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>HK 700/NTES US/HK 02400: NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list (-)/(-)/(+).   </li>
<li>ZTO/002352.CH/BABA/PDD: Parcel volume remains strong, grew 23% YoY last week (+)</li>
<li>U: Unity Issues Formal Apology and Adjusts Previous Runtime Fee Plans (-)</li>
</ul>


HK 700/NTES US/HK 02400: NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list (-)/(-)/(+).   
ZTO/002352.CH/BABA/PDD: Parcel volume remains strong, grew 23% YoY last week (+)
U: Unity Issues Formal Apology and Adjusts Previous Runtime Fee Plans (-)


China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> raised around US$151m in its Hong Kong IPO.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Tuhu Car (2007986D HK) raised around US$151m in its Hong Kong IPO.
Tuhu is an integrated online and offline platform for automotive services in China.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Tuhu Car IPO Trading - Lukewarm Subscription, Small Float Could Impact Trading

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 Bottom-Up

<ul>
<li>Express industry pricing fell by -5% in August, but some companies' ASPs fell by far more</li>
<li>Reportedly, we could see movement on planned J&amp;T Express and CaiNiao IPOs this week</li>
<li>We think SF Holding should outperform its "plain vanilla" express peers in medium-term</li>
</ul>


Express industry pricing fell by -5% in August, but some companies' ASPs fell by far more
Reportedly, we could see movement on planned J&amp;T Express and CaiNiao IPOs this week
We think SF Holding should outperform its "plain vanilla" express peers in medium-term


Monthly Chinese Express Tracker | August ASPs Plunge | Long SF / Short 'Ground'? | (September 2023)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC.


HK Short Interest Weekly: Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we provide an updated valuation analysis of SK Square (402340 KS) amid a potential sale of 11st to Alibaba (ADR) (BABA US).</li>
<li>Our NAV analysis of SK Square suggests NAV of 9.2 trillion won or NAV per share of 65,069 won, representing a 55% upside from current levels.</li>
<li>If SK Square is able to sell its stake in 11st to Alibaba, the capital inflow from the sale could be used to raise dividends and complete more share buybacks. </li>
</ul>


In this insight, we provide an updated valuation analysis of SK Square (402340 KS) amid a potential sale of 11st to Alibaba (ADR) (BABA US).
Our NAV analysis of SK Square suggests NAV of 9.2 trillion won or NAV per share of 65,069 won, representing a 55% upside from current levels.
If SK Square is able to sell its stake in 11st to Alibaba, the capital inflow from the sale could be used to raise dividends and complete more share buybacks. 


SK Square: Updated NAV Analysis Amid Potential Sale of 11st to Alibaba

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba Group Holding (BABA US)

China TMT Update-700.HK/NTES.US.2400.HK.ZTO/2352/BABA/PDD/U-Game Code/Parcel Volume Remains Strong

NPPA has released the game code approvals for September, but Tencent and NetEase is not on the list. Parcel volume remains strong; U: Unity Adjusts...

Blue Lotus Research Institute

Tuhu Car IPO Trading - Lukewarm Subscription, Small Float Could Impact Trading

Tuhu Car (2007986D HK) raised around US$151m in its Hong Kong IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

Monthly Chinese Express Tracker | August ASPs Plunge | Long SF / Short 'Ground'? | (September 2023)

Pricing continued to weaken for domestic "ground" parcels in August, adding to pressure on margins in Q3. However, we believe SF Holding is mostly...

Tracking Traffic

HK Short Interest Weekly: Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Sep 15th and highlight short interest changes in Innovent Bio, Trip.Com,...

Ke Yan, CFA, FRM

SK Square: Updated NAV Analysis Amid Potential Sale of 11st to Alibaba

If SK Square is able to sell its stake in 11st to Alibaba, the capital inflow from the sale could be used to raise dividends and complete more...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)