Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>One of the biggest stories in the Korean e-commerce sector this week has been TMON and WeMakePrice filing for court receivership due to liquidity crisis. </li>
<li>Singapore's Qoo10 is the controlling shareholder of TMON and WeMakePrice. Young-Bae Ku is the largest shareholder of Qoo10 with a 42.77% stake, followed by KKR with a 25.65% stake. </li>
<li>Competitors such as E-Mart and Coupang are most to benefit. PG companies such as KG Inicis and NHP KCP are negatively impacted. </li>
</ul>


One of the biggest stories in the Korean e-commerce sector this week has been TMON and WeMakePrice filing for court receivership due to liquidity crisis. 
Singapore's Qoo10 is the controlling shareholder of TMON and WeMakePrice. Young-Bae Ku is the largest shareholder of Qoo10 with a 42.77% stake, followed by KKR with a 25.65% stake. 
Competitors such as E-Mart and Coupang are most to benefit. PG companies such as KG Inicis and NHP KCP are negatively impacted. 


TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

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>JD US/PDD US /BABA US: JD launches new low-priced initiative to target lower-tier market (+/-/-)</li>
<li>BABA US/BILI US/BIDU US/700HK: Bilibili and Xiaohongshu inaccessible after 38-minute cloud crash (-/-/+/+)</li>
<li>700 HK: Tencent announces upgraded LLM training system . (+)</li>
</ul>


JD US/PDD US /BABA US: JD launches new low-priced initiative to target lower-tier market (+/-/-)
BABA US/BILI US/BIDU US/700HK: Bilibili and Xiaohongshu inaccessible after 38-minute cloud crash (-/-/+/+)
700 HK: Tencent announces upgraded LLM training system . (+)


[Blue Lotus Daily-TMT Update]:JD/PDD/BABA/BILI/BIDU/700HK/3888HK/1024HK/NTES /3690HK/TCOM/SE/CPNG/BZ

<ul>
<li>PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)</li>
<li>700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)</li>
<li>CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)</li>
</ul>


PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)
700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)
CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)


[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

Event-Driven

<ul>
<li>Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six years ago. </li>
<li>From AEP and BRV's point of views, they want to get their money back through put options since an IPO is not likely in the near term.</li>
<li>The most probable result appears to be that this is likely to be dragged on for some time, which will cause continued concerns on both Emart and Shinsegae. </li>
</ul>


Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six years ago. 
From AEP and BRV's point of views, they want to get their money back through put options since an IPO is not likely in the near term.
The most probable result appears to be that this is likely to be dragged on for some time, which will cause continued concerns on both Emart and Shinsegae. 


Legal Complications on Put Options on SSG.Com to Result in Ongoing Concerns for Emart and Shinsegae

<ul>
<li>BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)</li>
<li>ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)</li>
<li>JD: JD provides free AI services for new 3P merchants (+)</li>
</ul>


BABA/PDD/CPNG: South Korean commissions investigating compliance of Chinese ecommerce platforms (-/-/+)
ByteDance/3690 HK: Douyin life service business had organizational restructure, and set annual sales target at RMB600bn, 100% yoy(-)
JD: JD provides free AI services for new 3P merchants (+)


[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

TMON and WeMakePrice filing for court receivership is likely to benefit competitors such as E-Mart and Coupang. Payment Gateway (PG) companies such...

Douglas Kim

[Blue Lotus Daily-TMT Update]:JD/PDD/BABA/BILI/BIDU/700HK/3888HK/1024HK/NTES /3690HK/TCOM/SE/CPNG/BZ

JD launches new low-priced initiative to target lower-tier market, Bilibili and Xiaohongshu experience cloud crash, Tencent announces upgraded LLM...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

Legal Complications on Put Options on SSG.Com to Result in Ongoing Concerns for Emart and Shinsegae

Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six...

Douglas Kim

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

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52-week Range

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P/E

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TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

TMON and WeMakePrice filing for court receivership is likely to benefit competitors such as E-Mart and Coupang. Payment Gateway (PG) companies such...

Douglas Kim

[Blue Lotus Daily-TMT Update]:JD/PDD/BABA/BILI/BIDU/700HK/3888HK/1024HK/NTES /3690HK/TCOM/SE/CPNG/BZ

​JD launches new low-priced initiative to target lower-tier market, Bilibili and Xiaohongshu experience cloud crash, Tencent announces upgraded LLM...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

​NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

Legal Complications on Put Options on SSG.Com to Result in Ongoing Concerns for Emart and Shinsegae

Emart and Shinsegae are facing concerns about put options of nearly 1 trillion won on private equity investors' investment in SSG.com nearly six...

Douglas Kim

[Blue Lotus Daily - TMT Update]:BABA/097950.KS/CPNG/PDD/ByteDance/3690 HK/JD

​South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.

Blue Lotus Research Institute

JD launches new low-priced initiative to target lower-tier market, Bilibili and Xiaohongshu experience cloud crash, Tencent announces upgraded LLM...

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

South Korean commissions investigate Chinese ecommerce platforms, Douyin sets ambitious sales target, JD offers free AI services for new merchants.