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/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）</li>
<li>ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）</li>
<li>1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）</li>
</ul>


LI/XPEV/NIO: Li, Xpeng and GAC AION announced new price actions（+/+/-）
ZLAB: Zai Lab’s revenue growth in 4Q23 is weak, and loss narrowing is limited （-）
1810 HK: Qualcomm exhibited a number of client-side LLM products at MWC Barcelona, covering mobile phones, PCs and communications（+）


[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We summarize the Feb 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Feb 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Competition is stiffer than what discounts show

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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In our previous note we have looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In our previous note we have looked at the company’s past performance. In this note, we will undertake a peer comparison.


Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.</li><li>China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.</li><li>PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projection</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projectionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Post CNY Sales Recovery Could Be Mild

<ul><li>11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.</li><li>Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.</li><li>Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Feb NEV Sales Fell; More New Models from Mar

China

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]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

Auto - Competition is stiffer than what discounts show

We summarize the Feb 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Auto - Post CNY Sales Recovery Could Be Mild

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1211 HK/XPEV/ 1810 HK/LI/NIO/ZLAB/BGNE/MNSO

​Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.

Blue Lotus Research Institute

Auto - Competition is stiffer than what discounts show

We summarize the Feb 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Ola Electric Pre-IPO Peer Comparison - Increasing Competition, but It’s Still the Leader

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Auto - Post CNY Sales Recovery Could Be Mild

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Li, Xpeng, and GAC AION adjust prices; Zai Lab's revenue growth weakens; Qualcomm showcases new products at MWC Barcelona.