In today’s briefing:
- China TMT Update(Apr.10): 700.HK/IQ/NIO/ZLAB/1801HK – Tencent Video and Douyin Reach Cooperation
- ByteDance’s Douyin and Tencent Reach Video Cooperation Deal as Tensions Thaw
- China TMT Update(Apr.12/Pt2)-LKNCY/BGNE/9969HK/ZLAB – Abbview & J&J Voluntarily Withdrew
- China TMT Update(Apr.11/Pt1) – PDD/JD/Li – PDD Launches Electronic Product Consumption Promotion
- The Highlights : Cannabis News for the Week Ending April 7, 2023
- TSMC March Revenue Falls 10.9% MoM
- Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023
China TMT Update(Apr.10): 700.HK/IQ/NIO/ZLAB/1801HK – Tencent Video and Douyin Reach Cooperation
- 700.HK/ IQ： Tencent Video and Douyin reach strategic cooperation （+/-）
- NIO: NIO to allow consumers to lock in EC7 orders starting Apr 10 （+）
- ZLAB/1801HK: ZaiLab started FGFR2 mAb Phase III trial for Gastric Cancer in China (+)
ByteDance’s Douyin and Tencent Reach Video Cooperation Deal as Tensions Thaw
- Rivals ByteDance Ltd.’s Douyin and Tencent Holdings Ltd. have reached a deal to collaborate on video content, marking the latest move toward reconciliation between the two Chinese tech giants that have been locked in copyright disputes for years.
- Under the agreement, Douyin — the Chinese version of TikTok — and Tencent Video will explore cooperating on areas including joint promotion of long and short videos as well as generation of secondary content, Douyin said in a statement on Friday.
- The short-video platform said that Tencent Video will authorize the use of its copyrighted long videos to Douyin, and that rules over the creation of secondary content and publication have been clarified.
China TMT Update(Apr.12/Pt2)-LKNCY/BGNE/9969HK/ZLAB – Abbview & J&J Voluntarily Withdrew
- LKNCY: Luckin Coffee launch new flavor Mint Coconut latte, and co-brand with Doraemon, but with no expectation to be the next blockbuster(+)
- BGNE/9969HK:Abbview & J&J voluntarily withdrew two major indication of IMBRUVICA, a known positive to BeiGene but within our expectations (+)
- ZLAB: GSK’s court battle loss to AZ likely will not affect Zai Lab’s royalty obligation on Zejula (/)
China TMT Update(Apr.11/Pt1) – PDD/JD/Li – PDD Launches Electronic Product Consumption Promotion
- PDD / JD: PDD launches electronic product consumption promotion (-/-)
- JD: JD to implement new AI model for customer service (+)
- LI: Li Auto to unveil all-electric solution on Apr 18 (+)
The Highlights : Cannabis News for the Week Ending April 7, 2023
- Stock indexes finished the holiday-shortened week almost exactly flat, as the MSCI World Index and the S&P 500 ended at 0.01% and -0.05%, respectively.
- Smalls caps followed suit, with the Russell 2000 down 0.01%.
- As has been the trend lately, cannabis stocks declined. The US cannabis-focused MSOS ETF dropped 6.36%, led by Curaleaf (CSE: CURA, OTCQX: CURLF), which was down 15.35%.
TSMC March Revenue Falls 10.9% MoM
- Q1 2023 revenue of ~US$16.7 billion was at the bottom end of the guided range
- Despite the inauspicious start, Q1 revenue still represents sequential growth of 3.6% year on year.
- TSMC’s earnings commentary on April 20 next will set the stage for how recovery looks across the broader semiconductor industry
Weekly Sustainable Investing Surveyor : Week Ended April 7, 2023
- WTR Sustainable Index: During the week ended April 7, 2023, the WTR Sustainable Index underperformed the broader market, falling 9.0% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (down 2.7%), and the Nasdaq Composite Index (down 1.1%).
- Advanced Transportation Solutions (70.0% of the index) contributed to the index underperformance, falling 10.4%, while Industrial Climate and Ag Technology (22.3% of the index) was down 4.5% and Energy Technology was down 8.9%.
- Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.6x versus 18.8x for the S&P 500.
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