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>BEKE US:  Takeaways from Beike Investor Day on June 3(/)</li>
<li>9926 HK: Akeso adds sales rights to AK112 in developing countries, possibly preparing for overall sale(/)</li>
<li>1211 HK/ LI US: BYD launches fifth-generation hybrid petrol-electric technology, which can run 2,100 kilometers on full-tank+full-battery(///)</li>
</ul>


BEKE US:  Takeaways from Beike Investor Day on June 3(/)
9926 HK: Akeso adds sales rights to AK112 in developing countries, possibly preparing for overall sale(/)
1211 HK/ LI US: BYD launches fifth-generation hybrid petrol-electric technology, which can run 2,100 kilometers on full-tank+full-battery(///)


[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.</li><li>Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).</li><li>NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - May NEV Retail Share to Hit 45%; NIO Beat

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 107.4% as of May 31st.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by financials, consumer discretionary, health care and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi, CICC, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 107.4% as of May 31st.
The average A-H premium changed by 1.3ppt week-on-week, led by financials, consumer discretionary, health care and offset by information technology.
We highlight weekly changes in A-H premium for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi, CICC, Ganfeng Lithium.


A-H Premium Weekly (May 31st): PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in BOC, Petrochina, Li Auto, ICBC, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in BOC, Petrochina, Li Auto, ICBC, Hkex.


HK Short Interest Weekly: BOC, Petrochina, Li Auto, ICBC, Hkex

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Yangtze Power Co, Ltd. / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 5.7bn of A-shares on lower gross volumes. NORTHBOUND bought Zijin, Yangtze Power, and renewables and sold SOEs.</li>
<li>Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 5.7bn of A-shares on lower gross volumes. NORTHBOUND bought Zijin, Yangtze Power, and renewables and sold SOEs.
Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.


Mainland Connect NORTHBOUND Flows (To 31 May 2024): Net Sell Flows on Weak Gross Volumes

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

Price Gauge
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BYD (002594 CH)

[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.

Blue Lotus Research Institute

A-H Premium Weekly (May 31st): PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Hua...

Ke Yan, CFA, FRM

HK Short Interest Weekly: BOC, Petrochina, Li Auto, ICBC, Hkex

We analyzed the latest HK SFC report for aggregate short position as of May 24th and highlight short interest changes in BOC, Petrochina, Li Auto,...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 31 May 2024): Net Sell Flows on Weak Gross Volumes

NORTHBOUND Connect sees net selling again to end the month of May. Zijin and Yangtze Power and a host of renewables-related companies on the buy...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

​Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.

Blue Lotus Research Institute

Auto - May NEV Retail Share to Hit 45%; NIO Beat

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.

CMB International

A-H Premium Weekly (May 31st): PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Huahong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for PetroChina, Chinalco, Tsingtao Brewery, Huanneg Power, Hua...

Ke Yan, CFA, FRM

HK Short Interest Weekly: BOC, Petrochina, Li Auto, ICBC, Hkex

We analyzed the latest HK SFC report for aggregate short position as of May 24th and highlight short interest changes in BOC, Petrochina, Li Auto,...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 31 May 2024): Net Sell Flows on Weak Gross Volumes

NORTHBOUND Connect sees net selling again to end the month of May. Zijin and Yangtze Power and a host of renewables-related companies on the buy...

Travis Lundy

Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.