Greater China Equity Long/Short Analyst

Eric Chen

Thematic (Sector/Industry)

<ul>
<li>Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.</li>
<li>China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.</li>
<li>We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.</li>
</ul>


Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.
China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.
We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.


China Property: Silver Lining Through the Fog

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.</li>
<li>JD announced that it will raise employee salaries up to 20 months within two years.</li>
<li>Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.</li>
</ul>


Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.
JD announced that it will raise employee salaries up to 20 months within two years.
Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.


China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Agricultural Bank Of China / Event-Driven

<ul>
<li>SOUTHBOUND was a net buyer this week. Over five days, it was +HK$12.5bn on high gross volume, but all of that net buying was on <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> became SOUTHBOUND-eligible on Tuesday, and mainland buyers bought US$2.1bn of BABA shares, more than total SOUTHBOUND net buys.</li>
<li>Gross volumes were highest in months. This was a big week. Even bigger than just BABA. After BABA the story was banks buying. </li>
</ul>


SOUTHBOUND was a net buyer this week. Over five days, it was +HK$12.5bn on high gross volume, but all of that net buying was on Alibaba Group Holding (9988 HK). 

Alibaba Group Holding (9988 HK) became SOUTHBOUND-eligible on Tuesday, and mainland buyers bought US$2.1bn of BABA shares, more than total SOUTHBOUND net buys.
Gross volumes were highest in months. This was a big week. Even bigger than just BABA. After BABA the story was banks buying. 


HK Connect SOUTHBOUND Flows (To 13 Sep 2024); Weak Data, Weak Markets, but BABA and Banks!

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Biden Administration rule would make "de minimis" items subject to tariffs</li>
<li>Besides adding to landed cost of those items, reporting requirements would rise</li>
<li>In addition, US/EU governments launch probes of SHEIN/Temu product safety</li>
</ul>


Biden Administration rule would make "de minimis" items subject to tariffs
Besides adding to landed cost of those items, reporting requirements would rise
In addition, US/EU governments launch probes of SHEIN/Temu product safety


SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War"  Vs DTC Platforms

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

<ul>
<li>PDD US/BABA US: PDD’s updated ad-tool to launch this week (+/-)</li>
<li>BABA US: Freshippo private-brand food products to launch in Australia supermarket eBest (/)</li>
<li>PDD US/SE US : Temu remains most-downloaded app in LATAM during August (+/-)</li>
</ul>


PDD US/BABA US: PDD’s updated ad-tool to launch this week (+/-)
BABA US: Freshippo private-brand food products to launch in Australia supermarket eBest (/)
PDD US/SE US : Temu remains most-downloaded app in LATAM during August (+/-)


[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

China Property: Silver Lining Through the Fog

Getting China property right is crucial for China equity investors. The housing market is not collapsing but stabilizing in our view, gradually...

Eric Chen

China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Alibaba’s Taobao app and Tmall apps decide to accept WeChat Pay. JD will raise employee salaries up to 20 months within two years. Hive Box, a...

Ming Lu

HK Connect SOUTHBOUND Flows (To 13 Sep 2024); Weak Data, Weak Markets, but BABA and Banks!

The biggest week for SOUTHBOUND gross volumes in many months. It would have been the biggest week even without the launch of Alibaba Southbound...

Travis Lundy

SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War" Vs DTC Platforms

The Biden administration announced dramatic changes which could threaten SHEIN and Temu. Elsewhere, US & EU authorities launched efforts to test...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Property: Silver Lining Through the Fog

Getting China property right is crucial for China equity investors. The housing market is not collapsing but stabilizing in our view, gradually...

Eric Chen

China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Alibaba’s Taobao app and Tmall apps decide to accept WeChat Pay. JD will raise employee salaries up to 20 months within two years. Hive Box, a...

Ming Lu

HK Connect SOUTHBOUND Flows (To 13 Sep 2024); Weak Data, Weak Markets, but BABA and Banks!

The biggest week for SOUTHBOUND gross volumes in many months. It would have been the biggest week even without the launch of Alibaba Southbound...

Travis Lundy

SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War" Vs DTC Platforms

The Biden administration announced dramatic changes which could threaten SHEIN and Temu. Elsewhere, US & EU authorities launched efforts to test...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

​PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.

Blue Lotus Research Institute

PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.