JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Rising Cautions on China’s Economy, Currency and Earnings in H2 2018: Macau, NOAH Holdings, JD.com

Macau VIP Rolling Dips, Reduce Exposure to Gaming Stocks

China's Consumer Credit Crunch, Slowing Consumption, & Stock Implications

Turning Negative on Baozun: Software Upgrade Delayed; E-Commerce Premiumization Slows

Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Consumer durables and apparel / Thematic (Sector/Industry)

<p>The initial results of <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding (BABA US)</a> Singles’ Day Shopping Festival which concluded at 11 am ET today came out to be largely in line with the high end of the street expectations.  BABA and <a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446:1">Jd.Com Inc (Adr) (JD US)</a> announced 27% and 26% year-over-year growth in GMV, respectively. The headline data should ease investors’ escalating anxiety over China’s macro slowdown, as these results clearly demonstrate that Chinese consumers are still buying the bargains. </p><p>On the other hand, our tracking indicates that <a href="https://www.smartkarma.com/entities/24184" target="_blank" data-smartkarma-citation="entities:24184:1">Baozun Inc. (BZUN US)</a>, the largest ecommerce service provider servicing brand retailers such as NKE, ADI, Zara, Huawei, GOOS, UA are under pressure in meeting its sales target on Nov 11st.   </p>

The initial results of Alibaba Group Holding (BABA US) Singles’ Day Shopping Festival which concluded at 11 am ET today came out to be largely in line with the high end of the street expectations.  BABA and Jd.Com Inc (Adr) (JD US) announced 27% and 26% year-over-year growth in GMV, respectively. The headline data should ease investors’ escalating anxiety over China’s macro slowdown, as these results clearly demonstrate that Chinese consumers are still buying the bargains. On the other hand, our tracking indicates that Baozun Inc. (BZUN US), the largest ecommerce service provider servicing brand retailers such as NKE, ADI, Zara, Huawei, GOOS, UA are under pressure in meeting its sales target on Nov 11st.   

2018 China’s Singles’ Day GMV Review - First Cut