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>BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)</li>
<li>700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)</li>
<li>BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)</li>
</ul>


BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)
700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)
BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.</li>
<li>There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. </li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. </li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok in order to create Indonesia's leading e-commerce platform.
There had been earlier indications that a deal was in the offing but the size of TikTok's stake was surprising plus it has committed to invest US$1.5bn in Tokopedia. 

GoTo will retain a 24.99% non-dilutive stake and will receive an ongoing revenue stream from Tokopedia in line with its scale and growth contributing directly to its EBITDA. 


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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/zkh-group" target="_blank" data-smartkarma-citation="entities:36818:1" rel="noopener">ZKH Group (ZKH US)</a> is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.</li>
<li>ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.</li>
</ul>



ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.
ZKH Group is a leading maintenance repair and operations (MRO) procurement service platform in China, according to CIC, providing one-stop MRO procurement and management services and digital and fulfillment solutions.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.


ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

<ul>
<li>SE/BABA/1519.HK: Shopee and Lazada plan to raise Commission Rates in Indonesia (+/+/-)</li>
<li>CPNG/PDD/BABA: AliExpress to open logistics center in South Korea to shorten delivery time (-/-/+)</li>
<li>3690.HK: Meituan Grocery re-branded as Ella Supermarket, targets turning profit in 2024 (+)</li>
</ul>


SE/BABA/1519.HK: Shopee and Lazada plan to raise Commission Rates in Indonesia (+/+/-)
CPNG/PDD/BABA: AliExpress to open logistics center in South Korea to shorten delivery time (-/-/+)
3690.HK: Meituan Grocery re-branded as Ella Supermarket, targets turning profit in 2024 (+)


[Blue Lotus Daily - TMT Update]: SE/BABA/1519.HK/BIDU/700 HK/CPNG/PDD/BABA/3690 HK

Atour Lifestyle Holdings / Equity Capital Markets

<ul>
<li>Legend Capital (LC), one of the principal shareholders of <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a>, is looking to raise around US$124m through a secondary selldown. </li>
<li>The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$124m through a secondary selldown. 
The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  
In this note, we will talk about the placement and run the deal through our ECM framework.


Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Sea (SE US)

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

GoTo (GOTO IJ) - TikTok Taking Tokopedia

GoTo Gojek Tokopedia has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok to create Indonesia's leading e-commerce...

Angus Mackintosh

ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

[Blue Lotus Daily - TMT Update]: SE/BABA/1519.HK/BIDU/700 HK/CPNG/PDD/BABA/3690 HK

Shopee and Lazada to increase commission rates in Indonesia. AliExpress to open logistics center in South Korea for faster delivery. Meituan...

Blue Lotus Research Institute

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

​Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

GoTo (GOTO IJ) - TikTok Taking Tokopedia

GoTo Gojek Tokopedia has announced that it will sell a controlling 75.01% stake in Tokopedia to TikTok to create Indonesia's leading e-commerce...

Angus Mackintosh

ZKH Group Pre-IPO - Refiling Updates - Hardly Looks Any More Attractive

ZKH Group (ZKH US) is looking to raise about US$150m in its upcoming US IPO, after downsizing from an earlier reported float of US$300m.

Ethan Aw

[Blue Lotus Daily - TMT Update]: SE/BABA/1519.HK/BIDU/700 HK/CPNG/PDD/BABA/3690 HK

​Shopee and Lazada to increase commission rates in Indonesia. AliExpress to open logistics center in South Korea for faster delivery. Meituan...

Blue Lotus Research Institute

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Shopee and Lazada to increase commission rates in Indonesia. AliExpress to open logistics center in South Korea for faster delivery. Meituan...