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>700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)</li>
<li>3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)</li>
<li>BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）</li>
</ul>


700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)
3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)
BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）


[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

<ul>
<li>PDD US: Temu merchants report a new round of forced price reductions (+)</li>
<li>3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)</li>
<li>Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)</li>
</ul>


PDD US: Temu merchants report a new round of forced price reductions (+)
3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)
Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch "Delivery in hours" Service, Directly Competing with Meituan(+/-)


[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

<ul>
<li>700 HK：Tencent's &lt;Need for Speed Mobile&gt; is set to be released in 3Q24.(+)</li>
<li>Douyin/3690 HK: Douyin to acquire payment license for local life services biz, implying heightened competition for Meituan.（-）</li>
<li>TCOM: Railway passenger volume during Qingming holiday expected to reach 111% of 2019 level, showing a decline compared to the Spring Festival.</li>
</ul>


700 HK：Tencent's &lt;Need for Speed Mobile&gt; is set to be released in 3Q24.(+)
Douyin/3690 HK: Douyin to acquire payment license for local life services biz, implying heightened competition for Meituan.（-）
TCOM: Railway passenger volume during Qingming holiday expected to reach 111% of 2019 level, showing a decline compared to the Spring Festival.


[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.</li>
<li>Tencent was up 3.5% in HKD and 6.5% in ZAR.</li>
<li>Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.</li>
</ul>


Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.
Tencent was up 3.5% in HKD and 6.5% in ZAR.
Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.


Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.</li>
<li>AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.</li>
<li>Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.</li>
</ul>


In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.
AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.
Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.


China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Trip.com (TCOM US)

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...

Blue Lotus Research Institute

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US/3690 HK/Douyin/1797 HK/2618 HK/NTES US/TCOM US/ATAT US

​Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

​Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...

Blue Lotus Research Institute

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

Merchants in Temu report forced price reductions, Meituan restructures delivery business for efficiency, JD Logistics partners with EastBuy for...

Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...