Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>BABA/VIPS/PDD/3690.HK/JD: Social Retail Consumption data improved in October MoM (+)</li>
<li>700.HK: Tencent raises ownership stake in a Wuxia Genre Gaming Studio (+)</li>
<li>SE/ PDD/ BABA: Highlights of Sea Limited's  disappointing Q3 results(-)</li>
</ul>


BABA/VIPS/PDD/3690.HK/JD: Social Retail Consumption data improved in October MoM (+)
700.HK: Tencent raises ownership stake in a Wuxia Genre Gaming Studio (+)
SE/ PDD/ BABA: Highlights of Sea Limited's  disappointing Q3 results(-)


[Blue Lotus Daily - TMT Update]: BABA/ VIPS/PDD/JD/Meituan, 3690.HK/Tencent, 700.HK/SE

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The accretion trade is going to plan as <strong><a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a></strong> sells <strong><a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a></strong>; and Prosus and Tencent both back their own shares.</li>
<li>Preceding my comments on Prosus/Tencent One are the current setup/unwind tables for Asia-Pacific Holdcos</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


The accretion trade is going to plan as Prosus NV (PRX NA) sells Tencent (700 HK); and Prosus and Tencent both back their own shares.
Preceding my comments on Prosus/Tencent One are the current setup/unwind tables for Asia-Pacific Holdcos
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Prosus Trading "Rich". And So It Should Be

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

<ul>
<li>We expect total revenue will grow by 24% in 3Q23, as catering has been recovering in China.</li>
<li>We expect Meituan can still earn positive operating profit 3Q23, as the company cut salespeople’s bonuses.</li>
<li>We also believe that the stock has an upside of 87% for year end 2024.</li>
</ul>


We expect total revenue will grow by 24% in 3Q23, as catering has been recovering in China.
We expect Meituan can still earn positive operating profit 3Q23, as the company cut salespeople’s bonuses.
We also believe that the stock has an upside of 87% for year end 2024.


MT (Meituan 3690 HK) Earnings Preview: Rev Up by 24% YoY and 80% Upside, Buy

Travis Lundy

<ul>
<li>The Dec 23 review results for the Hang Seng Tech Index were announced on Friday 17 November after the close.</li>
<li>There were no ADDs to or DELETEs from the index, in something of a surprise. </li>
<li>The "big flow" on HS TECH is the downweight on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> due to sharp capping after significant outperformance since the August review.</li>
</ul>


The Dec 23 review results for the Hang Seng Tech Index were announced on Friday 17 November after the close.
There were no ADDs to or DELETEs from the index, in something of a surprise. 
The "big flow" on HS TECH is the downweight on Xiaomi Corp (1810 HK) due to sharp capping after significant outperformance since the August review.


Hang Seng Tech Dec23 Index Review/Flows - No Name Changes, Some Big Capping Flows

<ul>
<li>The HSCEI Review for December 2023 was announced on Friday 17 November. </li>
<li>There were no ADDs and no DELETEs, which was a bit of a surprise.</li>
<li>There is about 2.8% one-way to trade. Alibaba (ADR) (BABA US) is a sell across all three major indices.</li>
</ul>


The HSCEI Review for December 2023 was announced on Friday 17 November. 
There were no ADDs and no DELETEs, which was a bit of a surprise.
There is about 2.8% one-way to trade. Alibaba (ADR) (BABA US) is a sell across all three major indices.


HSCEI Dec23 Index Review/​Flows - NO ADDs, No DELETEs; ~2.5% One Way

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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

Meituan (3690 HK)

[Blue Lotus Daily - TMT Update]: BABA/ VIPS/PDD/JD/Meituan, 3690.HK/Tencent, 700.HK/SE

Social retail consumption data improved in October for BABA, VIPS, PDD, 3690.HK, and JD. Tencent increased ownership stake in a Wuxia Genre Gaming...

Blue Lotus Research Institute

StubWorld: Prosus Trading "Rich". And So It Should Be

For long-onlies, the trade is still to replace your Tencent with Prosus. For rel-value players, ~80% of the NAV portfolio is easily hedge-able.

David Blennerhassett

MT (Meituan 3690 HK) Earnings Preview: Rev Up by 24% YoY and 80% Upside, Buy

We expect total revenue will grow by 24% in 3Q23, as catering has been recovering in China. We expect MT can still make positive operating profit...

Ming Lu

Hang Seng Tech Dec23 Index Review/Flows - No Name Changes, Some Big Capping Flows

Hang Seng Index team announced the December 2023 review for the Hang Seng Tech index on 17 Nov after the close. No name changes. But several...

Travis Lundy

HSCEI Dec23 Index Review/Flows - NO ADDs, No DELETEs; ~2.5% One Way

Hang Seng Indices announced the Dec 2023 review for the HSCEI on Friday 17 November after the close. No name changes, which is a surprise....

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]: BABA/ VIPS/PDD/JD/Meituan, 3690.HK/Tencent, 700.HK/SE

​Social retail consumption data improved in October for BABA, VIPS, PDD, 3690.HK, and JD. Tencent increased ownership stake in a Wuxia Genre Gaming...

Blue Lotus Research Institute

StubWorld: Prosus Trading "Rich". And So It Should Be

For long-onlies, the trade is still to replace your Tencent with Prosus. For rel-value players, ~80% of the NAV portfolio is easily hedge-able.

David Blennerhassett

MT (Meituan 3690 HK) Earnings Preview: Rev Up by 24% YoY and 80% Upside, Buy

We expect total revenue will grow by 24% in 3Q23, as catering has been recovering in China. We expect MT can still make positive operating profit...

Ming Lu

Hang Seng Tech Dec23 Index Review/Flows - No Name Changes, Some Big Capping Flows

Hang Seng Index team announced the December 2023 review for the Hang Seng Tech index on 17 Nov after the close. No name changes. But several...

Travis Lundy

HSCEI Dec23 Index Review/​Flows - NO ADDs, No DELETEs; ~2.5% One Way

Hang Seng Indices announced the Dec 2023 review for the HSCEI on Friday 17 November after the close. No name changes, which is a surprise....

Travis Lundy

Social retail consumption data improved in October for BABA, VIPS, PDD, 3690.HK, and JD. Tencent increased ownership stake in a Wuxia Genre Gaming...

HSCEI Dec23 Index Review/Flows - NO ADDs, No DELETEs; ~2.5% One Way