AA Capital

11/08/2026

A recap of the AA Capital Summer Social ☀️🍸

It was a perfect opportunity to reconnect with long-standing partners and investment peers, also welcoming a fantastic group of new faces to our growing community, and enjoy the city skyline from the Nexxus Hub.

We’re grateful for the vibrant turnout and the insightful conversations that make our city’s financial hub so special.

Looking forward to building on these connections. See you at the next one!

25/06/2026

Great to see our CEO Abby Mak and CIO Alan Tse at the 2nd Xuhui AI Start-up Investment Roadshow in Shanghai.

A packed and insightful two days of pitches, company visits, and discussions on AI and innovation, with promising opportunities for deeper Hong Kong–Shanghai collaboration ahead.

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23/06/2026

The US equity market is entering a new phase in which share supply is rising after years of scarcity, driven by AI-related IPOs and large secondary offerings from both private and listed technology groups. JPMorgan estimates net equity issuance could add roughly $1.5 trillion over the next two years, marking the strongest period of market expansion since at least the late 1990s. For investors, the key shift is that equity supply itself may now become a more important driver of returns, volatility and relative performance than it has been for much of the past two decades.

𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀:
•⁠ ⁠We should treat rising equity issuance as a new market headwind, because one of the strongest long-term supports for US equities — shrinking share counts through buy-backs and limited new issuance — is now reversing.

•⁠ ⁠The AI buildout is increasingly being financed through public equity rather than just debt or free cash flow, which suggests capital needs are broadening and that listed shareholders may bear more of the funding burden from here.

•⁠ ⁠Mega IPOs may be investable, but they also raise market-level risk: Bloomberg cites analysis showing the S&P 500 has historically delivered weaker 12-month performance after large IPOs, with returns turning negative about 20% of the time.

•⁠ ⁠Strong initial demand should not be mistaken for unlimited demand, particularly as lock-ups expire and more shares come to market; that could tighten liquidity conditions for existing holdings and increase dispersion across the equity market.

𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗵𝗲𝗿𝗲 ➡️ https://shorturl.at/cyoxB

𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘴 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘧𝘳𝘰𝘮 𝘱𝘶𝘣𝘭𝘪𝘤 𝘴𝘰𝘶𝘳𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘮𝘢𝘥𝘦 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 𝘪𝘵𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵𝘴 𝘢𝘳𝘦 𝘢𝘵 𝘵𝘩𝘦 𝘳𝘦𝘢𝘥𝘦𝘳'𝘴 𝘰𝘸𝘯 𝘳𝘪𝘴𝘬. 𝘛𝘩𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘰𝘯 𝘈𝘈 𝘊𝘢𝘱𝘪𝘵𝘢𝘭'𝘴 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘢𝘳𝘦 𝘰𝘯𝘭𝘺 𝘧𝘰𝘳 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘍𝘶𝘵𝘶𝘳𝘦𝘴 𝘖𝘳𝘥𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘪𝘵𝘴 𝘴𝘶𝘣𝘴𝘪𝘥𝘪𝘢𝘳𝘺 𝘭𝘦𝘨𝘪𝘴𝘭𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘏𝘰𝘯𝘨 𝘒𝘰𝘯𝘨.

26/03/2026

What is an investment club, and how can it help you grow as an investor？
This was exactly the idea behind AA Capital when we first started. In this clip, our CEO Abby Mak shares how being part of the right circle can lead to better opportunities and ultimately, alpha.

🎥 Watch the full video below.

𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘍𝘰𝘳 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘖𝘯𝘭𝘺. 𝘖𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦.

#香港 #會所

25/03/2026

The “denominator effect” is over. It is now about the “alpha effect.”

We sat down with Alan Tse, our Chief Investment Officer, to get his unfiltered take on private equity in 2026. His view? We have entered a vintage year environment—but only for those who know where to look.

🎥 Watch the full video below.

𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘍𝘰𝘳 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘖𝘯𝘭𝘺. 𝘖𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦.

18/03/2026

The risk of a sharp US equity selloff this year just rose. Veteran strategist Ed Yardeni now pegs a 35% chance as the Iran war pushes oil above $100/barrel, strengthens the dollar and pushes out Fed rate‑cut expectations. He still favours a “Roaring 2020s” growth path, but the near-term skew is more bearish: higher inflation risk, narrower policy room for the Fed, and greater market volatility.

𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀:

1. Oil price shock: Oil above $100/barrel is central to the outlook; sustained high energy prices are cited as the channel that can raise inflation and weigh on growth.

2. Fed policy uncertainty: Markets have delayed expected rate cuts (from July to September or later) as traders price in stronger inflation and a more cautious Fed response.

3. Dollar as refuge: The Bloomberg Dollar Spot index has risen (~2%), highlighting a flight to currency safety and potential stress for non-USD assets.

4. Market reactions: Equity futures and long‑duration assets showed weakness (S&P 500 futures down, 10-year Treasury yields up) as investors repriced risk and inflation expectations.

𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗵𝗲𝗿𝗲 👉 https://www.bloomberg.com/news/articles/2026-03-09/yardeni-raises-odds-of-markets-meltdown-to-35-on-iran-war-risks

𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘴 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘧𝘳𝘰𝘮 𝘱𝘶𝘣𝘭𝘪𝘤 𝘴𝘰𝘶𝘳𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘮𝘢𝘥𝘦 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 𝘪𝘵𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵𝘴 𝘢𝘳𝘦 𝘢𝘵 𝘵𝘩𝘦 𝘳𝘦𝘢𝘥𝘦𝘳'𝘴 𝘰𝘸𝘯 𝘳𝘪𝘴𝘬. 𝘛𝘩𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘰𝘯 𝘈𝘈 𝘊𝘢𝘱𝘪𝘵𝘢𝘭’𝘴 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘢𝘳𝘦 𝘰𝘯𝘭𝘺 𝘧𝘰𝘳 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘍𝘶𝘵𝘶𝘳𝘦𝘴 𝘖𝘳𝘥𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘪𝘵𝘴 𝘴𝘶𝘣𝘴𝘪𝘥𝘪𝘢𝘳𝘺 𝘭𝘦𝘨𝘪𝘴𝘭𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘏𝘰𝘯𝘨 𝘒𝘰𝘯𝘨.

US stocks are facing a growing risk of a sharp selloff this year as the escalating war in Iran hurts global markets, according to veteran strategist Ed Yardeni, updating his outlook for what he describes as “fast-moving times.”

05/02/2026

𝗔𝗻 𝗘𝘃𝗲𝗻𝗶𝗻𝗴 𝗼𝗳 𝗔𝗿𝘁 𝗮𝗻𝗱 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀

AA Capital is collaborating with Tang Contemporary Art
to present an exclusive private viewing and networking experience this February.

AA 資本與當代唐人藝術中心攜手合作，將於下周舉辦今年首次藝術私賞會及交流活動。

Join us as we explore how contemporary art is emerging as an alternative investment opportunity — and enjoy an evening of fine art, conversation, and wealth insights with our advisory team and guests.
誠邀您與我們一起探索當代藝術如何成為一種新興的另類投資機會，並與我們的顧問團隊及嘉賓共同度過一個充滿藝術氣息、交流互動、分享財富智慧的夜晚。

Participation is by invitation or approved registration only, as spaces are limited.

👉 Interested in attending? Submit your request via the link below, and our team will be in touch with confirmation details.
點擊下面鏈接注冊，我們的團隊會同您確認最終活動細節。
[🔗 𝗥𝗦𝗩𝗣 𝗛𝗲𝗿𝗲: https://docs.google.com/forms/d/e/1FAIpQLSecIgmaoF1mmHCxpwSVOtrhPUwnQxNMpXVNZxmH0poEJuBJAQ/viewform ]

04/02/2026

𝗔𝗔 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝟮𝟬𝟮𝟲 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗢𝘂𝘁𝗹𝗼𝗼𝗸: 𝗣𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗖𝗜𝗢
Join Alan Tse, our Chief Investment Officer, in conversation with Khiem Do, Senior Advisor at Goji Consulting, as they discuss the key themes shaping the investment landscape in 2026.

AA資本CIO對話：2026投資指南
就在今日啦！立刻注冊，同投資總監Alan Tse和Goji Consulting高級顧問Khiem Do進行他們深度交流，詳細探討即將塑造 2026 投資格局的關鍵主題。

𝗗𝗮𝘁𝗲: 4 February 2026 (Wednesday)
𝗧𝗶𝗺𝗲: 12:00 PM – 1:00 PM HKT
𝗥𝗦𝗩𝗣: https://us06web.zoom.us/webinar/register/WN_kWNby0eXQBi7WoK4_aYhcA #/registration

From the rapid evolution of AI to shifting macroeconomic trends, this open discussion will explore where opportunities — and risks — may emerge in the year ahead, and what investors should keep an eye on as markets find their footing. We look forward to having you!
從人工智能的快速發展到宏觀經濟趨勢的轉變，本次討論將探尋未來一年可能出現的機會和風險，以及投資者將如何在市場中找到價值錨點。我們期待您的參與！

01/10/2025

We are delighted to announce Sophie Cai as our new Senior Vice President at AA Capital. Bringing deep expertise in private markets and alternative investments, she will play a key role in driving growth and innovation.

Welcome to the AACapital family!
https://www.linkedin.com/in/sophie-cai-5a290a105/

29/09/2025

A recent Forbes article discusses an executive order by former President Trump that may allow private equity (PE) investments in 401(k) retirement plans, potentially opening new opportunities for American investors. Traditionally limited to high-net-worth individuals, private equity access could become more widely available, offering everyday savers enhanced diversification and the potential for higher returns.

𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀:
1.⁠ ⁠Private equity investments provide access to a broader range of mid-sized companies and new growth opportunities not usually available in public markets, possibly enhancing returns over the long term.
2.⁠ ⁠The executive order aims to ease regulatory burdens, but the investment still carries inherent risks like illiquidity and market volatility, requiring careful risk management.
3.⁠ ⁠Private equity should not be viewed as a standalone option in retirement plans; diversified portfolio inclusion—such as with target-date funds—is recommended to balance risk and reward.

For more details, read the full article here ➡️ https://shorturl.at/q8F9e

𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘴 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘧𝘳𝘰𝘮 𝘱𝘶𝘣𝘭𝘪𝘤 𝘴𝘰𝘶𝘳𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘮𝘢𝘥𝘦 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 𝘪𝘵𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵𝘴 𝘢𝘳𝘦 𝘢𝘵 𝘵𝘩𝘦 𝘳𝘦𝘢𝘥𝘦𝘳'𝘴 𝘰𝘸𝘯 𝘳𝘪𝘴𝘬. 𝘛𝘩𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘰𝘯 𝘈𝘈 𝘊𝘢𝘱𝘪𝘵𝘢𝘭’𝘴 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘢𝘳𝘦 𝘰𝘯𝘭𝘺 𝘧𝘰𝘳 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘍𝘶𝘵𝘶𝘳𝘦𝘴 𝘖𝘳𝘥𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘪𝘵𝘴 𝘴𝘶𝘣𝘴𝘪𝘥𝘪𝘢𝘳𝘺 𝘭𝘦𝘨𝘪𝘴𝘭𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘏𝘰𝘯𝘨 𝘒𝘰𝘯𝘨.