A single comparable scoring layer across eight Asian capital markets — same three axes, same grade logic, same Kill Switch threshold. The cross-section that no single-market dataset can produce.
The moat is not the data. The data is public. The moat is the decomposition that places these eight markets on the same scale — with the consequence that grade designations, archetype shapes, and Kill Switch flags carry the same meaning regardless of which exchange the issuer trades on.
Per-market grade distribution, archetype distribution, dominant pathologies, landmark detection cases, and data-coverage details live on each country page. Card-level information here is intentionally sparse — the page’s editorial weight sits below, in the cross-section.
Same eight markets. Same three axes. The pathology families that dominate each market — the structural signatures that the framework reads first — differ sharply. This is the cross-section that no single-market analysis can produce.
| Pathology family | KR | JP | TW | HK | IN | TH | SG | PH |
|---|---|---|---|---|---|---|---|---|
| Cross-shareholding networks | ||||||||
| Related-party value extraction | ||||||||
| Controlling-shareholder pledge | ||||||||
| Off-balance-sheet structures (KY shells, VIEs) | ||||||||
| Voting-rights asymmetry (NVDR, dual-class) | ||||||||
| Hybrid-debt and REIT-leverage structures | ||||||||
| Audit and disclosure asymmetry | ||||||||
| Board-independence theatre |
Reading the matrix. A filled mark indicates that the pathology family is a documented dominant structural signature in that market — established through validated landmark detection cases. Empty cells indicate pathology families that are not the market’s documented signature; they do not indicate absence. The framework reads all eight families in every market scoring pass. Per-market grade and archetype distributions are detailed on each country page. Philippines is intentionally unmarked; landmark detection cases are pending.
Related-party value extraction surfaces in four of the eight markets — but it operates through chaebol cross-holdings in Korea, KY-registered shells in Taiwan, NVDR-mediated dilution in Thailand, and S-chip routing in Singapore. The framework reads the family and the jurisdictional vehicle in the same scoring pass.
Voting-rights asymmetry sits in Thailand alone (the NVDR mechanism). Hybrid-debt and REIT-leverage structures sit in Singapore alone. Audit and disclosure asymmetry is dominant in India alone. Board-independence theatre is the documented signature in Japan alone. Risk overlays that treat “Asian governance” as a single factor systematically under-price these market-specific exposures.
Each of the seven validated markets carries a unique combination of dominant pathologies. There is no “representative” Asian governance market. A portfolio process that calibrates to one market’s pathology profile and extrapolates to the others will mis-specify exposure. The matrix above is the argument for jurisdiction-by-jurisdiction reading.
Validation evidence across seven of the eight live markets to date, including forward detections, locked-score events, and retrospective landmark cases. Each entry is a public-event distress case; in every case the framework’s structural signals were active before the public event was visible. Lead times are documentary, not anecdotal.
The pattern across the record: structural signals appear in regulatory filings before they appear in market reactions. Lead-times range from real-time (Singapore CDL) to seven quarters ahead (India Kingfisher). The mechanism is straightforward — the same filings that disclose pledge ratios, related-party transactions, audit-opinion qualifiers, and beneficial-ownership chains are the inputs to the framework. The framework reads them on the day they are filed.
Pipeline markets have entered the data-source assessment and indicator-mapping phase. Public release follows the same backtest discipline described on the Methodology page. Promotion criteria do not vary by market.
The structural definition sits one step upstream; the country-level decomposition sits one step downstream.