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>A week ahead of trial, a defendant in massive fraud case copped a plea</li>
<li>Terms of deal include guilty plea, asset forfeiture, restitution of US$158 mn</li>
<li>US investigation continues; are other Chinese companies involved in case?</li>
</ul>


A week ahead of trial, a defendant in massive fraud case copped a plea
Terms of deal include guilty plea, asset forfeiture, restitution of US$158 mn
US investigation continues; are other Chinese companies involved in case?


Postage Fraud Case Update: Guilty Plea, Asset Forfeiture, & Restitution Set at a Whopping US$158 Mn!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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>
<a href="https://www.smartkarma.com/entities/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the not-so-positive aspects of the deal.


Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the positive aspects of the deal.


Kayou Pre-IPO - The Positives - Strong FY22 Growth

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.</li>
<li>AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.</li>
<li>Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.</li>
</ul>


In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.
AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.
Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.


China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

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

Thematic (Sector/Industry)

<ul>
<li>NTES US/1024 HK: The NPPA has released the approval results for domestic online games in March.(+/+)</li>
<li>BABA US/JD US/PDD US /1024 HK: Alibaba to start charging live-streaming commissions (+)</li>
<li>241 HK: Alibaba Health updates its guidance for fiscal year 2023-24 and fiscal year 2024-25, introducing Alimama advertising revenue, but it is still not cheap（/）</li>
</ul>


NTES US/1024 HK: The NPPA has released the approval results for domestic online games in March.(+/+)
BABA US/JD US/PDD US /1024 HK: Alibaba to start charging live-streaming commissions (+)
241 HK: Alibaba Health updates its guidance for fiscal year 2023-24 and fiscal year 2024-25, introducing Alimama advertising revenue, but it is still not cheap（/）


[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

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)

Postage Fraud Case Update: Guilty Plea, Asset Forfeiture, & Restitution Set at a Whopping US$158 Mn!

A defendant in a China-US postage fraud case pled guilty, accepted US$150+ mn in asset forfeitures & restitution, and will help authorities expand...

Tracking Traffic

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Kayou Pre-IPO - The Positives - Strong FY22 Growth

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Postage Fraud Case Update: Guilty Plea, Asset Forfeiture, & Restitution Set at a Whopping US$158 Mn!

A defendant in a China-US postage fraud case pled guilty, accepted US$150+ mn in asset forfeitures & restitution, and will help authorities expand...

Tracking Traffic

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Kayou Pre-IPO - The Positives - Strong FY22 Growth

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

​NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.

Blue Lotus Research Institute

NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.