Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/qifu-technology-inc" target="_blank" data-smartkarma-citation="entities:36657:1" rel="noopener">Qifu Technology (3660 HK)</a> , <a href="https://www.smartkarma.com/entities/q-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:79:1" rel="noopener">Q Technology Group (1478 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> all advanced on strong 2Q earnings announcements. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> disappointed on earnings and monthly user numbers.  <a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services (6098 HK)</a> declined in anticipation of a large drop in earnings in 2Q 2024.
</li>
</ul>


Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.

Qifu Technology (3660 HK) , Q Technology Group (1478 HK) and JD Logistics (2618 HK) all advanced on strong 2Q earnings announcements. 


Tencent Music Entertainment Group (1698 HK) disappointed on earnings and monthly user numbers.  Country Garden Services (6098 HK) declined in anticipation of a large drop in earnings in 2Q 2024.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

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: Based on &lt;DnF Mobile&gt; Developer Nexon's 2Q24 Financial Report, the Game Generated around RMB 7bn in Revenue During the Quarter (+)</li>
<li>700 HK: &lt;League of Legends&gt; to Introduce Another PVE Game Mode (+)</li>
<li>BILI US: Bilibili's &lt;Aether Gazer&gt; to Shut Down on November 12 (/)</li>
</ul>


700 HK: Based on &lt;DnF Mobile&gt; Developer Nexon's 2Q24 Financial Report, the Game Generated around RMB 7bn in Revenue During the Quarter (+)
700 HK: &lt;League of Legends&gt; to Introduce Another PVE Game Mode (+)
BILI US: Bilibili's &lt;Aether Gazer&gt; to Shut Down on November 12 (/)


[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Consumer Industry Update:Hubei province takes the lead in implementing the home appliance replacement policy (+)</li>
<li>ATAT US/TCOM US:The year-on-year decline in hotel RevPAR narrowed in the second week of August, showing resilient in hotel demand.(+/+)</li>
<li>ATAT US/TCOM US: MCT plans to cut the prices of scenic spot tickets, bodes well to tourism demand. (+/+)</li>
</ul>


Consumer Industry Update:Hubei province takes the lead in implementing the home appliance replacement policy (+)
ATAT US/TCOM US:The year-on-year decline in hotel RevPAR narrowed in the second week of August, showing resilient in hotel demand.(+/+)
ATAT US/TCOM US: MCT plans to cut the prices of scenic spot tickets, bodes well to tourism demand. (+/+)


[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a>, a provider of autonomous driving products and services, seeks to raise between US$200 to US$300 million through a Nasdaq IPO.    </li>
<li>WeRide is the most commercially successful L4 autonomous driving company globally, measured by commercialization revenue in 2021, 2022 and 2023.</li>
<li>The bull case rests on a large TAM, strong product capabilities, near-term mass commercialization, articulation of a path to profitability, improving earnings quality and presence of blue-chip investors. </li>
</ul>



WeRide (WRD US), a provider of autonomous driving products and services, seeks to raise between US$200 to US$300 million through a Nasdaq IPO.    
WeRide is the most commercially successful L4 autonomous driving company globally, measured by commercialization revenue in 2021, 2022 and 2023.
The bull case rests on a large TAM, strong product capabilities, near-term mass commercialization, articulation of a path to profitability, improving earnings quality and presence of blue-chip investors. 


<ul>
<li>BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Significant Grossing Ranking Rebound After Season 2 Update (+)</li>
<li>TCOM US:Beijing's tourist arrivals increased by 16.7% YoY in July (+)</li>
<li>TCOM US: Amap Launches Airport Shuttle Service in Hong Kong (-)</li>
</ul>


BILI US: Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Significant Grossing Ranking Rebound After Season 2 Update (+)
TCOM US:Beijing's tourist arrivals increased by 16.7% YoY in July (+)
TCOM US: Amap Launches Airport Shuttle Service in Hong Kong (-)


[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...

Blue Lotus Research Institute

WeRide (WRD US) IPO: The Bull Case

The bull case rests on a large TAM, strong capabilities, near-term mass commercialization, articulation of a path to profitability, improving...

Arun George

[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...

Blue Lotus Research Institute

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The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

​Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...

Blue Lotus Research Institute

[Blue Lotus Daily]:ATAT US/TCOM US/1810 HK/AAPL US/1519 HK/ZTO US/XPEV US/2454 TT/QCOM US/LKNCY US

​Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...

Blue Lotus Research Institute

WeRide (WRD US) IPO: The Bull Case

The bull case rests on a large TAM, strong capabilities, near-term mass commercialization, articulation of a path to profitability, improving...

Arun George

[Blue Lotus Daily-TMT Update]:BILIUS/TCOMUS/SEUS/PDDUS/4689JP/4385JP/BABAUS/3690HK/JDUS/700HK/NTESUS

​Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...

Blue Lotus Research Institute

Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...

Hubei province leads in home appliance replacement policy; hotel RevPAR decline narrows in August; MCT cuts scenic spot ticket prices to boost...

Bilibili's <three mdtx kingdoms:=""> sees ranking rebound, Beijing tourist arrivals up 16.7% YoY in July, Amap launches airport shuttle in Hong...