NetEase Secondary Listing: Coming Home
NetEase Inc (NTES US) is the second-largest mobile game company in the world as measured by combined iOS and Google Play user spend in 2019,...
360 Views
GSX: Minimal Market Share; ~80% Fake Enrollment and Operational Irregularities
Last week, we conducted a market survey among K12 parents who registered their child(ren) for at least one class with Gaotu and/or GSX Techedu (GSX...
475 Views
Accelerating Structural Trends to Drive Continued Outperformance in China Tech
We maintain our overweight on Hong Kong and China Tech as the dual COVID tailwinds of permanently shifting consumer behaviors and rapid enterprise...
302 Views
Youdao 1Q20: K-12 Paid Enrollments Soar 360% as Gross Margin Expands; Maintain OW (28% Upside)
We maintain our overweight rating on Youdao as decade-long structural trends are brought forward by years and consumers increasingly shift spend to...
116 Views
Youdao Coverage Initiation: Thriving in a COVID and Post-COVID World, Initiate at OW (~58% Upside)
Online education is one of the brightest opportunities today as the coronavirus pandemic has fundamentally changed consumer behaviors and brought...
279 Views