China Internet Weekly (24Dec19): Alibaba Reached Record High and Reorganizes Departments

While researching Chinese Internet companies, we frequently come across news that merits being highlighted to investors, however, it is not big enough to warrant a research note. In our "Last Week on China Internet", we have tried to summarize the weekly news flow. If you have any feedback positive/negative please do let us know.

• Alibaba Group Holding (BABA US)'s stock price reached record high since the IPO.
• Alibaba Group Holding (BABA US) consolidated its departments, so fewer managers report to the CEO.
• Tencent Holdings (700 HK)'s corporate clients reached 7,000.
• Pony Ma, the founder was not present at Tencent Holdings (700 HK)'s year-end celebration.

Our ratings of our coverage in China:

• Buy: Alibaba (BABA), Tencent (700 HK), JD.com (JD), Meituan (3690), TAL Education (TAL), New Oriental (EDU).
• Hold: Ctrip.com (CTRP), Autohome (HTHM), 58.com (WUBA), NetEase (NTES)
• Sell: Tencent Music (TME), Baidu (BIDU), Weibo (WB), Pinduoduo (PDD)