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>3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)</li>
<li>PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective</li>
<li>LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)</li>
</ul>


3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)


China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

<ul>
<li>3690HK / 1024HK:  Douyin launches local services partner conference (-)</li>
<li>NIO: Wait times for NIO ES7 shortened to 3 weeks (-)</li>
<li>LEGN:  Legend Bio announced positive Caltitude-4 data, raising private placement of US$200mn（/）</li>
</ul>


3690HK / 1024HK:  Douyin launches local services partner conference (-)
NIO: Wait times for NIO ES7 shortened to 3 weeks (-)
LEGN:  Legend Bio announced positive Caltitude-4 data, raising private placement of US$200mn（/）


China TMT Update (Apr.26) - 3690HK/ 1024HK/NIO/LEGN:Douyin Launches Local Services Conference

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> shares broke into a new high after a leaked abstract showed Carvykti cuts risk of progression or death by 74% in earlier multiple myeloma therapy.</li>
<li>Success of Carvykti in earlier lines of MM therapy will lead to rapid intake of the drug and increase the drug’s peak sales opportunity to $5B.</li>
<li>During 2022, Carvykti generated ~$134M in net trade sales. With label and geography expansion of Carvykti, Legend Biotech shares still have further upside potential.  </li>
</ul>



Legend Biotech Corp (LEGN US) shares broke into a new high after a leaked abstract showed Carvykti cuts risk of progression or death by 74% in earlier multiple myeloma therapy.
Success of Carvykti in earlier lines of MM therapy will lead to rapid intake of the drug and increase the drug’s peak sales opportunity to $5B.
During 2022, Carvykti generated ~$134M in net trade sales. With label and geography expansion of Carvykti, Legend Biotech shares still have further upside potential.  


Legend Biotech (LEGN US): Shares Popped on Promising Clinical Data; Further Upside Potential Remains

<ul>
<li>700 HK： &lt; Metal Slug: Awakenings &gt; officially launches（ + ）</li>
<li>LEGN: CARVYKTI C1Q23 revenue rebounded QoQ but below our expectation(/)</li>
<li>JD/BABA/VIPS/3690.HK: March NBS consumption strengthened, especially apparel and catering (-/+/+/+)</li>
</ul>


700 HK： &lt; Metal Slug: Awakenings &gt; officially launches（ + ）
LEGN: CARVYKTI C1Q23 revenue rebounded QoQ but below our expectation(/)
JD/BABA/VIPS/3690.HK: March NBS consumption strengthened, especially apparel and catering (-/+/+/+)


China TMT Update（Apr.20）700 HK/Jd/Baba/Vips/3690.hk/LEGN:  Launches

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Legend Biotech Corp (LEGN US)

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

3690.HK/BABA: Meituan and Alipay release reports (+)；PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective；LEGN：...

Blue Lotus Research Institute

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

China TMT Update (Apr.26) - 3690HK/ 1024HK/NIO/LEGN:Douyin Launches Local Services Conference

3690HK/1024HK: Douyin launches local services partner conference (-)；NIO: Wait times for NIO ES7 shortened to 3 weeks (-)；LEGN: Legend Bio...

Blue Lotus Research Institute

Legend Biotech (LEGN US): Shares Popped on Promising Clinical Data; Further Upside Potential Remains

Legend Biotech shares broke into new highs after a leaked abstract showed its CAR-T therapy Carvykti cuts risk of progression or death by 74% in a...

Tina Banerjee

China TMT Update（Apr.20）700 HK/Jd/Baba/Vips/3690.hk/LEGN: Launches

700HK： <Metal Slug: Awakenings> officially launches（+）; LEGN: CARVYKTI C1Q23 revenue rebounded QoQ but below our expectation(/); JD/BABA/VIPS...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)