Greater China Equity Long/Short Analyst

Eric Chen

With a blend of sell-side and buy-side perspectives, Eric has covered and researched hundreds of Greater China equities in TMT and consumer spaces - two sectors woven together by the overarching thesis of technology empowering consumption. 

Eric is highly experienced in fundamental equity long short strategy. He seeks to produce differentiated and original research that combines holistic qualitative framework, unique angles and robust modelling. The process helps gain deep insights into critical value drivers misunderstood by the market, which results in mis-priced stocks and hence long/short opportunities.

Pinduoduo (PDD US): Oversold on Concerns About Slowdown

Thematic (Sector/Industry)

Macau Consumer discretionary / Thematic (Sector/Industry)

<ul>
<li>While we were expecting slow but steady growth for China online marketplaces early in 2023, we did underestimate the enduring impact of China property slump on their recovery.</li>
<li>Sluggish macro environment has come above other factors in driving share performance of China e-commerce stocks, but we see the worst behind us, setting stage for the sector’s up cycle.</li>
<li>We believe sector valuation will gradually normalize going into 2H24/1H25 due to a combination of continuous improvements in fundamental and risk appetites for China assets.</li>
</ul>


While we were expecting slow but steady growth for China online marketplaces early in 2023, we did underestimate the enduring impact of China property slump on their recovery.
Sluggish macro environment has come above other factors in driving share performance of China e-commerce stocks, but we see the worst behind us, setting stage for the sector’s up cycle.
We believe sector valuation will gradually normalize going into 2H24/1H25 due to a combination of continuous improvements in fundamental and risk appetites for China assets.


China Online Marketplaces: It Was a Bumpy Journey but the Worst Is Behind Us