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>The tension between the government and Alibaba was eased, as the authorities closed the rectification course on Alibaba.</li>
<li>Huawei’s total revenue increased by 34% YoY in 1H24, as the smartphone sales surged.</li>
<li>Kuaishou will provide a subsidy of US$56 million to e-commerce broadcasters.</li>
</ul>


The tension between the government and Alibaba was eased, as the authorities closed the rectification course on Alibaba.
Huawei’s total revenue increased by 34% YoY in 1H24, as the smartphone sales surged.
Kuaishou will provide a subsidy of US$56 million to e-commerce broadcasters.


China Consumption Weekly (2 Sep 2024): Alibaba, Huawei, Kuaishou, Li Auto, Haidilao

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>LI US:Li Auto's second quarter revenue and profit exceeded expectations, and L6's unit price and gross profit were better than expected. (/)</li>
<li>1810 HK/1211 HK/ LI US/XPEV US/NIO US:Week 34 of 2024: New energy vehicles grow healthily,BYD hit a new high, AITO rebounded, Xiaomi continued to fall back.(/////////)</li>
<li>NIO US/XPEV US/ LI US: AITO M5 caught fire, positive for LI.(/////)</li>
</ul>


LI US:Li Auto's second quarter revenue and profit exceeded expectations, and L6's unit price and gross profit were better than expected. (/)
1810 HK/1211 HK/ LI US/XPEV US/NIO US:Week 34 of 2024: New energy vehicles grow healthily,BYD hit a new high, AITO rebounded, Xiaomi continued to fall back.(/////////)
NIO US/XPEV US/ LI US: AITO M5 caught fire, positive for LI.(/////)


[Blue Lotus Daily]:LI US/1810 HK/1211 HK/ LI US/XPEV US/NIO US

<ul>
<li>1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)</li>
<li>1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)</li>
<li>2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)</li>
</ul>


1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)
1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)
2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)


[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

<ul>
<li>1810 HK/981 HK/AAPL US: Xiaomi’s Africa smartphone sales outgrow market in 2Q24 (+/+/-)</li>
<li>XPEV US:Xpeng Motors' revenue in the second quarter was in line with our expectations, and its losses were greater than our expectations(/)</li>
<li>1211 HK/1810 HK/XPEV US/NIO US/LI US:In the 33rd week of 2024, the delivery of new energy vehicles by Xiaomi fluctuated, Leapmotor and Li were strong, and NIO remained weak  (/////////)</li>
</ul>


1810 HK/981 HK/AAPL US: Xiaomi’s Africa smartphone sales outgrow market in 2Q24 (+/+/-)
XPEV US:Xpeng Motors' revenue in the second quarter was in line with our expectations, and its losses were greater than our expectations(/)
1211 HK/1810 HK/XPEV US/NIO US/LI US:In the 33rd week of 2024, the delivery of new energy vehicles by Xiaomi fluctuated, Leapmotor and Li were strong, and NIO remained weak  (/////////)


[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

<ul>
<li>ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)</li>
<li>BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)</li>
<li>BEKE US:House prices continued to decline in July . (-)</li>
</ul>


ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)
BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)
BEKE US:House prices continued to decline in July . (-)


[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Li Auto (LI US)

China Consumption Weekly (2 Sep 2024): Alibaba, Huawei, Kuaishou, Li Auto, Haidilao

The tension between the government and Alibaba was eased. Huawei’s total revenue increased by 34% YoY in 1H24. Kuaishou will provide a subsidy to...

Ming Lu

[Blue Lotus Daily]:LI US/1810 HK/1211 HK/ LI US/XPEV US/NIO US

Li Auto outperforms expectations in Q2 with strong revenue and profit, while new energy vehicle market sees growth in Week 34 of 2024.

Blue Lotus Research Institute

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (2 Sep 2024): Alibaba, Huawei, Kuaishou, Li Auto, Haidilao

The tension between the government and Alibaba was eased. Huawei’s total revenue increased by 34% YoY in 1H24. Kuaishou will provide a subsidy to...

Ming Lu

[Blue Lotus Daily]:LI US/1810 HK/1211 HK/ LI US/XPEV US/NIO US

​Li Auto outperforms expectations in Q2 with strong revenue and profit, while new energy vehicle market sees growth in Week 34 of 2024.

Blue Lotus Research Institute

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

​Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK

​Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

​Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

Li Auto outperforms expectations in Q2 with strong revenue and profit, while new energy vehicle market sees growth in Week 34 of 2024.

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Xiaomi's smartphone sales in Africa outperform market, Xpeng Motors' Q2 revenue meets but losses exceed expectations, new energy vehicle...

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...