China/Asia TMT

Shawn Yang

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/ JD/ PDD/ VIPS: Tmall outlines upcoming changes to its platform (-/-/-/-)</li>
<li>LI: Li Auto CEO reveals six pure EVs in pipeline(+)</li>
<li>700HK/NTES/BILI/: Game industry in general:  Domestic game codes published by NPPA（+）</li>
</ul>


BABA/ JD/ PDD/ VIPS: Tmall outlines upcoming changes to its platform (-/-/-/-)
LI: Li Auto CEO reveals six pure EVs in pipeline(+)
700HK/NTES/BILI/: Game industry in general:  Domestic game codes published by NPPA（+）


China TMT Update (Mar.27) - BABA/JD/ PDD/VIPS/LI/700HK/NTES/BILI/ - Tmall Outlines Upcoming Changes

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Analysis: Why China’s 2023 fiscal policy may be less expansionary than it seems</li><li>Xi, Putin call for ‘responsible dialogue’ to end Ukraine crisis</li><li>Beijing’s deaths outrun births for first time in two decades</li></ul>

Analysis: Why China’s 2023 fiscal policy may be less expansionary than it seemsXi, Putin call for ‘responsible dialogue’ to end Ukraine crisisBeijing’s deaths outrun births for first time in two decades

CX Daily: Why China’s 2023 Fiscal Policy May Be Less Expansionary Than It Seems

<ul>
<li>3690HK: Surplus Meituan delivery riders could improve margins beginning in 1Q23 (+)</li>
<li>PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse because of  shortage in labor and warehouse storage capacity (-)</li>
<li>BABA：Taobao is testing “price comparison” feature, which might impact its take rate（-）</li>
</ul>


3690HK: Surplus Meituan delivery riders could improve margins beginning in 1Q23 (+)
PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse because of  shortage in labor and warehouse storage capacity (-)
BABA：Taobao is testing “price comparison” feature, which might impact its take rate（-）


China TMT Update(Mar.23): 3690HK/PDD/BABA - Surplus Meituan Delivery Riders Could Improve Margins

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK). 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

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.

Equity Bottom-Up

<ul><li>PDD Holdings (PDD) announced (20 Mar) 4Q22 results: revenue was up 46.2% YoY to RMB39.8bn, 7/5% below our/Bloomberg consensus estimates.</li><li>NonGAAP net income attributable to PDD increased by 43.4% YoY to RMB12.1bn, 1/8% ahead of our forecast/Bloomberg consensus, thanks to better-thanexpected gross margin.</li><li>We lower our DCF-based TP to US$106.0 (prior US$116.9) to account for PDD’s proactive move to enhance merchants ROI and consumer engagement amid intensified industry competition in the short-term, but maintain BUY as we remain positive on PDD’s established consumer mindshare in domestic market, which should aid steady GMV growth in 2023 and international expansion potential over the long-run.</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.

PDD Holdings (PDD) announced (20 Mar) 4Q22 results: revenue was up 46.2% YoY to RMB39.8bn, 7/5% below our/Bloomberg consensus estimates.NonGAAP net income attributable to PDD increased by 43.4% YoY to RMB12.1bn, 1/8% ahead of our forecast/Bloomberg consensus, thanks to better-thanexpected gross margin.We lower our DCF-based TP to US$106.0 (prior US$116.9) to account for PDD’s proactive move to enhance merchants ROI and consumer engagement amid intensified industry competition in the short-term, but maintain BUY as we remain positive on PDD’s established consumer mindshare in domestic market, which should aid steady GMV growth in 2023 and international expansion potential over the long-run.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.

PDD Holdings (PDD US) – Investment to enhance long-term development prospect

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

China TMT Update (Mar.27) - BABA/JD/ PDD/VIPS/LI/700HK/NTES/BILI/ - Tmall Outlines Upcoming Changes

BABA/JD/PDD/VIPS: Tmall outlines upcoming changes(-/-/-/-); LI: Li Auto CEO reveals six pure EVs in pipeline(+); 700HK/NTES/BILI/game industry in...

Blue Lotus Research Institute

CX Daily: Why China’s 2023 Fiscal Policy May Be Less Expansionary Than It Seems

Analysis: Why China’s 2023 fiscal policy may be less expansionary than it seems. Xi, Putin call for ‘responsible dialogue’ to end Ukraine crisis.

Caixin Global

China TMT Update(Mar.23): 3690HK/PDD/BABA - Surplus Meituan Delivery Riders Could Improve Margins

3690HK: Surplus Meituan delivery riders could improve margins (+); PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse(-);...

Blue Lotus Research Institute

Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.

Sumeet Singh

PDD Holdings (PDD US) – Investment to enhance long-term development prospect

PDD Holdings (PDD) announced (20 Mar) 4Q22 results: revenue was up 46.2% YoY to RMB39.8bn, 7/5% below our/Bloomberg consensus estimates.

CMB International

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