JD Secondary Trading Update - Strong Demand but Won't Have Any Index Flows
JD.com Inc (ADR) (JD US) raised around US$4.4bn (including over-allocation) via its secondary listing in Hong Kong. I've covered various aspects...
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Discussion with PDD's IR Team (Part II): Mid-Term Strategy Seems to Be Different from Alibaba and JD
Our recent conversation with the Pinduoduo (PDD US)’s IR team suggests that the company’s medium-term strategy is broadly different from other...
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Short YTO Express: Sharp Recovery in Volume Masks Effects of Intensifying Price War
After getting hit by Covid-19 in February and early March, Chinese express company YTO Express (600233 CH) has roared back to life, hitting a...
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Pinduoduo: Key Takeaways from Our Discussion with the IR Team (Part I) – Cooked Books?
We reached out to Pinduoduo (PDD US)’s IR team for comment about the concerns we had in our previous note, Pinduoduo: Inflated Top Line, Inflated...
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JD.com: A Quick Look at Fundamentals Ahead of the HKEX Listing
Despite the recent rally in the share price, we believe it is still worth participating in JD.com Inc (ADR) (JD US)’s secondary listing at a...
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