Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Equity Bottom-Up

<ul>
<li>We view both Weixin Video Account (WVA) and Douyin China as secondary assets to their respective parents, which in our view, may lead to them forming...(TBC) </li>
<li>However, rising competition in the short-play (短剧) market may put the two businesses in more direct confrontation, which may delay or diminish the chance for two to work together;</li>
<li>We view Tencent as the likely winner in the continuing evolution of short video as it considers various options to maximize the value of WVA traffic.</li>
</ul>


We view both Weixin Video Account (WVA) and Douyin China as secondary assets to their respective parents, which in our view, may lead to them forming...(TBC) 
However, rising competition in the short-play (短剧) market may put the two businesses in more direct confrontation, which may delay or diminish the chance for two to work together;
We view Tencent as the likely winner in the continuing evolution of short video as it considers various options to maximize the value of WVA traffic.


[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

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.

<ul>
<li>China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.</li>
<li>The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Netease scored one approval while Tencent has been zeroed for five rounds.</li>
</ul>


China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.
The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Netease scored one approval while Tencent has been zeroed for five rounds.


Tencent/Netease: Game Approval Skewed Towards Netease in '23

<ul>
<li>We prepared high beta and low risk recommendations for 2024:</li>
<li>With 2024 YE as horizon, we recommend JD.com, JD Logistics, JDHealth, Tencent and Luckin.</li>
<li>With 1H24 as horizon, we recommend KE Holdings, NetEase and Kuaishou.</li>
</ul>


We prepared high beta and low risk recommendations for 2024:
With 2024 YE as horizon, we recommend JD.com, JD Logistics, JDHealth, Tencent and Luckin.
With 1H24 as horizon, we recommend KE Holdings, NetEase and Kuaishou.


2024 High Conviction Idea - High Beta and Low Risk Recommendations

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies</a> didn't disappoint Tata Group fans, at least on the subscription front.</li>
<li>The placements continued to flow in this week as well in Japan.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tata Technologies didn't disappoint Tata Group fans, at least on the subscription front.
The placements continued to flow in this week as well in Japan.


ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China &amp; HK allocations among Global funds have hit new lows, with 25.5% of funds avoiding the region entirely and a record 79.6% underweight versus the benchmark.</li>
<li>In the six months leading up to recent stimulus measures, another 5.4% of funds fully exited their China &amp; HK exposure.</li>
<li>Tencent and Alibaba are well below their 2020 highs, while AIA Group ownership moved lower and China Construction Bank continues its long-term decline</li>
</ul>


China &amp; HK allocations among Global funds have hit new lows, with 25.5% of funds avoiding the region entirely and a record 79.6% underweight versus the benchmark.
In the six months leading up to recent stimulus measures, another 5.4% of funds fully exited their China &amp; HK exposure.
Tencent and Alibaba are well below their 2020 highs, while AIA Group ownership moved lower and China Construction Bank continues its long-term decline


China:  Record Bearish Positioning Ahead of Stimulus

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.

Price Gauge
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Tencent (700 HK)

[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...

Blue Lotus Research Institute

Tencent/Netease: Game Approval Skewed Towards Netease in '23

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

2024 High Conviction Idea - High Beta and Low Risk Recommendations

"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...

Blue Lotus Research Institute

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China: Record Bearish Positioning Ahead of Stimulus

China & HK allocations among Global funds have hit new lows, with 25.5% of funds avoiding the region entirely and a record 79.6% underweight versus...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Sector Update]: Latest Developments in Short Video Point to Possibilities

​The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...

Blue Lotus Research Institute

Tencent/Netease: Game Approval Skewed Towards Netease in '23

​China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

2024 High Conviction Idea - High Beta and Low Risk Recommendations

​"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...

Blue Lotus Research Institute

ECM Weekly (26th Nov 2023) - Zeekr, Cirrus, Tata Tech, IREDA, FedBank, Juniper, GS Yuasa, AZ Com

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China: Record Bearish Positioning Ahead of Stimulus

China & HK allocations among Global funds have hit new lows, with 25.5% of funds avoiding the region entirely and a record 79.6% underweight versus...

Steven Holden

The competition in the short-play market may hinder the collaboration between Weixin Video Account and Douyin China, but Tencent is expected to...

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...