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>Premier Li Qiang chaired a symposium with internet platform enterprises</li>
<li>A summary of recent Meituan local news - counterattack against Douyin is showing initial effectiveness, but Wechat,Kuaishou and Xiaohongshu(Red) are coming</li>
<li>Chinese merchants' feedbacks of this year's Amazon Prime Day, a summary</li>
</ul>


Premier Li Qiang chaired a symposium with internet platform enterprises
A summary of recent Meituan local news - counterattack against Douyin is showing initial effectiveness, but Wechat,Kuaishou and Xiaohongshu(Red) are coming
Chinese merchants' feedbacks of this year's Amazon Prime Day, a summary


China TMT Update-Premier's Symposium;a Summary of Meituan Vs Douyin;feedbacks of Amazon Prime Day

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  </li>
<li>The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. </li>
<li>The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. </li>
</ul>



Alibaba (ADR) (BABA US) aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  
The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. 
The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. 


Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

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.

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>J&amp;T Global Express (J&amp;T) is a global logistics service provider. </li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
</ul>



J&amp;T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
J&amp;T Global Express (J&amp;T) is a global logistics service provider. 
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.


Equity Bottom-Up

<ul>
<li>Recently, there has been more discussion about TikTok's e-commerce business in Southeast Asia on Chinese media and social networks.</li>
<li>Many service providers and entrepreneurs in China have also been inspired and hope to take the lead in the market with their domestic experience.</li>
<li>We estimate that TikTok’s 2023 GMV in Southeast Asia will reach 20%~ of Shopee, and this is one of the key reasons why we are bearish to SE.</li>
</ul>


Recently, there has been more discussion about TikTok's e-commerce business in Southeast Asia on Chinese media and social networks.
Many service providers and entrepreneurs in China have also been inspired and hope to take the lead in the market with their domestic experience.
We estimate that TikTok’s 2023 GMV in Southeast Asia will reach 20%~ of Shopee, and this is one of the key reasons why we are bearish to SE.


SE/Tiktok:Chinese Practitioners' Discussions About TikTok's E-Commerce Business in Southeast Asia

<ul>
<li>Luckin Coffee: Luckin Coffee sold 39mn cups of coffee in the first week of full launch of RMB9.9 per cup.</li>
<li>Nayuki: Media report that Nayuki may begin the franchise business in July</li>
<li>3690.HK/Douyin app is currently creating independent "entrances" and a "mall" for food delivery.</li>
</ul>


Luckin Coffee: Luckin Coffee sold 39mn cups of coffee in the first week of full launch of RMB9.9 per cup.
Nayuki: Media report that Nayuki may begin the franchise business in July
3690.HK/Douyin app is currently creating independent "entrances" and a "mall" for food delivery.


China TMT Update June 14-Luckin/Nayuki/3690.HK:Luckin Sold 39mn Cups of Coffee in the First Week

China

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

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ByteDance (1439927D CH)

China TMT Update-Premier's Symposium;a Summary of Meituan Vs Douyin;feedbacks of Amazon Prime Day

Premier Li Qiang chaired a symposium with internet platform enterprises; A summary of recent Meituan local news; Chinese merchants' feedbacks of...

Blue Lotus Research Institute

Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business...

Arun George

J&T Global Express Pre-IPO Tearsheet

J&T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. J&T Global Express (J&T) is a global logistics...

Clarence Chu

SE/Tiktok:Chinese Practitioners' Discussions About TikTok's E-Commerce Business in Southeast Asia

Many service providers and entrepreneurs in China have been inspired and hope to take the lead in booming live streaming e-commerce in Southeast...

Blue Lotus Research Institute

China TMT Update June 14-Luckin/Nayuki/3690.HK:Luckin Sold 39mn Cups of Coffee in the First Week

Luckin Coffee: 39mn cups in the first week of full launch of RMB9.9 per cup. Nayuki: Nayuki may begin the franchise business in July. 3690.HK:...

Blue Lotus Research Institute

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