Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.</li>
<li>Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).</li>
<li>Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.</li>
</ul>


It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.
Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).
Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.


NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

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>3690 HK/ JD US: Yonghui Superstores and Meituan Begin Cooperation.（+/-）</li>
<li>700 HK: Tencent Announces New Mobile Game &lt;Monster Hunter: Traveler&gt; in Collaboration with CAPCOM (+)</li>
<li>700 HK: Ex-CAPCOM Renowned Game Producer Joins Tencent’s Lightspeed Japan Studio (+)</li>
</ul>


3690 HK/ JD US: Yonghui Superstores and Meituan Begin Cooperation.（+/-）
700 HK: Tencent Announces New Mobile Game &lt;Monster Hunter: Traveler&gt; in Collaboration with CAPCOM (+)
700 HK: Ex-CAPCOM Renowned Game Producer Joins Tencent’s Lightspeed Japan Studio (+)


[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

Andy Fu

<ul>
<li>Last week, China's RmbB12tn debt swap plan fall short of investors' expectations. The pattern of trying to control the release of stimulus and manage the expectations is obvious;</li>
<li>We notice that the government has injected more-than-required liquidity to the bank system. Such magnitude can only be explained by preparation for a long, drawn-out war; </li>
<li>MOF's injection to banks to beef up capital adequacy ratio likely indicates the amount of stimulus that is about to happen to reflate the balance sheets of the local governments.</li>
</ul>


Last week, China's RmbB12tn debt swap plan fall short of investors' expectations. The pattern of trying to control the release of stimulus and manage the expectations is obvious;
We notice that the government has injected more-than-required liquidity to the bank system. Such magnitude can only be explained by preparation for a long, drawn-out war; 
MOF's injection to banks to beef up capital adequacy ratio likely indicates the amount of stimulus that is about to happen to reflate the balance sheets of the local governments.


China Has Stockpiled Arsenals to Meet Trump's Tariff War

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.


SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

<ul>
<li>JD US/3690 HK:JD.com to Launch Self-operated On-Demand Delivery Service. (+/-)</li>
<li>JD US/BABA US/1810 HK:Shanghai expands the products eligible for home appliance subsidies (+/+/+)</li>
<li>BABA US / 700 HK: Alipay suffers brief outage. (-/+)</li>
</ul>


JD US/3690 HK:JD.com to Launch Self-operated On-Demand Delivery Service. (+/-)
JD US/BABA US/1810 HK:Shanghai expands the products eligible for home appliance subsidies (+/+/+)
BABA US / 700 HK: Alipay suffers brief outage. (-/+)


[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

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)

NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Comments made by Bloisi in a recent interview with the Financial Times have weighed on the discount, reiterating whether it was the right approach...

DMA

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

Blue Lotus Research Institute

China Has Stockpiled Arsenals to Meet Trump's Tariff War

China's government debt swap plan disappoints investors, but more stimulus is likely as we read from the more-than-adequate capital adequacy...

Blue Lotus Research Institute

SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about the...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Comments made by Bloisi in a recent interview with the Financial Times have weighed on the discount, reiterating whether it was the right approach...

DMA

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/700 HK/BIDU US/BABA US/PDD US

​Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

Blue Lotus Research Institute

China Has Stockpiled Arsenals to Meet Trump's Tariff War

​China's government debt swap plan disappoints investors, but more stimulus is likely as we read from the more-than-adequate capital adequacy...

Blue Lotus Research Institute

SF Holdings A/H Listing - Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about the...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD/3690 HK/BABA/1810 HK/700 HK/BILI/1024 HK/BIDU/20 HK/NTES/SE/GRAB

​JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.

Blue Lotus Research Institute

Yonghui Superstores and Meituan partner up, Tencent announces new mobile game collaboration with CAPCOM and hires ex-CAPCOM producer for...

China's government debt swap plan disappoints investors, but more stimulus is likely as we read from the more-than-adequate capital adequacy...

JD.com is launching a self-operated on-demand delivery service, Shanghai expands home appliance subsidies, and Alipay experiences a brief outage.