Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.</li>
<li>While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.</li>
<li>This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.</li>
</ul>


Alibaba is transforming into a leaner, more efficient and more profitable technology company with sharpened focus on core business and shareholder return.
While we don’t expect growth to define the company in the near future, high single-digit P/E more than compensates for the lack of it.
This worst-performing and cheapest technology stock among global peers stands a big chance of staging a comeback in 2024 in our view.


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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Link Reit, Kuaishou, Ntes, Wuxi Bio.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 22nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Link Reit, Kuaishou, Ntes, Wuxi Bio.


HK Short Interest Weekly: Link Reit, Kuaishou, Ntes, Wuxi Bio

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> continues to drop following its section transfer from the KOSDAQ market to the KOSPI market. Short interest in the stock nearly halved in December.</li>
<li>There were big net inflows to China ETFs with creations in <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> ETFs and redemptions in ETFs tracking the CSI 500 Index and CSI 1000 Index.</li>
<li>Creations continued in the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex China (EMXC US)</a> ETF with units outstanding reaching a new high.</li>
</ul>



Posco DX (022100 KS) continues to drop following its section transfer from the KOSDAQ market to the KOSPI market. Short interest in the stock nearly halved in December.
There were big net inflows to China ETFs with creations in CSI 300 Index ETFs and redemptions in ETFs tracking the CSI 500 Index and CSI 1000 Index.
Creations continued in the iShares Emerging Markets ex China (EMXC US) ETF with units outstanding reaching a new high.


Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

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>BABA/BIDU/700.HK/0728.HK: Alibaba layoffs staff in hybrid cloud and IoT division (+/-/-/+)</li>
<li>JD/VIPS/BABA/PDD/2618.HK: JD announces minimum 20% salary increase for retail group employees (-/-/-/-/+)</li>
<li>JD/BABA/PDD/VIPS/2618.HK: JD also launched refund without returning the product for 3P merchants (+/-/-/-/-)</li>
</ul>


BABA/BIDU/700.HK/0728.HK: Alibaba layoffs staff in hybrid cloud and IoT division (+/-/-/+)
JD/VIPS/BABA/PDD/2618.HK: JD announces minimum 20% salary increase for retail group employees (-/-/-/-/+)
JD/BABA/PDD/VIPS/2618.HK: JD also launched refund without returning the product for 3P merchants (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

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

J&T Global Express  / Equity Capital Markets

<ul>
<li>In this insight we preview J&amp;T's maiden earnings report as a listed company</li>
<li>We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses</li>
<li>We fear slowing organic growth &amp; margin deterioration could spook investors</li>
</ul>


In this insight we preview J&amp;T's maiden earnings report as a listed company
We focus on revenue growth &amp; margin trends in the China &amp; SE Asia businesses
We fear slowing organic growth &amp; margin deterioration could spook investors


J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba (BABA US): No Where to Go but Up

Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...

Eric Chen

HK Short Interest Weekly: Link Reit, Kuaishou, Ntes, Wuxi Bio

We analyzed the latest HK SFC report for aggregate short position as of Dec 22nd and highlight short interest changes in Link Reit, Kuaishou, Ntes,...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...

Blue Lotus Research Institute

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba (BABA US): No Where to Go but Up

​Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...

Eric Chen

HK Short Interest Weekly: Link Reit, Kuaishou, Ntes, Wuxi Bio

We analyzed the latest HK SFC report for aggregate short position as of Dec 22nd and highlight short interest changes in Link Reit, Kuaishou, Ntes,...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: HSCEI, HSCI, KRX New Deal, NIFTY50, NEXT50, CNXBANK

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

​Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...

Blue Lotus Research Institute

J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, 'Other'

In our preview of the newly-listed express company's full-year and H223 earnings, we explain why we expect to see slowing organic revenue growth...

Tracking Traffic

Alibaba is embarking on a strategic transformation to become leaner, more efficient and more profitable, prioritizing core business and...

Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...