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

Thematic (Sector/Industry)

<ul>
<li>NTES：NetEase announced that the international version of "Harry Potter: Magic Awakened" on June 27</li>
<li>1024HK： Kuaishou E-commerce Platform will adjust its service fees for "Try Before You Buy" orders，which will have a positive impact on its profit（+）</li>
<li>ZTO: MOT reports weekly express parcel volume for the period ending June 25, 2023 (+/+)</li>
</ul>


NTES：NetEase announced that the international version of "Harry Potter: Magic Awakened" on June 27
1024HK： Kuaishou E-commerce Platform will adjust its service fees for "Try Before You Buy" orders，which will have a positive impact on its profit（+）
ZTO: MOT reports weekly express parcel volume for the period ending June 25, 2023 (+/+)


China TMT Update-NTES/1024.HK/ZTO: Kuaishou Raises Service Fees; Harry Potter Mobile Overseas;parcel

<ul>
<li>Based on our channel research, we maintain our previous estimation that the results of the 618 promotions are not as bad as some investors described</li>
<li>We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%, 20% and 35%, respectively.</li>
<li>However, it remains to be seen whether consumer spending will decline after the major promotion, possibly due to excessive consumption.</li>
</ul>


Based on our channel research, we maintain our previous estimation that the results of the 618 promotions are not as bad as some investors described
We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%, 20% and 35%, respectively.
However, it remains to be seen whether consumer spending will decline after the major promotion, possibly due to excessive consumption.


Baba/JD/PDD/VIPS/Kuaishou: 618 Not as Bad as Investors Depicted, and Our Estimations of GMV Growth

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desert</li><li>China-U.S. /: China and U.S. move to ratchet down tensions</li><li>Economy /: China’s cabinet proposes stronger measures to boost recovery momentum</li></ul>

Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desertChina-U.S. /: China and U.S. move to ratchet down tensionsEconomy /: China’s cabinet proposes stronger measures to boost recovery momentum

CX Daily: Sands of Time Ticking on China’s Fight to Hold Back the Desert

Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>We expect June quarter results to beat consensus and demonstrate a balanced growth across topline and bottom-line.</li>
<li>During a time when headlines drive BABA share price, it is more important to stay grounded in numbers, see what is in price and make trades accordingly.</li>
<li>We maintain US$500 billion target market cap on 20x RMB180 billion non-GAAP net profit by FY25.</li>
</ul>


We expect June quarter results to beat consensus and demonstrate a balanced growth across topline and bottom-line.
During a time when headlines drive BABA share price, it is more important to stay grounded in numbers, see what is in price and make trades accordingly.
We maintain US$500 billion target market cap on 20x RMB180 billion non-GAAP net profit by FY25.


Alibaba (BABA US): Watch Headlines and Stay Grounded in Numbers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 16th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the inflows to be USD 1.5bn and highlight flows for CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 1.5bn and highlight flows for CCB.


China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

China TMT Update-NTES/1024.HK/ZTO: Kuaishou Raises Service Fees; Harry Potter Mobile Overseas;parcel

NetEase: international version of "Harry Potter: Magic Awakened" on June 27； Kuaishou E-commerce will adjust its service fees；ZTO: MOT reports...

Blue Lotus Research Institute

Baba/JD/PDD/VIPS/Kuaishou: 618 Not as Bad as Investors Depicted, and Our Estimations of GMV Growth

We estimate that the GMV growth rates during the 618 period for Taobao+Tmall, JD, Pinduoduo, Vipshop, and Kuaishou are approximately 3%, 15%, 20%,...

Blue Lotus Research Institute

CX Daily: Sands of Time Ticking on China’s Fight to Hold Back the Desert

Sandstorms /: Cover Story: Sands of time ticking on China’s fight to hold back the desert China-U.S. /: China and U.S. move to ratchet down...

Caixin Global

Alibaba (BABA US): Watch Headlines and Stay Grounded in Numbers

We expect Alibaba to deliver a balanced growth for June quarter results which will beat consensus. We advise investors to stay grounded in numbers...

Eric Chen

Hong Kong Connect Flows (Jun 16th): CCB

We analyzed the Hong Kong Connect Scheme for last week. We estimate the inflows to be USD 1.5bn and highlight flows for China Construction Bank.

Ke Yan, CFA, FRM

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