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>1024HK：China's consumer rights gala exposes problems of livestreaming industry, Kuaishou receives a warning（-）</li>
<li>BIDU：Baidu ERNIE bot press conference is held， there result is not promising（-）</li>
<li>Gaming Industry: Game-related proposals during Two Sessions indicate positive attitude for gaming industry (+)</li>
</ul>


1024HK：China's consumer rights gala exposes problems of livestreaming industry, Kuaishou receives a warning（-）
BIDU：Baidu ERNIE bot press conference is held， there result is not promising（-）
Gaming Industry: Game-related proposals during Two Sessions indicate positive attitude for gaming industry (+)


China TMT Update (Mar.17): 1024.HK/BIDU/700.HK/NTES：Baidu ERNIE Bot Press Conference Is Held

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 March 10th.</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 highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.


Hong Kong Connect Flows (Mar 10th): China Mobile, Tencent, China Vanke, ICBC, CCB

<ul>
<li>(2821.SZ/6821.HK)/(1177.HK/SBHMY): F-Star cleared CFIUS investigation, suggesting US criteria on China investments (+) </li>
<li>ATAT: Corporate travel demand recover quickly in hotel sector (+)</li>
<li>BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs rampant in short videos. (-/-/-)</li>
</ul>


(2821.SZ/6821.HK)/(1177.HK/SBHMY): F-Star cleared CFIUS investigation, suggesting US criteria on China investments (+) 
ATAT: Corporate travel demand recover quickly in hotel sector (+)
BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs rampant in short videos. (-/-/-)


China TMT Update(Mar.9):ATAT /BILI/1024.HK/Douyin/(2821.SZ/6821.HK)/(1177.HK/SBHMY)

<ul>
<li>We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.</li>
<li>Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.</li>
<li>Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI</li>
</ul>


We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.
Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.
Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI


Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.</li>
<li>At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.</li>
<li>In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.</li>
</ul>


On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.
At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.
In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.


Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

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 (Mar.17): 1024.HK/BIDU/700.HK/NTES：Baidu ERNIE Bot Press Conference Is Held

BIDU：Baidu ERNIE bot press conference is held（-）；1024HK：China's consumer rights gala exposes problems of livestreaming industry（-）；Game-related...

Blue Lotus Research Institute

Hong Kong Connect Flows (Mar 10th): China Mobile, Tencent, China Vanke, ICBC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.

Ke Yan, CFA, FRM

China TMT Update(Mar.9):ATAT /BILI/1024.HK/Douyin/(2821.SZ/6821.HK)/(1177.HK/SBHMY)

BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs (-/-/-); ATAT: Corporate travel demand recover(+); (2821.SZ/6821.HK)/(1177.HK...

Blue Lotus Research Institute

Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than...

Blue Lotus Research Institute

Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

On 16th Nov 22, Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan. The US$17bn overhang...

Sumeet Singh

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