China/Asia TMT

Shawn Yang

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>KE Holding: China State Media call for loosening on purchase restrictions in 1st tier cities (+)</li>
<li>NIO: NIO to launch ET5 Touring on June 15（ +）</li>
<li>JD/ BABA/ PDD: Douyin launches self-operated (1P) ecommerce store (-)</li>
</ul>


KE Holding: China State Media call for loosening on purchase restrictions in 1st tier cities (+)
NIO: NIO to launch ET5 Touring on June 15（ +）
JD/ BABA/ PDD: Douyin launches self-operated (1P) ecommerce store (-)


China TMT Update: Ke/Nio/JD/BABA/PDD-Douyin Launches Self-Operated (1P) Store; Nio's ET5;

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Freshippo (Hema) is set to be the first <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> company to have an IPO after the business split into six units.</li>
<li>Two key concerns for Freshippo's IPO are its failure to secure outside funding in two attempts last year and the potential conflict of interest arising from competition with Tmall Supermarket.</li>
<li>While it is still premature to make a definitive assessment of Freshippo's IPO prospects, we maintain a level of skepticism towards the company.</li>
</ul>


Freshippo (Hema) is set to be the first Alibaba (ADR) (BABA US) company to have an IPO after the business split into six units.
Two key concerns for Freshippo's IPO are its failure to secure outside funding in two attempts last year and the potential conflict of interest arising from competition with Tmall Supermarket.
While it is still premature to make a definitive assessment of Freshippo's IPO prospects, we maintain a level of skepticism towards the company.


Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket

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.

Event-Driven

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In this note, we will talk about some of the company’s investments and how the overall Holdco would look post restructuring.


Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise around US$880m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.


Amman Mineral International IPO - Promising Assets with Decent Prospects

<ul>
<li>We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as the Choice channel. </li>
<li>1) Lazada considers the fully managed model as a centralized channel for cost-effective products; 2) Lazada prioritizes market share and aims to ensure orderly operations of its fully managed model.</li>
<li>We project Lazada is seizing the opportunity to capture Shopee's market share while Shopee is more focused on profitability. We maintain SELL for SE and BUY for BABA and PDD.</li>
</ul>


We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as the Choice channel. 
1) Lazada considers the fully managed model as a centralized channel for cost-effective products; 2) Lazada prioritizes market share and aims to ensure orderly operations of its fully managed model.
We project Lazada is seizing the opportunity to capture Shopee's market share while Shopee is more focused on profitability. We maintain SELL for SE and BUY for BABA and PDD.


SE/BABA/PDD: Lazada's Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks

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)

China TMT Update: Ke/Nio/JD/BABA/PDD-Douyin Launches Self-Operated (1P) Store; Nio's ET5;

KE Holding: China State Media call for loosening on purchase restrictions (+)；NIO: NIO to launch ET5 Touring on June 15（+）；JD/ BABA/ PDD: Douyin...

Blue Lotus Research Institute

Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket

Two key concerns for Freshippo's IPO are its failure to secure outside funding in two attempts last year and the potential conflict of interest...

Oshadhi Kumarasiri

Alibaba Potential IPOs - The Final Part - Quick Look at Investees and Eventual Holdco

Continuining with our series of notes on Alibaba's planned six way reorganisation, in this note, we talk about its investments and eventual holdco.

Sumeet Singh

Amman Mineral International IPO - Promising Assets with Decent Prospects

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. The company operates an open pit copper and...

Ethan Aw

SE/BABA/PDD: Lazada's Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks

We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as...

Blue Lotus Research Institute

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