Utilities was the only industry to record YoY growth in exports to both the US and Mexico [3] - In the EU, miscellaneous goods drove growth, while rare earth and tobacco saw an increasing share of exports [4] - Exports to ASEAN were driven by miscellaneous goods and autos, with battery materials and rare gas showing increased shares [5] Notable Sector Performance - The **healthcare sector** faced significant challenges, with pharmaceuticals experiencing a **-52%** decline in exports to the US [29] - The **automotive sector** showed varied performance, with passenger vehicles down **-69%** YoY in June [29] Incremental Export Value Breakdown - The top sectors contributing to incremental export value in June included: - Low-value simplified exports/imports: **16%** - Semiconductors: **11%** - Electrical equipment: **8%** [19] Summary of Key Sectors - **Technology**: +11% YoY - **Consumer**: -2% YoY - **Industrials**: +13% YoY - **Basic materials**: +7% YoY - **Utilities**: +57% YoY [9] Conclusion - The report indicates a complex landscape for China's exports, with significant growth in certain sectors and regions, while others face substantial declines. The data suggests a need for strategic adjustments in response to changing global market dynamics.