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>Futu Holdings: Zero-commission stock trading to debut in Japan next month（-）</li>
<li>BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products and they are now open to the whole society(+)</li>
<li>Boss Zhipin: China PMI marginal improved, employment activities remain lukewarm</li>
</ul>


Futu Holdings: Zero-commission stock trading to debut in Japan next month（-）
BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products and they are now open to the whole society(+)
Boss Zhipin: China PMI marginal improved, employment activities remain lukewarm


China TMT Update-FUTU/BIDU/700.HK/BABA/Boss Zhipin-FUTU Expand in Japan/Approval to AI/PMI Improved

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba Group Holding Limited managed to exceed expectations in terms of revenue and earnings.</li><li>Their team's efforts to create a thriving ecosystem and realize technology-driven innovation methods also show promising results.</li><li>The overall sales growth for the Alibaba International Digital Commerce Group was 41%, and the retail division had revenue growth of 60% year over year.</li></ul>

Alibaba Group Holding Limited managed to exceed expectations in terms of revenue and earnings.Their team's efforts to create a thriving ecosystem and realize technology-driven innovation methods also show promising results.The overall sales growth for the Alibaba International Digital Commerce Group was 41%, and the retail division had revenue growth of 60% year over year.

Alibaba Group Holding Limited: Making Huge Strides In AI Which Could Prove A Growth Catalyst! – Key Drivers

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>PDD reported blowout 2Q results with bottom line beating consensus by 40% thanks to stronger domestic marketplaces business, narrower losses incurred by TEMU and higher other income.</li>
<li>2Q results cleared much of our concern around PDD’s bottom line growth and we now see 2Q as the low point of earnings growth in FY23.</li>
<li>We believe the company will report $9 billion net profit for FY23 and expect rounds of earnings revision by the street will further lift share price. US $120 price target.</li>
</ul>


PDD reported blowout 2Q results with bottom line beating consensus by 40% thanks to stronger domestic marketplaces business, narrower losses incurred by TEMU and higher other income.
2Q results cleared much of our concern around PDD’s bottom line growth and we now see 2Q as the low point of earnings growth in FY23.
We believe the company will report $9 billion net profit for FY23 and expect rounds of earnings revision by the street will further lift share price. US $120 price target.


<ul>
<li>" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.</li>
<li>JD.com officially launches the upgraded " Spring Dawn Plan "</li>
<li>3690.HK/9699.HK/JD: Meituan announces cooperation with SF Intra-city and others (+/+/-)</li>
</ul>


" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.
JD.com officially launches the upgraded " Spring Dawn Plan "
3690.HK/9699.HK/JD: Meituan announces cooperation with SF Intra-city and others (+/+/-)


China TMT Update-Douyin/Baba/JD/3690.HK/9699.HK-Meituan's Cooperation with SF Intra-City

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

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-FUTU/BIDU/700.HK/BABA/Boss Zhipin-FUTU Expand in Japan/Approval to AI/PMI Improved

Futu: Zero-commission stock trading to debut in Japan next month;BIDU/700.HK/BABA: CAC has approved the filing of 11 LLM products;Boss Zhipin:...

Blue Lotus Research Institute

Alibaba Group Holding Limited: Making Huge Strides In AI Which Could Prove A Growth Catalyst! – Key Drivers

Alibaba Group Holding Limited managed to exceed expectations in terms of revenue and earnings. Their team's efforts to create a thriving ecosystem...

Baptista Research

Pinduoduo (PDD US): Don't Fight with PDD

PDD's blowout 2Q results cleared our concern around its growth slowdown. We expect US$9 billion net profit for FY23 and see 25% share price upside.

Eric Chen

China TMT Update-Douyin/Baba/JD/3690.HK/9699.HK-Meituan's Cooperation with SF Intra-City

" EastBuy 东方甄选 " is conducting live broadcasts on Taobao.JD.com officially launches the upgraded " Spring Dawn Plan "K/9699.HK/JD: Meituan...

Blue Lotus Research Institute

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

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