Tencent (700 HK) – Real Operating Margin Actually Fell
Tencent announced that the operating margin improved 1 percentage point in 2018 versus 2017, but we believe the operating margin declined for two...
249 Views
China Newsfeeds Advertising: Catfish Agitates the Sector
●In our view, China’s newsfeeds online advertising sector will be generally driven up by Toutiao’s aggressive expansion in 2018. Altogether, we...
106 Views
Sogou 搜狗 2017 Q4: Bigger, yet Smaller
For Chinese search engine Sogou 搜狗 ('search dog'), I think this last quarter was about it's balance sheet, which is now bigger, as a result of a...
211 Views
Sogou 搜狗: Not So Goud (*groan*)
Sogou's IPO priced at the high end ($13) exactly as contemplated, making this ripe for a short trade with excellent risk/reward.This note is a...
428 Views
Rong360 融360 (Jianpu Technology) IPO: A Qunar Rebuilt for Personal Finance?
Jianpu Technology, a leading personal finance product portal in China, is raising up to USD236m to list on the NYSE. Given that there is previous...
355 Views