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>TCOM/HTHT/ATAT: China Tourism - OTA platform DAU remain lackluster, weak year end travel demand (-)</li>
<li>MNSO: Korea’s top dollar store chain Daiso buys out Japanese shareholder (-)</li>
<li>9995HK：Harbour BioMed have signed an exclusive licensing agreement with Pfizer of a mesothelin (MSLN) antibody-drug conjugate (ADC) (-) </li>
</ul>


TCOM/HTHT/ATAT: China Tourism - OTA platform DAU remain lackluster, weak year end travel demand (-)
MNSO: Korea’s top dollar store chain Daiso buys out Japanese shareholder (-)
9995HK：Harbour BioMed have signed an exclusive licensing agreement with Pfizer of a mesothelin (MSLN) antibody-drug conjugate (ADC) (-) 


[Blue Lotus Daily]: TCOM/HTHT/ATAT/MNSO/9995 HK/XPEV

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023.</li>
<li>TCOM’s total revenue rose by 31% in 3Q23 over 3Q19 before COVID.</li>
<li>We conclude an upside of 33% and a price target of US$43.70.</li>
</ul>


Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023.
TCOM’s total revenue rose by 31% in 3Q23 over 3Q19 before COVID.
We conclude an upside of 33% and a price target of US$43.70.


Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy</a> is looking to raise around US$300m in its Hong Kong IPO.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

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>We summarize the Nov 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. </li></ul>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.

We summarize the Nov 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. 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.

China Auto Sector – Year-end price war came a bit earlier in 2023

<ul><li>We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li><li>Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. </li></ul>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.

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. 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.

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
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XPeng (XPEV US)

[Blue Lotus Daily]: TCOM/HTHT/ATAT/MNSO/9995 HK/XPEV

China's tourism OTA platform sees low user activity and weak year-end travel demand. Korea's Daiso acquires Japanese shareholder. Harbour BioMed...

Blue Lotus Research Institute

Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level

Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023. TCOM’s total revenue rose by 31% in 3Q23 over 3Q19...

Ming Lu

REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO. We have looked at the past performance in our earlier notes, in this...

Sumeet Singh

China Auto Sector – Year-end price war came a bit earlier in 2023

Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov...

CMB International

China Auto Sector - Nov 2023

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: TCOM/HTHT/ATAT/MNSO/9995 HK/XPEV

​China's tourism OTA platform sees low user activity and weak year-end travel demand. Korea's Daiso acquires Japanese shareholder. Harbour BioMed...

Blue Lotus Research Institute

Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level

Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023. TCOM’s total revenue rose by 31% in 3Q23 over 3Q19...

Ming Lu

REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO. We have looked at the past performance in our earlier notes, in this...

Sumeet Singh

China Auto Sector – Year-end price war came a bit earlier in 2023

Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov...

CMB International

China Auto Sector - Nov 2023

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China's tourism OTA platform sees low user activity and weak year-end travel demand. Korea's Daiso acquires Japanese shareholder. Harbour BioMed...