it has nothing to do with deepseek. shareholders obviously have spoken with regards to non tradeable warrant - rebalanced / lock in profits and decide later whether to convert to mother shares. No one will take risk. It will be interesting to see after CNY given that the window of opportunity to rebalance has closed.

spot on. it has nothing to do with deepseek and shareholders are just responding to the untradeable warrants - lock in profits/rebalance and wait to decide whether to convert to mother share. Well, lets just look at the recent DC hype for ytlp (1) 32MW for Sea Ltd (2) 100MW AI DC. Lets take a step back to Dec'24. The 32MW is to be delivered in phases - 16MW delivered in 2024, 8MW to be delivered in 1Q26 and final 8MW in 1Q27. The 100MW is supposed to be completed by 2Q25 and there are no tenants/buyers for the 100MW as of Dec. Well, YTL AI will use the first 20MW. Lets assume ytlp will work hard to find tenants/buyers for the excess capacity in two years time. Realistically, the benefits for both the 32MW and 100MW DC will be seen by 2027. If you are the optimistic shareholder, will you keep pumping money into ytlp in the next 3 years (untradeable warrants expiry date) or rebalance your positions to generate the cash for conversion in the future?