Alibaba's FY18 20-F Reveals CaiNiao Network Details: Slower Top-Line Growth, Still Losing Money
After a long delay, Alibaba Group Holding (BABA US) finally released its March 2018 20-F filing last Friday (link here). For us, the most...
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TRACKING TRAFFIC/Chinese Express & Logistics: Wild June Price Movements Suggest a Market in Flux
Tracking Traffic/Chinese Express & Logistics is the hub for our research on China's express parcels and logistics sectors. Tracking...
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TRACKING TRAFFIC/Chinese Express & Logistics: May ASPs Down | Last-Mile CapEx Plan | ZTO Shenanigans
Tracking Traffic/Chinese Express & Logistics is the hub for our research on China's express parcels and logistics sectors. Tracking...
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High-Conviction Short: Schemes That Lifted ZTO Margins In Q118 Likely to Unravel in H218 (Part 2/2)
This note is the second of a two-part report on ZTO Express (ZTO US) and its unique relationship with related party trucking vendor Tonglu Tongze...
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High-Conviction Short: Schemes That Lifted ZTO Margins In Q118 Likely to Unravel in H218 (Part 1/2)
In recent months, and in particular after the release of surprisingly strong Q118 results on May 9th, we have become more concerned about the murky...
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