Tencent (700 HK): Game Accelerating, But Others Slowing Down, Limited Upside
The growth rate of game continued to accelerate in 2Q20. However, game accounted for only 42% of total revenues. WeChat Advertising and WeChat Pay...
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Huya – Nice Results and Why We Favour Huya Over Douyu
Huya posted strong results yesterday with revenue beating consensus by 2.62% and EBIT growing 180% YoY excluding the impact of stock based...
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Tencent Sets in Motion a Sensible Huya DouYu Merger
After much media speculation, Tencent Holdings (700 HK) finally showed its hand by proposing that HUYA Inc (HUYA US) and Douyu International...
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Huya and Douyu – Implications for Valuation From the Gross Margin Trend
As individual entities we were negative on Huya and Douyu due to poor marginal profitability arising from the need to compete for top streamers....
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Bilibili: Early Thoughts on Bilibili’s Secondary Listing
Over the past couple of weeks, several news media outlets have reported that Bilibili, a Chinese video site, is considering a secondary listing on...
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