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>PDD: PDD reveals ambitious goal in Temu offline conference (+)</li>
<li>BABA/JD/VIPS/3690.HK: 5% YoY rebound in January/February retail data, but slower than expected (-/-/-/+)</li>
<li>TikTok：TikTok is ready to launch search ads, minior impact to Google</li>
</ul>


PDD: PDD reveals ambitious goal in Temu offline conference (+)
BABA/JD/VIPS/3690.HK: 5% YoY rebound in January/February retail data, but slower than expected (-/-/-/+)
TikTok：TikTok is ready to launch search ads, minior impact to Google


China TMT Update(Mar.16): BABA/JD/PDD/VIPS/TikTok - PDD Reveals Ambitious Goal in Temu Conference

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: China’s financial industry regulators to get reshuffle of responsibilities</li><li>China’s new premier vows to support private enterprises</li><li>China’s Health Commission invites expert opinions on egg freezing</li></ul>

Cover Story: China’s financial industry regulators to get reshuffle of responsibilitiesChina’s new premier vows to support private enterprisesChina’s Health Commission invites expert opinions on egg freezing

CX Daily: China’s Financial Industry Regulators to Get Reshuffle of Responsibilities

<ul><li>Uncertainty undermines prospects of China’s homegrown Covid antivirals</li><li>China vows to get tough on online crimes behind cyberbullying</li><li>Officials face steep pay cuts under China’s financial regulatory overhaul</li></ul>

Uncertainty undermines prospects of China’s homegrown Covid antiviralsChina vows to get tough on online crimes behind cyberbullyingOfficials face steep pay cuts under China’s financial regulatory overhaul

CX Daily: Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals

<ul>
<li>Many newcomers are trying to replicate Shein’s path, but none has proven to be successful, as Shein’s moat in supply chain requires longterm down-to-earth work. </li>
<li>PDD’s Temu will be Shein’s biggest challenger because it is pursuing a different model. Instead of penetrating into the supply chain, Temu offers value-for-money, fair quality products from all categories.</li>
<li>Although Shein’s foundation remains solid (ladies’ apparel + developed countries), growth is slowing down. We reiterate BUY to PDD and BABA and SELL to SE and VIPS after studying Shein.</li>
</ul>


Many newcomers are trying to replicate Shein’s path, but none has proven to be successful, as Shein’s moat in supply chain requires longterm down-to-earth work. 
PDD’s Temu will be Shein’s biggest challenger because it is pursuing a different model. Instead of penetrating into the supply chain, Temu offers value-for-money, fair quality products from all categories.
Although Shein’s foundation remains solid (ladies’ apparel + developed countries), growth is slowing down. We reiterate BUY to PDD and BABA and SELL to SE and VIPS after studying Shein.


Shein Deep Dive:Imitators Perish; Differentiators Flourish

<ul>
<li>We update our China online advertising model and forecast that the industry will reach RMB 1,167 bn with 9.3% YoY in 2023, rebounding from 2.7% YoY in 2022.</li>
<li>Bytedance's slowdown, Tencent's Video Account, and some sectors' uneven faster-than-expected recoveries will be three key themes that could generate investment opportunities in 2023.</li>
<li>We recommend BUY Tencent, BABA, PDD, and Meituan within the sector.</li>
</ul>


We update our China online advertising model and forecast that the industry will reach RMB 1,167 bn with 9.3% YoY in 2023, rebounding from 2.7% YoY in 2022.
Bytedance's slowdown, Tencent's Video Account, and some sectors' uneven faster-than-expected recoveries will be three key themes that could generate investment opportunities in 2023.
We recommend BUY Tencent, BABA, PDD, and Meituan within the sector.


China Online Ads Outlook: A Year of Uneven Recovery

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(Mar.16): BABA/JD/PDD/VIPS/TikTok - PDD Reveals Ambitious Goal in Temu Conference

PDD: Temu announced ambitious goal in an open conference; BABA/JD/PDD/VIPS/3690.HK: Positive rebound in January/February retail data, increased...

Blue Lotus Research Institute

CX Daily: China’s Financial Industry Regulators to Get Reshuffle of Responsibilities

Cover Story: China’s financial industry regulators to get reshuffle of responsibilities. China’s new premier vows to support private enterprises

Caixin Global

CX Daily: Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals

Uncertainty undermines prospects of China’s homegrown Covid antivirals. China vows to get tough on online crimes behind cyberbullying.

Caixin Global

Shein Deep Dive:Imitators Perish; Differentiators Flourish

A deep dive into Shein, one of the largest fashion retailers in the world. We give a detailed breakdown to some of the key metrics, and reveal...

Blue Lotus Research Institute

China Online Ads Outlook: A Year of Uneven Recovery

We update our China online advertising model and conclude that Bytedance's slowdown, Tencent's Video Account, and some sectors' uneven recoveries...

Blue Lotus Research Institute

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