In today’s briefing:
- China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN – Meituan and Alipay Release May 1st Holiday Data
- Top Chinese Digital Banks Report More Bad Loans but Higher Earnings
- China TMT Update (May 5-Pt1): NTES/PDD/LKNCY/2150HK/ATAT：Justice Mobile Launches 2nd Round Test
- Hardly Anybody in China Stayed Home for the Holidays
China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN – Meituan and Alipay Release May 1st Holiday Data
- 3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
- PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
- LEGN： Johnson & Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)
Top Chinese Digital Banks Report More Bad Loans but Higher Earnings
- Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metrics
- Ant Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year.
- That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.
China TMT Update (May 5-Pt1): NTES/PDD/LKNCY/2150HK/ATAT：Justice Mobile Launches 2nd Round Test
- NTES: Justice Mobile launches 2nd round of closed beta test (-)
- PDD: PDD announces RMB 4bn in subsidies for annual May 5th Shopping Festival (+)
- LKNCY/2150HK/ATAT: Labor Day holiday Tourism consumption recovered to pre-covid level in labor day holiday, and catering sector is leading the retail recovery trend.(+)
Hardly Anybody in China Stayed Home for the Holidays
- Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday
- Travelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and Tourism
- Revenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year
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