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/ 1211 HK/ XPEV/ NIO: In the 12th week of 2024, new energy vehicles continued to maintain steady growth, BYD once again led and Li fell behind again（///////）</li>
<li>1211 HK : China to challenge Biden’s electric vehicle plans at the WTO (+)</li>
<li>NIO US: NIO US revised down C1Q24 delivery target. (+)</li>
</ul>


LI/ 1211 HK/ XPEV/ NIO: In the 12th week of 2024, new energy vehicles continued to maintain steady growth, BYD once again led and Li fell behind again（///////）
1211 HK : China to challenge Biden’s electric vehicle plans at the WTO (+)
NIO US: NIO US revised down C1Q24 delivery target. (+)


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

<ul>
<li>1810 HK: Multiple reports show that Xiaomi‘s new car reservations very popular, but is it effective to skip professional test drives and directly market to the car buyers?（/）</li>
<li>ATAT: Atour tests a 50% discount promotion on Sunday, bodes well for occupancy rates and revenue.(+)</li>
<li>LI/1810 HK/XPEV/NIO/1211 HK:The Cyberspace Administration of China publishes regulations on cross-border data flows, which may clear the way for Tesla FSD to enter China（////-/-//）</li>
</ul>


1810 HK: Multiple reports show that Xiaomi‘s new car reservations very popular, but is it effective to skip professional test drives and directly market to the car buyers?（/）
ATAT: Atour tests a 50% discount promotion on Sunday, bodes well for occupancy rates and revenue.(+)
LI/1810 HK/XPEV/NIO/1211 HK:The Cyberspace Administration of China publishes regulations on cross-border data flows, which may clear the way for Tesla FSD to enter China（////-/-//）


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

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

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s past performance in our earlier notes.  In this note, we provide our initial thoughts on valuations.</li>
</ul>



Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s past performance in our earlier notes.  In this note, we provide our initial thoughts on valuations.


Sichuan Baicha Baidao Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its Hong Kong IPO, while <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha </a> (ChaPanda), <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming</a> (Good me) and <a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea </a>are said to be looking to raise around US$300m.</li>
<li>All four are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.</li>
<li>We undertook a peer comparison in Feb 2024. In this note, we add Auntea to the mix and include the latest financials for ChaPanda.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha  (ChaPanda), Guming (Good me) and Auntea are said to be looking to raise around US$300m.
All four are primarily focussed on providing freshly-made drinks, including freshly-made fruit drinks, and tea, with some selling ice cream, coffee, baked goods and ready to drink beverages as well.
We undertook a peer comparison in Feb 2024. In this note, we add Auntea to the mix and include the latest financials for ChaPanda.


MIXUE/ChaPanda/Good Me/Auntea Pre-IPO - Updated Peer Comparison

Event-Driven

<ul>
<li>WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. The lockup on some of its parent’s stake will expire soon.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. The lockup on some of its parent’s stake will expire soon.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.
In this note, we will talk about the lock-up dynamics and updates since our last note.


W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead

China

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Beiqi Foton Motor Co., Ltd. manufactures and markets automobiles and parts. The Company produces light trucks, medium trucks, heavy trucks, passenger cars, and engine parts. Beiqi Foton Motor also conducts automotive wholesale businesses domestically and internationally.

Lifan Industry (Group) Company Limited develops, manufactures and sells motorcycles, cars and gasoline engines. The Company's major products include motorcycles, motorcycle engines, passenger cars, passenger car engines, gasoline engines and other terminal products such as generator sets, water pumps and lawn mowers.

Jiangling Motors Corp. Ltd. manufactures and sells vehicles and related components.  The Company's main products include JMC series trucks and pickups, and Transit series commercial buses.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under license from Fiat.  The Group also imports Alfa Romeo and Fiat cars for domestic market and provides financing services.

Ford Otomotiv Sanayi A.S. manufactures, imports and distributes Ford model trucks, automobiles, mini-buses, vans, trailers, and pickups.  Ford Otomotiv primarily sells its passenger vehicles and light trucks domestically, and exports majority of its commercial van production.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

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

new energy vehicles continued to maintain steady growth, BYD once again led and Li fell behind again.China to challenge Biden’s electric vehicle...

Blue Lotus Research Institute

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

Li lowered the first quarter and full-year delivery targets.The Cyberspace Administration of China publishes regulations on cross-border data...

Blue Lotus Research Institute

Sichuan Baicha Baidao Pre-IPO - Thoughts on Valuation

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. We have looked at the past performance in our...

Sumeet Singh

MIXUE/ChaPanda/Good Me/Auntea Pre-IPO - Updated Peer Comparison

Mixue is looking to raise about US$1bn in its Hong Kong IPO, while Sichuan Baicha ChaPanda, Good me and Auntea are looking to raise around US$300m....

Sumeet Singh

W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead

WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. The lockup on some of its parent’s stake will expire...

Sumeet Singh

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