Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)</li>
<li>BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)</li>
<li>PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)</li>
</ul>


JD US/1810 HK/BABA US:NRDC announces positive results for “old-for-new” trade-in during September (+)
BILI US:Bilibili's &lt;Three Kingdoms: MDTX&gt; Shows Robust Gross Billings Performance After Season 3 Update (+)
PDD US/BABA US/JD US: PDD reduces the minimum withdrawal threshold for funds (/)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

<ul>
<li>NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)</li>
<li>700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)</li>
<li>700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)</li>
</ul>


NTES US: &lt;Hearthstone&gt; PC Preload Begins, Official Return on September 25 (+)
700 HK: Tencent's &lt;Peacekeeper Elite&gt; Tops iOS Grossing Chart After Major Gameplay Update.(+)
700 HK: Tencent's FPS Game &lt;Delta Force&gt; Pre-launch Character Creation Event Starts, Launch on September 26 (/)


[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.</li>
<li>China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.</li>
<li>We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.</li>
</ul>


Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.
China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.
We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.


China Property: Silver Lining Through the Fog

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>For the last three years, SHEIN has consistently mis-handled political challenges in US, UK</li>
<li>Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation</li>
<li>SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt</li>
</ul>


For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
Failure to anticipate and plan for these challenges hurt sales growth and SHEIN's valuation
SHEIN's stuggles speak directly to management's ability to identify risks and quickly adapt


SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

<ul>
<li>PDD US/BABA US: PDD’s updated ad-tool to launch this week (+/-)</li>
<li>BABA US: Freshippo private-brand food products to launch in Australia supermarket eBest (/)</li>
<li>PDD US/SE US : Temu remains most-downloaded app in LATAM during August (+/-)</li>
</ul>


PDD US/BABA US: PDD’s updated ad-tool to launch this week (+/-)
BABA US: Freshippo private-brand food products to launch in Australia supermarket eBest (/)
PDD US/SE US : Temu remains most-downloaded app in LATAM during August (+/-)


[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PDD Holdings (PDD US)

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

China Property: Silver Lining Through the Fog

Getting China property right is crucial for China equity investors. The housing market is not collapsing but stabilizing in our view, gradually...

Eric Chen

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

After the first market session in which SHEIN's share price didn't decline vs the previous session, we're resurfacing a few recent insights...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA/BILI/PDD/1519HK/ZTO /SE/700HK/BIDU/20HK/3690HK

​NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:NTES US/700 HK/BABA US/JD US/AMZN US/PDD US/SHEIN/VIPS US/3690HK/IQ US

​Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

Blue Lotus Research Institute

China Property: Silver Lining Through the Fog

Getting China property right is crucial for China equity investors. The housing market is not collapsing but stabilizing in our view, gradually...

Eric Chen

SHEIN IPO in Hong Kong: Management Consistently Underestimated Headwinds, Harming Sales and IPO Plan

After the first market session in which SHEIN's share price didn't decline vs the previous session, we're resurfacing a few recent insights...

Tracking Traffic

[Blue Lotus Daily-TMT Update]:PDD US/BABA US/SE US/JD US/

​PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.

Blue Lotus Research Institute

NRDC reports successful "old-for-new" trade-in results, Bilibili's sees strong gross billings post update, PDD lowers minimum withdrawal...

Preloading for PC has started, official return on Sept 25; tops iOS chart after update; pre-launch event begins, launch on Sept 26.

PDD to launch updated ad-tool, BABA to introduce private-brand food products in Australia, Temu app remains popular in LATAM.