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

Macroeconomics

<ul>
<li>Forty to sixty percent of the world’s carbon emission takes place in buildings. Energy efficiency job is the single largest component that balances the job loss</li>
<li>In traditional energy and job gain in renewable energy. China is materially behind the US in energy efficiency; We believe inclusion of energy efficiency in the upcoming stimulus package </li>
<li>Will be a sound choice to boost employment and GDP, and our listed companies in the new energy sector shall benefit from the trend.</li>
</ul>


Forty to sixty percent of the world’s carbon emission takes place in buildings. Energy efficiency job is the single largest component that balances the job loss
In traditional energy and job gain in renewable energy. China is materially behind the US in energy efficiency; We believe inclusion of energy efficiency in the upcoming stimulus package 
Will be a sound choice to boost employment and GDP, and our listed companies in the new energy sector shall benefit from the trend.


[Blue Lotus Macro]: A Job-Creating Stimulus that Also Saves the Real Estate

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Robosense Technology / Equity Capital Markets

<ul>
<li>RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.</li>
<li>RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  </li>
<li>I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.</li>
</ul>


RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.
RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  
I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.


RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

Thematic (Sector/Industry)

<ul>
<li>XPEV/NIO/LI/TSLA/1211HK: 16 major automakers pledge to jointly maintain order in China auto market (+/+/+/+/+)</li>
<li>XPEV: Xpeng G6's conversion rate exceeds 50%, outperforming the industry (+)</li>
<li>ZLAB：ZLAB’s FcRn Efgartigimod received NMPA approval. We expect 2023 revenue US$10mn (-)</li>
</ul>


XPEV/NIO/LI/TSLA/1211HK: 16 major automakers pledge to jointly maintain order in China auto market (+/+/+/+/+)
XPEV: Xpeng G6's conversion rate exceeds 50%, outperforming the industry (+)
ZLAB：ZLAB’s FcRn Efgartigimod received NMPA approval. We expect 2023 revenue US$10mn (-)


China TMT Update-XPEV/NIO/LI/TSLA/1211HK/ZLAB: 16 Automakers Pledge to Maintain Order;G6 Conversion

<ul>
<li>A collapse of real estate speculation destroyed the balance sheets of Chinese households, leading to downward spiral in consumptions. A tremendous stimulus package can reflate the economy, </li>
<li>But it doesn’t solve the structural problems; Unlike semiconductor and biotech, inputs to renewable energy are many and supply chains are long.  To stay ahead, Chinese companies must keep themselves </li>
<li>Cost competitive,  which means they can neither realize profits nor retaliate US containments. But their equities offer the long-term hope to replace real estate as nest eggs of Chinese retirees.</li>
</ul>


A collapse of real estate speculation destroyed the balance sheets of Chinese households, leading to downward spiral in consumptions. A tremendous stimulus package can reflate the economy, 
But it doesn’t solve the structural problems; Unlike semiconductor and biotech, inputs to renewable energy are many and supply chains are long.  To stay ahead, Chinese companies must keep themselves 
Cost competitive,  which means they can neither realize profits nor retaliate US containments. But their equities offer the long-term hope to replace real estate as nest eggs of Chinese retirees.


[Blue Lotus Macro]: Economic Stimulus Shouldn’t Be Pain Killers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Black Sesame International Holding / Equity Capital Markets

<ul>
<li>Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.</li>
<li>BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider. </li>
<li>In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost &amp; Sullivan.</li>
</ul>


Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.
BSIH is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider. 
In terms of shipment of automotive-grade high-computing power SoCs in 2022, it was the third largest provider globally, according to Frost &amp; Sullivan.


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.

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XPeng (XPEV US)

[Blue Lotus Macro]: A Job-Creating Stimulus that Also Saves the Real Estate

We believe inclusion of energy efficiency in the upcoming stimulus package will be a sound choice to boost employment and GDP, listed companies in...

Blue Lotus Research Institute

RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

RoboSense Technology IPO looks risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals, in...

Andrei Zakharov

China TMT Update-XPEV/NIO/LI/TSLA/1211HK/ZLAB: 16 Automakers Pledge to Maintain Order;G6 Conversion

XPEV/NIO/LI/TSLA/1211HK: 16 major automakers pledge to jointly maintain order;XPEV: Xpeng G6's conversion rate exceeds 50% (+)ZLAB：ZLAB’s FcRn...

Blue Lotus Research Institute

[Blue Lotus Macro]: Economic Stimulus Shouldn’t Be Pain Killers

To stay ahead, Chinese companies must keep themselves cost competitive. But their equities offer the long-term hope to replace real estate as nest...

Blue Lotus Research Institute

Black Sesame Pre-IPO Tearsheet

Black Sesame International Holdings (BSIH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC and Huatai.

Sumeet Singh

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