In today’s briefing:
- LRCX. Memory Bites. Hard
- Deep Dive on Hong Kong Macro-Economics: HK as a Unique Gateway to China and an Offshore RMB Center
- Baba/Pdd/Jd/Vips/BILI/700 HK/JDL: China TMT Update(Apr.24) – Taobao Cancels Fees for Promotion Event
LRCX. Memory Bites. Hard
- With ~2x exposure to memory compared to its peers, LRCX is feeling the pain
- Q1 revenues of $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.
- For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.
Deep Dive on Hong Kong Macro-Economics: HK as a Unique Gateway to China and an Offshore RMB Center
- Hong Kong is an important gateway to China, allowing foreign investors to invest in China. The City’s strategic location and strong financial infrastructure make it possible
- In this insight we discuss Hong Kong’s uniqueness and its role in channeling capital to and from China, as well as HK being the most important offshore RMB Center
- These factors solidify Hong Kong’s significance in the global economy. We expect Hong Kong to continue to ride on its unique competitive advantages
Baba/Pdd/Jd/Vips/BILI/700 HK/JDL: China TMT Update(Apr.24) – Taobao Cancels Fees for Promotion Event
- BILI/ 700 HK: April domestic game codes published by NPPA
- JD/ PDD/ BABA/JDL: JD commits to maintain its low-price strategy
- BABA/PDD/JD/VIPS: Taobao cancels fees and adjusts algorithm for upcoming “Super Cost-effective Event”
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