In today’s briefing:
- [Blue Lotus E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce
- The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)
[Blue Lotus E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce
- Early 6/18 pulled June sales into May, leading to disappointing June NBS data. Combined, online retail grew 5.1% yoy in May/June, and 6.4% yoy in 2Q24.
- PDD remained the top shelf-ecommerce platform with GMV growing ~20%, followed by Taobao/Tmall (TTG) at ~6-7%, and JD and VIPS at ~2-3% yoy.
- We expect JD and BABA to report slight earnings beats and guide upbeat on continued profitability improvement in 2H24.
The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)
- Equity ETF flows in China continued to lead Asia as the “National Team” in China supports market levels during the 3rd Plenum.
- CK Infrastructure Holdings (1038 HK) , Genscript Biotech (1548 HK) and BOC Aviation (2588 HK) saw positive news sentiment and share price movements for the week.
- Jiumaojiu (9922 HK) , Aluminum Corporation Of China (2600 HK) and China Hongqiao (1378 HK) saw negative news sentiment and share price drops for the week.
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