Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Equity Bottom-Up

<p>We believe that <a href="https://www.smartkarma.com/entities/joyy-inc" target="_blank" data-smartkarma-citation="entities:285:1" rel="noopener">JOYY (YY US)</a> is a special situation that warrants a close look from the long side.  Our recent checks in the live broadcasting broadcasters and agencies suggest that broadcasters see a surge in traffic/new viewers from BIDU in recent weeks.  BIDU traffic is of lower quality than YY as BIDU’s existing business model for live streaming is ecommerce.  YY, on the other hand, discusses tips for broadcasters.  <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>  has opened multiple entries to YY.  For example, all viewers of Haokan Video (short video sub of <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> ) now have access to YY subsidiaries.  Haokan is said to have 30MM DAU through independent Haokan App, and 110 MM DAU through all apps in Baidu ecosystem in 2019.  Assuming YY can convert 1% DAU to paying users, that is 26% boost to YY existing paying users.</p>

We believe that JOYY (YY US) is a special situation that warrants a close look from the long side.  Our recent checks in the live broadcasting broadcasters and agencies suggest that broadcasters see a surge in traffic/new viewers from BIDU in recent weeks.  BIDU traffic is of lower quality than YY as BIDU’s existing business model for live streaming is ecommerce.  YY, on the other hand, discusses tips for broadcasters.  Baidu (BIDU US)  has opened multiple entries to YY.  For example, all viewers of Haokan Video (short video sub of Baidu (BIDU US) ) now have access to YY subsidiaries.  Haokan is said to have 30MM DAU through independent Haokan App, and 110 MM DAU through all apps in Baidu ecosystem in 2019.  Assuming YY can convert 1% DAU to paying users, that is 26% boost to YY existing paying users.

BIDU-YY Live Streaming Integration Update: Unlocking Deep Value in YY

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/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>CiDi, a China's leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.</li>
<li>The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.</li>
<li>I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.</li>
</ul>


CiDi, a China's leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.


CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>3690 HK/ JD US: Yonghui Superstores and Meituan Begin Cooperation.（+/-）</li>
<li>700 HK: Tencent Announces New Mobile Game &lt;Monster Hunter: Traveler&gt; in Collaboration with CAPCOM (+)</li>
<li>700 HK: Ex-CAPCOM Renowned Game Producer Joins Tencent’s Lightspeed Japan Studio (+)</li>
</ul>


3690 HK/ JD US: Yonghui Superstores and Meituan Begin Cooperation.（+/-）
700 HK: Tencent Announces New Mobile Game &lt;Monster Hunter: Traveler&gt; in Collaboration with CAPCOM (+)
700 HK: Ex-CAPCOM Renowned Game Producer Joins Tencent’s Lightspeed Japan Studio (+)


[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>BEKE US: Government cut property transaction related taxes, saving 2.5%-4.5% of transaction costs per unit(+)</li>
<li>1211 HK/TSLA US/1810 HK/XPEV US/NIO US/LI US: EV deliveries in the 45th week of 2024, Xiaomi rebounds, Tesla is strong, NIO and Xpeng are weak （///////////）</li>
<li>ATAT US: Atour Pillow's Double 11 Sales Exceed Expectations, Reaching RMB520mn（+）</li>
</ul>


BEKE US: Government cut property transaction related taxes, saving 2.5%-4.5% of transaction costs per unit(+)
1211 HK/TSLA US/1810 HK/XPEV US/NIO US/LI US: EV deliveries in the 45th week of 2024, Xiaomi rebounds, Tesla is strong, NIO and Xpeng are weak （///////////）
ATAT US: Atour Pillow's Double 11 Sales Exceed Expectations, Reaching RMB520mn（+）


[Blue Lotus Daily]:BEKE US/1211 HK/TSLA US/1810 HK/XPEV US/NIO US/LI US/ATAT US/BIDU US

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

BIDU-YY Live Streaming Integration Update: Unlocking Deep Value in YY

YY to broadcaster on May 21: “YY and Baidu live streaming channels will start sharing data. We asked our live broadcasters to welcome the new...

JL Warren Capital

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

CiDi, a China’s provider of driverless mining trucks and V2X technologies, filed to go public in Hong Kong. The company has a strong potential for...

Andrei Zakharov

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/1211 HK/TSLA US/1810 HK/XPEV US/NIO US/LI US/ATAT US/BIDU US

Government in BEKE US cuts property transaction taxes, saving 2.5%-4.5% per unit; EV deliveries mixed in 45th week, Atour Pillow's Double 11 sales...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BIDU-YY Live Streaming Integration Update: Unlocking Deep Value in YY

YY to broadcaster on May 21: “YY and Baidu live streaming channels will start sharing data. We asked our live broadcasters to welcome the new...

JL Warren Capital

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks

CiDi, a China’s provider of driverless mining trucks and V2X technologies, filed to go public in Hong Kong. The company has a strong potential for...

Andrei Zakharov

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

​Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/1211 HK/TSLA US/1810 HK/XPEV US/NIO US/LI US/ATAT US/BIDU US

​Government in BEKE US cuts property transaction taxes, saving 2.5%-4.5% per unit; EV deliveries mixed in 45th week, Atour Pillow's Double 11 sales...

Blue Lotus Research Institute

Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

Government in BEKE US cuts property transaction taxes, saving 2.5%-4.5% per unit; EV deliveries mixed in 45th week, Atour Pillow's Double 11 sales...