Sea Ltd (SE US): The Bear Case - A One-Hit Wonder?
Despite burning through $700mn in cash in 2018, investors decided to give another $1.3bn to Sea Ltd (SE US) . We believe investors should treat Sea...
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Sea Ltd (SE US): Placement a Good Opportunity to Enter an Attractive Story
Last Friday, Sea Ltd (SE US) unveiled plans to raise around $1 billion (based on the closing price on 28 February) through an underwritten public...
493 Views
Sea Ltd: Follow-On Public Offering an Opportunistic Fundraising?
We evaluate the attractiveness of Sea Ltd's (SE US) US$1 bn follow-on public offering announced last Fri. This offering is a typical opportunistic...
451 Views
JD.com (JD): The Real Main Business Grew 46% YoY, and Not 20% YoY in 4Q2018
We believe the real main business line is service (commission), but not product (direct sales). In 4Q2018, service revenues grew by 46% YoY, but...
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Retail Margin Loans Funded Refueling China’s A-Share Market
Yesterday in Beijing, China Securities News published an article highlighting President Xi’s calling for stock market to become a nation’s core...
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