Daily Brief China: Dida, Kuaishou Technology, Bilibili Inc, Luckin Coffee, Mobvoi, Shenzhen Edge Medical, Country Garden Holdings Co and more

• Chinese carpooling platform Dida (DIDA HK) has refiled for an IPO on the HKEx for the second time (in 2020 and 2021) and could raise around US$200m through the IPO.
• Dida’s last two attempts were not successful and some news media outlets reported that Dida has got assurance from regulators to go ahead with the IPO.
• In this insight, we take a look at the new data points from the company’s latest IPO filings.

• Two JD.com departments began to try fresh food front-line warehouse again.
• Radio and Television Administration plans to clean the content in short video.
• Herman Yu, Baidu’s chief strategy officer and formerly CFO, just resigned.

• BILI’s 4Q22 top line was basically in line, while non-GAAP net loss beat cons. by 8.28%. We largely dial down 2023 revenue forecast. 
• Moreover, we also suggest that recent meeting by the National Radio and Television Administration (NRTA) to curb short video addiction for minor protection would heavily impact BILI.
• Maintain SELL and cut TP to US$ 15.4, which implies 1.85X PS in 2023.

• Luckin Coffee reported its 4Q22 revenue, non-GAAP operating income, and non-GAAP net income (9.1%), (11.4%), (57.9%) lower than our estimate. 
• The store temporary close due to Covid impact is the main reason for revenue miss, and the higher income tax payment is the reason for the miss on NI.  
• We expect Luckin to catch up the store expansion schedule in 1Q23 at 730 new stores, and reach to 10,500 total stores by the end of 2023. 

• Mobvoi uses AI technology to improve the next generation human-machine interaction. The company’s key partners include Google and Volkswagen.
• Mobvoi provides full-stack AI solutions for various hardware-software integration, voice interaction technology and engineering capabilities. The key sectors served include IoT, finance, telecommunications, F&B, and auto. 
• Since the founding of the company in 2012, the company has raised US$253 million in funding. Major investors in the company include Sequoia Capital, ZhenFund, SIG, and Google. 

• MP1000 has strong technical strength, setting it apart from Toumai. SP1000’s advantages are more obvious and the competitive landscape is also better than multi-port surgical robots, indicating corner overtaking opportunity.
• With favorable policy support, Shenzhen Edge Medical (SEM HK) is embracing a golden opportunity. But the commercialization outlook of surgical robots in China is actually not optimistic.
• As a later-comer in surgical robots industry, without the synergy from parent company, Edge’s future sales performance could be even weaker. So, its valuation should be lower than Medbot.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Country Garden Holdings Co
• Lippo Malls Indonesia Retail Trust
• NagaCorp Ltd
• Times China