Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>LKNCY US: Luckin Coffee Opens Its 20,000th Store . (+)</li>
<li>1810 HK/NIO US/XPEV US/1211 HK:July holiday saw normal seasonliaty in EV sales, Xiaomi ramp up nicely（///////）</li>
<li>XPEV US: Details of new refreshed Xpeng sedan P7 revealed (+)</li>
</ul>


LKNCY US: Luckin Coffee Opens Its 20,000th Store . (+)
1810 HK/NIO US/XPEV US/1211 HK:July holiday saw normal seasonliaty in EV sales, Xiaomi ramp up nicely（///////）
XPEV US: Details of new refreshed Xpeng sedan P7 revealed (+)


[Blue Lotus Daily]:LKNCY US/1810 HK/NIO US/XPEV US/1211 HK/MNSO US/3690 HK/981 HK/AAPL US/700 HK

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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Since Microsoft's association with ChatGPT has become common knowledge, it's share price has doubled</li>
<li>Since rumours of an impending partnership with OpenAI first emerged, Apple share price is up 37% </li>
<li>The extraordinary valuations of Microsoft &amp; Apple were driven by association with ChatGPT. Revenue growth to justify those valuations must now depend on ChatGPT. Let's see how that works out.  </li>
</ul>


Since Microsoft's association with ChatGPT has become common knowledge, it's share price has doubled
Since rumours of an impending partnership with OpenAI first emerged, Apple share price is up 37% 
The extraordinary valuations of Microsoft &amp; Apple were driven by association with ChatGPT. Revenue growth to justify those valuations must now depend on ChatGPT. Let's see how that works out.  


Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Douyin’ GMV increased by 300% YoY in the “June 18” sales season.</li>
<li>The revenue of a pre-IPO restaurant chain, Green Tea, increased by 55% in 2023.</li>
<li>Alibaba’s supermarket chain, Freshippo, opened 12 new stores in June.</li>
</ul>


Douyin’ GMV increased by 300% YoY in the “June 18” sales season.
The revenue of a pre-IPO restaurant chain, Green Tea, increased by 55% in 2023.
Alibaba’s supermarket chain, Freshippo, opened 12 new stores in June.


China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance</li>
<li>TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing </li>
<li>UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. </li>
</ul>


Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance
TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing 
UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. 


Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard x86 architecture. The Company's products include servers, motherboards, chassis, and accessories.

Seagate Technology Holdings Public Limited Company offers computer hardware products. The Company designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems.

NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp  serves enterprises, government agencies, and universities worldwide.

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

Pure Storage, Inc. provides enterprise storage solutions. The Company offers flash enterprise arrays for high performance workloads, including server consolidation, virtualization desktop, database, and cloud computing. Pure Storage serves customers throughout the United States.

NCR Corporation manufactures financial transaction machines and other products. The Company produces automated teller machines (ATM), self-checkout and self-service kiosks, point-of-sale workstations and scanners; manufactures printer consumable products; and manages networks and servers for ATMs and kiosks.

Avid Technology, Inc. develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems.  Avid's products are used worldwide in production and post-production film, video, and television facilities.

Xerox Holdings Corporation operates as a holding company. The Company, through its subsidiaries provides printers, scanners, supplies, and accessories. Xerox Holdings serves health care, insurance, government and retail sectors worldwide.

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

NEC Corporation manufactures and markets computers, telecommunication equipment, electronic devices, semiconductors, and software.  The Company's products include printers, modems, cellular phones, plasma display panels (PDP), network systems, memory, integrated circuits (IC), thin film transistor-liquid crystal display (TFT-LCD), and printed circuit boards (PCB). NEC operates worldwide.

BOE Technology Group Co., Ltd. manufactures display products. The Company produces display panels, sensor devices, and other products. BOE Technology Group supplies its products in mobile phones, tablets, notebooks, monitors, and other fields.

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

Inspur Electronic Information Industry Co., Ltd. manufactures and markets computer servers, computer terminal products, electronic products, and telecommunication equipment.  The Company also develops computer software, provides system integration services, and operates in import and export trading.

Inspur Electronic Infmtn Indtry (000977 CH)

Advantech Co., Ltd. manufactures and markets embedded personal computers (PC), network computing products, industrial automation products, and panel PCs.

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

[Blue Lotus Daily]:LKNCY US/1810 HK/NIO US/XPEV US/1211 HK/MNSO US/3690 HK/981 HK/AAPL US/700 HK

Luckin Coffee celebrates milestone with 20,000th store opening, EV sales remain steady during July holiday, Xpeng unveils details of new sedan...

Blue Lotus Research Institute

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

The extraordinary valuations of Microsoft & Apple were driven by association with ChatGPT. Revenue growth to justify those valuations now also...

William Keating

China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao

Douyin’ GMV increased by 300% YoY in the “June 18” sales season. Pre-IPO restaurant chain, Green Tea’s revenue increased by 55% in 2023. Alibaba’s...

Ming Lu

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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[Blue Lotus Daily]:LKNCY US/1810 HK/NIO US/XPEV US/1211 HK/MNSO US/3690 HK/981 HK/AAPL US/700 HK

​Luckin Coffee celebrates milestone with 20,000th store opening, EV sales remain steady during July holiday, Xpeng unveils details of new sedan...

Blue Lotus Research Institute

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

Apple Intelligence, Powered By ChatGPT. Genius Move Or Desperate Gamble?

The extraordinary valuations of Microsoft & Apple were driven by association with ChatGPT. Revenue growth to justify those valuations now also...

William Keating

China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao

Douyin’ GMV increased by 300% YoY in the “June 18” sales season. Pre-IPO restaurant chain, Green Tea’s revenue increased by 55% in 2023. Alibaba’s...

Ming Lu

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Luckin Coffee celebrates milestone with 20,000th store opening, EV sales remain steady during July holiday, Xpeng unveils details of new sedan...