China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers</li>
<li>700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)</li>
<li>NetEase's "Eggy Party" announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)</li>
</ul>


BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers
700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)
NetEase's "Eggy Party" announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)


China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/"Eggy Party" Reached 100 Mn MAUs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/vng-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:112269" rel="noopener">VNG IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.</li>
</ul>



VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.
In VNG IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Meituan, CCB, China Mobile, CNOOC, HKEX.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, CCB, China Mobile, CNOOC, HKEX.


Hong Kong Connect Flows (August): $8.8bn Outflows

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raisebetween US$4.5-4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.</li>
</ul>



Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.


ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Apptec, Baba, Anta Sports, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 25th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Apptec, Baba, Anta Sports, Hkex.


HK Short Interest Weekly: Wuxi Apptec, Baba, Anta Sports, HKex

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/"Eggy Party" Reached 100 Mn MAUs

German carmakers in EV positive to Chinese battery makers;700HK: “Hunyuan” LLM will be launched within this month(+);NetEase's "Eggy Party"...

Blue Lotus Research Institute

VNG IPO: The Bear Case

The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and...

Arun George

Hong Kong Connect Flows (August): $8.8bn Outflows

We analyzed the Hong Kong Connect Scheme for the month of August and highlight flows for Meituan, CCB, China Mobile, CNOOC, HKEX.

Ke Yan, CFA, FRM

ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO. In this note, we provide our...

Sumeet Singh

HK Short Interest Weekly: Wuxi Apptec, Baba, Anta Sports, HKex

We analyzed the latest HK SFC report for aggregate short position as of Aug 25th and highlight short interest changes in Wuxi Apptec, Baba, Anta...

Ke Yan, CFA, FRM

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52-week Range

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