China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Sea (SE US, SELL, TP US$51) TP Change]: Competitive Landscape Intensifying… Cut TP to $51

[Sea Limited (SE US, SELL, TP US$35) Target Price Change]: Long-Term Headwinds Amid Upsides in 3Q

[Sea Limited (SE US, SELL, TP US$60) Target Price Change]: Cut Gaming Revenue and Margin Forecast

[Sea Limited (SE US, SELL, TP US$62) Earnings Preview]: Increase Spending in ECommerce and Gaming

[Sea Limited (SE US) Target Price Change]: Expect Weak Growth Trend into 2023

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Recently, there has been more discussion about TikTok's e-commerce business in Southeast Asia on Chinese media and social networks.</li>
<li>Many service providers and entrepreneurs in China have also been inspired and hope to take the lead in the market with their domestic experience.</li>
<li>We estimate that TikTok’s 2023 GMV in Southeast Asia will reach 20%~ of Shopee, and this is one of the key reasons why we are bearish to SE.</li>
</ul>


Recently, there has been more discussion about TikTok's e-commerce business in Southeast Asia on Chinese media and social networks.
Many service providers and entrepreneurs in China have also been inspired and hope to take the lead in the market with their domestic experience.
We estimate that TikTok’s 2023 GMV in Southeast Asia will reach 20%~ of Shopee, and this is one of the key reasons why we are bearish to SE.


SE/Tiktok:Chinese Practitioners' Discussions About TikTok's E-Commerce Business in Southeast Asia