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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.</li>
<li>Dada’s stock plunged after the company released its suspicious auditing result.</li>
<li>Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.</li>
</ul>


Tencent will allow Douyin to broadcast the game Honor of Kings after a four-year ban.
Dada’s stock plunged after the company released its suspicious auditing result.
Alibaba’s mobile office app, Dingding, has accumulated 120,000 paying users.


China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

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>Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)</li>
<li>1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)</li>
<li>2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)</li>
</ul>


Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)
1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)
2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)


[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA/BIDU/700.HK/0728.HK: Alibaba layoffs staff in hybrid cloud and IoT division (+/-/-/+)</li>
<li>JD/VIPS/BABA/PDD/2618.HK: JD announces minimum 20% salary increase for retail group employees (-/-/-/-/+)</li>
<li>JD/BABA/PDD/VIPS/2618.HK: JD also launched refund without returning the product for 3P merchants (+/-/-/-/-)</li>
</ul>


BABA/BIDU/700.HK/0728.HK: Alibaba layoffs staff in hybrid cloud and IoT division (+/-/-/+)
JD/VIPS/BABA/PDD/2618.HK: JD announces minimum 20% salary increase for retail group employees (-/-/-/-/+)
JD/BABA/PDD/VIPS/2618.HK: JD also launched refund without returning the product for 3P merchants (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

<ul>
<li>700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)</li>
<li>PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)</li>
<li>BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)</li>
</ul>


700HK/ NTES: NPPA publishes domestic game code for December, NetEase and Tencent received game approval (+)
PDD/ VIPS/ BABA/ JD/ ZTO/ 2618.HK/ 1519.HK: Express Parcel Volume collected grows +68% YoY last week (+)
BABA/ PDD/ JD/ VIPS/ ZTO/ 1519.HK: Taobao launches refund without returning the product (+/-/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

<ul>
<li>Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. </li>
<li>These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;</li>
<li>We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...</li>
</ul>


Ex-China e-commerce conducted by Chinese e-commerce platform will rise from 2022 GMV of US$ 61bn to US$ 297bn in 2025, with Pinduoduo, Alibaba, SHEIN and TikTok leading the charge. 
These companies, however, are incubating their own last mile partners. The political uncertainty of Chinese e-commerce overseas is hindering development of the industry;
We see J&amp;T as the main beneficiary of Chinese e-commerce overseas, which must eventually undergo an infrastructure upgrade...


[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

China

Sinotrans Limited provides integrated logistics services with core service of sea, air, rail and road freight forwarding, express services and shipping agency services.  The Company also provides support services of storage and terminal services, trucking and marine transportation services.

Yunda Holding Co Ltd operates as a holding company. The Company, through its subsidiaries, provides industrial investment, enterprise management, business consulting, car rental, technical development, information technology, and advertising services. Yunda Holding serves customers in China.

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

Citic Offshore Helicopter Co., Ltd. provides helicopter transportation services for the petroleum industry and other industries.  The Company also provides helicopter repair and maintenance services.

STO Express Co Ltd. develops, manufactures and markets valves, pipe fittings and plumbing equipment. The Company's business encompasses the    development, manufacturing, sales and servicing of plumbing equipment, valves,  pipe fittings, metal construction materials, home automation, environmental protection and energy control systems.

Xiamen Xiangyu Co Ltd provides supply chain and circulation services. The Company offers its clients the capability to purchase raw materials and semi-manufactured products and to distribute finished goods worldwide.

Jiangsu Aucksun Co., Ltd. manufactures and distributes rolled steel sheets and aluminum sheets.

CTS International Logistics Corporation Limited provides cross-border integrated logistics services and supply chain trading businesses. The Company's cross-border integrated logistics services mainly include contracting and subcontracting international air and sea transport operations.

Cts International Logistics Corp (603128 CH)

Orient International Enterprise Ltd. provides import and export services and agency service for a variety of apparel manufacturers, including London Fog, Rifle, Calvin Klein, and Polo labels. The Company also invests in the biochemical business.

Orient International Enterprise, Ltd (600278 CH)

Shenzhen Feima International Supply Chain Co., Ltd. provides shipping, logistics and transportation consulting services.

Shenzhen Feima Intl Supply Chain (002210 CH)

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

Financiere de l'Odet is a holding company. The Company, through its subsidiaries, offers transport and international logistics, the distribution of energy, the production of plastic films and thin paper, the manufacture of specialized terminals and systems, and the management of investments in plantations and in other market areas, including media and communication.

SG Holdings Co., Ltd. offers courier services. The Company provides goods delivery, cargo logistics, goods pickup, and other services. SG Holdings also operates real estate development, human resources management, and other businesses.

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

Nippon Express Holdings, Inc. offers logistics services. The Company provides freight vehicle transportation, railway transportation, air transportation, sea transportation, port transportation, warehousing, and other services. Nippon Express Holdings provides its services throughout Japan.

Mainfreight Limited provides and supplies freight, warehousing and logistics services throughout New Zealand and Australia.  The Company provides freight forwarding services by road, rail, sea and air along with providing international freight forwarding services, customs clearance services and specialized handling of hazardous substances.

Compania de Distribucion Integral Logista Holdings, S.A. operates as an international logistical solution provider. The Company offers logistics, parcel and express courier transport, industrial parcel transport, and long distance and full truck load transport management services.

International Distributions Services plc provides postal and delivery services. The Company offers letter and parcel delivery services. International Distributions Services serves consumers, sole traders, SMEs, large businesses, and access operators worldwide.

International Distributions Services (IDS LN)

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

JD Logistics, Inc. offers logistics services. The Company provides cargo transportation, cargo distribution, warehousing, and other services. JD Logistics is located in China.

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JD Logistics (2618 HK)

China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Tencent allows Douyin to broadcast the game Honor of Kings. Dada’s stock plunged after the company released its suspicious auditing result....

Ming Lu

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (15 Jan 2024): Tencent, Douyin, Alibaba, JD.com, Dada, Meituan

Tencent allows Douyin to broadcast the game Honor of Kings. Dada’s stock plunged after the company released its suspicious auditing result....

Ming Lu

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

​Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

​Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]: 700 HK/NTES/PDD/VIPS/BABA/JD/ZTO/2618 HK/1519 HK

​NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Blue Lotus Research Institute

[Blue Lotus Logistics Sector Update]: Overseas E-Commerce Brews New Logistics Players

​Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...

Blue Lotus Research Institute

Cotti promotion of commercial robots in the coffee industry. A battery startup had a positive test result, leading to a 40% rise in stock. MOT...

Alibaba lays off staff in hybrid cloud and IoT division, JD announces salary increase for retail group employees, and JD introduces refund without...

NPPA approves domestic games for NetEase and Tencent, express parcel volume grows 68% YoY, Taobao introduces refund without returning product.

Chinese e-commerce giants like Alibaba and Pinduoduo are expected to see a significant rise in overseas e-commerce, but political uncertainty is...