Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>The effects of SHEIN's and Temu's growth on US retail are already well known</li>
<li>But recent data points show the companies impacting other industries, too</li>
<li>Through their dramatic growth the two companies are gaining influence in US </li>
</ul>


The effects of SHEIN's and Temu's growth on US retail are already well known
But recent data points show the companies impacting other industries, too
Through their dramatic growth the two companies are gaining influence in US 


Dramatic Growth of SHEIN & Temu Having Noticeable Impact On Segments Outside Of US Retail

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The index changes for HSTECH index for the March 2024 index rebal event will be announced on 16th February 2024. </li>
<li>In this insight, we take a final look at the expected index changes and our latest flow expectations.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The index changes for HSTECH index for the March 2024 index rebal event will be announced on 16th February 2024. 
In this insight, we take a final look at the expected index changes and our latest flow expectations.


Quiddity HSTECH Mar 24 Flow Expectations: US$415mn One-Way if the Low-Conviction Change Takes Place

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/BABA/PDD : JD increases salaries for customer service staff (-)</li>
<li>700 HK: News has surfaced indicating that Tencent is in the process of developing a mobile game adaptation of "Elden Ring." (+) </li>
<li>700 HK/LKNCY: Tencent's &lt;Dream Star&gt; has collaborated with Luckin Coffee for a co-branding initiative (+)</li>
</ul>


JD/BABA/PDD : JD increases salaries for customer service staff (-)
700 HK: News has surfaced indicating that Tencent is in the process of developing a mobile game adaptation of "Elden Ring." (+) 
700 HK/LKNCY: Tencent's &lt;Dream Star&gt; has collaborated with Luckin Coffee for a co-branding initiative (+)


[Blue Lotus Daily - TMT Update]:JD/BABA/PDD/700 HK/LKNCY

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>We argued in last follow-up note that property woes and challenging macro situation would keep pressuring China online marketplaces’ valuation despite their improving profitability and cashflow.</li>
<li>The sector’s brutal de-rating since last 4Q has been pricing in a dire growth outlook and it is closer to the end of tunnel in our view.</li>
<li>We expect a lackluster 4Q23 results season for the sector in general but also less share price volatility given extremely depressed valuation. Stay positive over 12-month time horizon.</li>
</ul>


We argued in last follow-up note that property woes and challenging macro situation would keep pressuring China online marketplaces’ valuation despite their improving profitability and cashflow.
The sector’s brutal de-rating since last 4Q has been pricing in a dire growth outlook and it is closer to the end of tunnel in our view.
We expect a lackluster 4Q23 results season for the sector in general but also less share price volatility given extremely depressed valuation. Stay positive over 12-month time horizon.


<ul>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in March 2024.</li>
<li>The index changes for the March 2024 index rebal will be announced on 16th February 2024.</li>
<li>While the Hang Seng Index selection process is highly subjective, we continue to believe that identifying eligible names and grouping them by conviction level could be a valuable exercise.</li>
</ul>


In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in March 2024.
The index changes for the March 2024 index rebal will be announced on 16th February 2024.
While the Hang Seng Index selection process is highly subjective, we continue to believe that identifying eligible names and grouping them by conviction level could be a valuable exercise.


Quiddity Leaderboard for Hang Seng Index Mar 24: More Room Being Created for IT Names?

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

Dramatic Growth of SHEIN & Temu Having Noticeable Impact On Segments Outside Of US Retail

Recent data points show SHEIN and Temu are beginning to have noticeable impacts on US industries other than retail, including domestic express...

Tracking Traffic

Quiddity HSTECH Mar 24 Flow Expectations: US$415mn One-Way if the Low-Conviction Change Takes Place

I see US$415mn one-way index flows assuming Tongcheng Travel (780 HK) gets added and GDS Holdings (9698 HK) gets deleted. However, I see these as...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily - TMT Update]:JD/BABA/PDD/700 HK/LKNCY

JD increases salaries for customer service staff; Tencent developing mobile game adaptation of "Elden Ring"; Tencent's collaborates with Luckin...

Blue Lotus Research Institute

China Online Marketplaces: 4Q23 Preview

The sector's brutal de-rating since last 4Q already priced in a dire outlook. While we expect lackluster 4Q results season in general, we believe...

Eric Chen

Quiddity Leaderboard for Hang Seng Index Mar 24: More Room Being Created for IT Names?

The index changes for the Hang Seng Index for the March 2024 index rebal event will be announced on 16th February 2024. Although the index...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dramatic Growth of SHEIN & Temu Having Noticeable Impact On Segments Outside Of US Retail

Recent data points show SHEIN and Temu are beginning to have noticeable impacts on US industries other than retail, including domestic express...

Tracking Traffic

Quiddity HSTECH Mar 24 Flow Expectations: US$415mn One-Way if the Low-Conviction Change Takes Place

I see US$415mn one-way index flows assuming Tongcheng Travel (780 HK) gets added and GDS Holdings (9698 HK) gets deleted. However, I see these as...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily - TMT Update]:JD/BABA/PDD/700 HK/LKNCY

​JD increases salaries for customer service staff; Tencent developing mobile game adaptation of "Elden Ring"; Tencent's collaborates with Luckin...

Blue Lotus Research Institute

China Online Marketplaces: 4Q23 Preview

The sector's brutal de-rating since last 4Q already priced in a dire outlook. While we expect lackluster 4Q results season in general, we believe...

Eric Chen

Quiddity Leaderboard for Hang Seng Index Mar 24: More Room Being Created for IT Names?

The index changes for the Hang Seng Index for the March 2024 index rebal event will be announced on 16th February 2024. Although the index...

Janaghan Jeyakumar, CFA

JD increases salaries for customer service staff; Tencent developing mobile game adaptation of "Elden Ring"; Tencent's collaborates with Luckin...