Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>After CaiNiao halted IPO in late March, company reported lower Q4 margins</li>
<li>What drove Q4 margin deterioration, retention payments or weaker X-border?</li>
<li>With IPO off the table, supporting AliExpress becomes CaiNiao's main role</li>
</ul>


After CaiNiao halted IPO in late March, company reported lower Q4 margins
What drove Q4 margin deterioration, retention payments or weaker X-border?
With IPO off the table, supporting AliExpress becomes CaiNiao's main role


CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

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>PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)</li>
<li>TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)</li>
<li>700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)</li>
</ul>


PDD US/SHEIN/AMZN US: Temu opens up platform to brand merchants (+/-/-)
TCOM US/3690 HK/ATAT US  :  Visa-free policy for 12 countries including France extended until December 31, 2025.(+/+/+)
700 HK: After the release of new limited skins for &lt;League of Legends: Wild Rift&gt;, there has been a noticeable rebound in grossing rankings.(+)


[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

<ul>
<li>TCOM US/ATAT US: The increase in rainfall will negatively impact travels during the Labor Day holiday.(-/-)</li>
<li>META US/MSFT US /GOOGL US /SNAP US: The application of AI in advertising on short video and social platforms may result in greater efficiency than search advertising.（///////）</li>
<li>3690 HK: Meituan plans to expand into the Middle East Riyadh via KeeTa.（-）</li>
</ul>


TCOM US/ATAT US: The increase in rainfall will negatively impact travels during the Labor Day holiday.(-/-)
META US/MSFT US /GOOGL US /SNAP US: The application of AI in advertising on short video and social platforms may result in greater efficiency than search advertising.（///////）
3690 HK: Meituan plans to expand into the Middle East Riyadh via KeeTa.（-）


[Blue Lotus Daily - TMT Update]:TCOM US/ATAT US/METAUS/MSFTUS /GOOGLUS /SNAPUS/3690HK/NTESUS/SHEINUS

Equity Bottom-Up

<ul>
<li>ASPs remain under pressure as STO, J&amp;T gain volume share in ground segment</li>
<li>March showed a surprising slowdown in pace of international volume growth</li>
<li>We believe Q423 and Q124 company-level profitability will mostly disappoint</li>
</ul>


ASPs remain under pressure as STO, J&amp;T gain volume share in ground segment
March showed a surprising slowdown in pace of international volume growth
We believe Q423 and Q124 company-level profitability will mostly disappoint


Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

<ul>
<li>PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)</li>
<li>NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)</li>
<li>BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping</li>
</ul>


PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)
NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)
BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping


[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

Hong Kong

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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SHEIN (1895674D HK)

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:TCOM US/ATAT US/METAUS/MSFTUS /GOOGLUS /SNAPUS/3690HK/NTESUS/SHEINUS

rainfall will impact travel during Labor Day. Meituan expand into the Middle East Riyadh. NPPA released the game code. SHEIN designated asVLOP....

Blue Lotus Research Institute

Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

Domestic parcel volume slowed in March, and unit pricing remains under pressure. In addition, it appears the previously strong growth of Chinese X...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CaiNiao Q4FY Results: After IPO Withdrawn, Margins Fell | Retention Payments, or Something Else?

Alibaba's logistics subsidiary CaiNiao reported an EBITA loss in its Q4 results, the first in FY24. Was it the result of retention payments after...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US/SHEIN/AMZN US/TCOM US/3690 HK/ ATAT US/700 HK

​Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:TCOM US/ATAT US/METAUS/MSFTUS /GOOGLUS /SNAPUS/3690HK/NTESUS/SHEINUS

rainfall will impact travel during Labor Day. Meituan expand into the Middle East Riyadh. NPPA released the game code. SHEIN designated asVLOP....

Blue Lotus Research Institute

Monthly Chinese Express Tracker | March ASPs Fell, Again | Volumes Moderated, Including X-Border

Domestic parcel volume slowed in March, and unit pricing remains under pressure. In addition, it appears the previously strong growth of Chinese X...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

​NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

Temu allows brand merchants on platform, visa-free policy extended for 12 countries, limited skins boost grossing rankings for League of Legends:...

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...