Tongcheng-ELong (同程艺龙) Post-IPO Trading Update - Stronger than Expected Listing Performance
Tongcheng-Elong Holdings Ltd (780 HK) (TCEL) raised just over US$180m at HK$9.80 per share, close to the bottom end of its IPO price range. We have...
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Meituan-Dianping Q318 Results: In Food Delivery Segment, Crucial Disclosures Evaporated Post-IPO
This note on Meituan Dianping (3690 HK) Q318 results is split into two main parts: A quick segment-by-segment review of results A closer look at...
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Baozun - Customer Disintermediation Due to Obsolete Business Moat - SELL
We cut Q4 2018 GMV from 50% to 35% YoY, given Baozun Inc. (BZUN US) catastrophic miss last weekend during the 11.11 holiday sales. We estimate...
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Last Week in GER Research: Babytree, NTT, Tongcheng, IDreamSky, Fosun, Sinochem, and Mogu
Below is a recap of the key IPO and event-driven research produced by the Global Equity Research team. This week we highlight the latest on...
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China Consumption: Slow-Down Deepening?
A big question for investors at this juncture is if China (macro) consumption has slowed down and what kind of slow-down (major or mild one) it...
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