China/Asia TMT

Shawn Yang

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

Thematic (Sector/Industry)

<ul>
<li>ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)</li>
<li>HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)</li>
<li>3690. HK : Keeta expands into Hong Kong Island (-)</li>
</ul>


ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)
HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)
3690. HK : Keeta expands into Hong Kong Island (-)


China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech.


HK Short Interest Weekly: ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech

<ul>
<li>A key feature of iPhone 15 is 3nm Bionic chipset with enhanced game supports. </li>
<li>This, however, will not break the tie of Apple vs. Huawei;</li>
<li>We see game engine benefiting from upcoming competition between Apple, Qualcomm, MTK and Huawei, more so though AI.</li>
</ul>


A key feature of iPhone 15 is 3nm Bionic chipset with enhanced game supports. 
This, however, will not break the tie of Apple vs. Huawei;
We see game engine benefiting from upcoming competition between Apple, Qualcomm, MTK and Huawei, more so though AI.


[Blue Lotus Entertainment Sector Update]: Game Cannot Break the Tie of Hardware but AI Can

<ul>
<li>(-) Tencent's new game "SYNCED" has yielded mediocre results, leaving players disappointed.</li>
<li>3690.HK/002352.SH/DADA: Douyin expands food delivery service cities and introduces regional agents (-/+/+)</li>
<li>APPL/UBI.PA/CCOEY/HK700/NTES: The photorealistic rendering technology of the A17 Pro biochip could potentially usher smartphone gaming into the next generation. (+)</li>
</ul>


(-) Tencent's new game "SYNCED" has yielded mediocre results, leaving players disappointed.
3690.HK/002352.SH/DADA: Douyin expands food delivery service cities and introduces regional agents (-/+/+)
APPL/UBI.PA/CCOEY/HK700/NTES: The photorealistic rendering technology of the A17 Pro biochip could potentially usher smartphone gaming into the next generation. (+)


China TMT Update-700.HK/3690/2352.CH/DADA/APPL/UBI/NTES-"SYNCED"/Douyin Expands Food Delivery

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>NetEase delivered a mixed set of results in the quarter, with revenues well below expectations, but managed an earnings beat.</li><li>Revenues from the Fantasy Westward Journey Saga continued to increase year over year in the quarter, again impressing the industry with this IP's enduring appeal.</li><li>In the second quarter, Cloud Music's GP margin increased significantly because of the growth of membership services and ongoing cost-cutting initiatives.</li></ul>

NetEase delivered a mixed set of results in the quarter, with revenues well below expectations, but managed an earnings beat.Revenues from the Fantasy Westward Journey Saga continued to increase year over year in the quarter, again impressing the industry with this IP's enduring appeal.In the second quarter, Cloud Music's GP margin increased significantly because of the growth of membership services and ongoing cost-cutting initiatives.

NetEase Inc.: New Gaming Studio Launch & Other Major Drivers

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

ZTO/002352.CH/BABA/PDD: Parcel volume data suggests continued consumption rebound (+);HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi...

Blue Lotus Research Institute

HK Short Interest Weekly: ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech

We analyzed the latest HK SFC report for aggregate short position as of Sep 8th and highlight short interest changes in ICBC, Xiaomi, Petrochina,...

Ke Yan, CFA, FRM

[Blue Lotus Entertainment Sector Update]: Game Cannot Break the Tie of Hardware but AI Can

A key feature of iPhone 15 is 3nm Bionic chipset with enhanced game supports.We see game engine benefiting from upcoming competition between Apple,...

Blue Lotus Research Institute

China TMT Update-700.HK/3690/2352.CH/DADA/APPL/UBI/NTES-"SYNCED"/Douyin Expands Food Delivery

Tencent's new game "SYNCED" has yielded mediocre results. 3690.HK/002352.SH/DADA: Douyin expands food delivery service; APPL/UBI.PA/CCOEY/HK700...

Blue Lotus Research Institute

NetEase Inc.: New Gaming Studio Launch & Other Major Drivers

NetEase delivered a mixed set of results in the quarter, with revenues well below expectations, but managed an earnings beat. Revenues from the...

Baptista Research

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