Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>981 HK/1347 HK/TSMC US/9660 HK: US orders halt of 7nm processor sales to China (+/+/-/-)</li>
<li>XPEV US/1810 HK:Xpeng P7+’s pre-order exceeded 30,000 in the first day, posing a challenge to Xiaomi SU7.(///)</li>
<li>1810 HK: Sales of Xiaomi 15 series break 1mn units, faster than prior model (+)</li>
</ul>


981 HK/1347 HK/TSMC US/9660 HK: US orders halt of 7nm processor sales to China (+/+/-/-)
XPEV US/1810 HK:Xpeng P7+’s pre-order exceeded 30,000 in the first day, posing a challenge to Xiaomi SU7.(///)
1810 HK: Sales of Xiaomi 15 series break 1mn units, faster than prior model (+)


[Blue Lotus Daily]:981 HK/1347 HK/TSMC US/9660 HK/XPEV US/1810 HK/ZTO US/BABA US/Macro News Updated

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

<ul>
<li>1211 HK/XPEV US:Shanghai Further Offers Car Trade-in Subsidies . (+)</li>
<li>ATAT US: China hotel industry remains lukewarm in 3Q24 (-)</li>
<li>ATAT US:Hotel bookings in Shanghai during the CIIE increase by 80% year-on-year (+)</li>
</ul>


1211 HK/XPEV US:Shanghai Further Offers Car Trade-in Subsidies . (+)
ATAT US: China hotel industry remains lukewarm in 3Q24 (-)
ATAT US:Hotel bookings in Shanghai during the CIIE increase by 80% year-on-year (+)


[Blue Lotus Daily]:1211 HK/XPEV US/ATAT US/ZTO US/BABA US/Real Estate News Update/Consumer Sector

<ul>
<li>ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)</li>
<li>ZTO US: New single day parcel volume record achieved at start of Double 11 (+)</li>
<li>2618 HK: Cainiao delivery integrated on the JD platform. (/)</li>
</ul>


ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)
ZTO US: New single day parcel volume record achieved at start of Double 11 (+)
2618 HK: Cainiao delivery integrated on the JD platform. (/)


[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

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 Bottom-Up

<ul>
<li>September &amp; Q324 data confirm slowing of domestic parcel volume growth</li>
<li>Y/Y ASP declines also moderated in Q324, which is beneficial to margins</li>
<li>Meanwhile, X-border parcel volume growth continued to surge last month</li>
</ul>


September &amp; Q324 data confirm slowing of domestic parcel volume growth
Y/Y ASP declines also moderated in Q324, which is beneficial to margins
Meanwhile, X-border parcel volume growth continued to surge last month


Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

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)

[Blue Lotus Daily]:981 HK/1347 HK/TSMC US/9660 HK/XPEV US/1810 HK/ZTO US/BABA US/Macro News Updated

US halts sales of 7nm processors to China; Xpeng P7+ pre-orders surpass 30,000, challenging Xiaomi SU7; Xiaomi 15 series sales exceed 1mn units...

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/XPEV US/ATAT US/ZTO US/BABA US/Real Estate News Update/Consumer Sector

Shanghai offers car trade-in subsidies, China hotel industry lukewarm in 3Q24, but hotel bookings in Shanghai during CIIE surge by 80% year-on-year.

Blue Lotus Research Institute

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:981 HK/1347 HK/TSMC US/9660 HK/XPEV US/1810 HK/ZTO US/BABA US/Macro News Updated

​US halts sales of 7nm processors to China; Xpeng P7+ pre-orders surpass 30,000, challenging Xiaomi SU7; Xiaomi 15 series sales exceed 1mn units...

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/XPEV US/ATAT US/ZTO US/BABA US/Real Estate News Update/Consumer Sector

​Shanghai offers car trade-in subsidies, China hotel industry lukewarm in 3Q24, but hotel bookings in Shanghai during CIIE surge by 80% year-on-year.

Blue Lotus Research Institute

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

​ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Monthly Chinese Express Tracker | Q3 Volume Growth & Price Declines Both Moderated | (October 2024)

Parcel volume growth moderated for the express companies in Q3, but so did price declines. We expect the Chinese express companies to report...

Tracking Traffic

US halts sales of 7nm processors to China; Xpeng P7+ pre-orders surpass 30,000, challenging Xiaomi SU7; Xiaomi 15 series sales exceed 1mn units...

Shanghai offers car trade-in subsidies, China hotel industry lukewarm in 3Q24, but hotel bookings in Shanghai during CIIE surge by 80% year-on-year.

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.