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>3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)</li>
<li>Kanzhun Limited: No signal for rebound in job market in China yet</li>
<li>700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）</li>
</ul>


3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)
Kanzhun Limited: No signal for rebound in job market in China yet
700 HK： QQ Browser today announced the launch of the "PDF Reading Assistant" , which uses Tencent's own LLM Hunyuan to assist users.（/）


China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

<ul>
<li>KE Holdings Inc: Beike is going to acquire the home renovation company “iKongjian” on RMB1.55bn</li>
<li>Futu Holdings: Futu Japan app’s MAU increase rapidly, then monetization pace is the key</li>
<li>BABA： Alibaba's Lazada waived seller fees to take back merchants from TikTok Shop（+）</li>
</ul>


KE Holdings Inc: Beike is going to acquire the home renovation company “iKongjian” on RMB1.55bn
Futu Holdings: Futu Japan app’s MAU increase rapidly, then monetization pace is the key
BABA： Alibaba's Lazada waived seller fees to take back merchants from TikTok Shop（+）


China TMT Update-Oct.13-KE/FUTU/BABA- Beike Acquires “iKongjian”/Futu Japan MAU/Lazada Waived Fees

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>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The October rebalance will result in a one-way turnover of ~16% and in a one-way trade of US$329m. There are 16 stocks with over US$3m to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> will be added to the index while there will be selling in <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The October rebalance will result in a one-way turnover of ~16% and in a one-way trade of US$329m. There are 16 stocks with over US$3m to trade.

HDFC Bank (HDFCB IN) will be added to the index while there will be selling in Taiwan Semiconductor (TSMC) (2330 TT).


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: 16% Turnover, US$660m Trade

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.

Equity Capital Markets

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


J&T Global Express Pre-IPO - Thoughts on Valuation

<ul>
<li>BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）</li>
<li>BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) </li>
<li>U: Unity CEO Resigns After the Runtime Fees Incident ( + )</li>
</ul>


BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）
BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) 
U: Unity CEO Resigns After the Runtime Fees Incident ( + )


CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

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-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature; No signal for rebound in job market in China yet; QQ Browser...

Blue Lotus Research Institute

China TMT Update-Oct.13-KE/FUTU/BABA- Beike Acquires “iKongjian”/Futu Japan MAU/Lazada Waived Fees

Beike is going to acquire the home renovation company “iKongjian”;Futu Japan app’s MAU increase rapidly;Alibaba's Lazada waived seller fees to take...

Blue Lotus Research Institute

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: 16% Turnover, US$660m Trade

There are 157 adds/79 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. One-way turnover is 16% resulting in a one-way...

Brian Freitas

J&T Global Express Pre-IPO - Thoughts on Valuation

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

BABA：Taobao upgrades its membership program in preparation for 11.11; BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU; U: Unity CEO...

Blue Lotus Research Institute

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